GECAS’ Cargo Aircraft Group Signs Purchase-and-Leaseback Deal with Korean Air for Five New Boeing 777Fs
OREANDA-NEWS. September 02, 2016. GE Capital Aviation Services Limited (GECAS), the commercial aircraft leasing arm of GE, today announced it signed a purchase-and-leaseback transaction with Korean Air Lines Co., Ltd. for five new Boeing 777F freighters powered by GE90 engines as part of the carrier’s fleet renewal program. Deliveries of the aircraft are scheduled in late 2016 and 2017.
Korean Air’s passenger and cargo divisions together serve more than 125 destinations in more than 40 countries. Korean Air Cargo currently operates a fleet of some 30 freighter aircraft.
Formed in 2000, GECAS’ Cargo Aircraft Group currently leases nearly 100 freighters to airline customers worldwide. Its fleet includes the 737, 767, 747 and 777 freighter models. As announced in 2015, GECAS is currently conducting a programme of converting up to 20 737-800NG passenger aircraft to freighters.
About GE Capital Aviation Services (GECAS)
GE Capital Aviation Services (GECAS) is a world leader in aviation leasing and financing. With over 45 years of experience, GECAS offers a wide range of aircraft types including narrowbodies, widebodies, regional jets, turboprops, freighters and helicopters, plus multiple financing products and services including operating leases, purchase/leasebacks, secured debt financing, capital markets, engine leasing, airframe parts management and airport/airline consulting. GECAS owns or services a fleet of over 1,950 aircraft (~1,700 fixed wing/ ~250 rotary wing) in operation or on order, plus provides loans collateralized on an additional ~400 aircraft. GECAS serves ~ 270 customers in over 75 countries from a network of 25 offices. www.gecas.com
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