EgyptAir to sell subsidiaries’ planes to finance agreement with Bombardier

EgyptAir will self finance its agreement to buy 12 CS300 aircraft from Bombardier, sources tell Al Mal. The financing for the USD 1.1 bn transaction will be provided from the proceeds of the sale of EgyptAir’s subsidiaries’ aircraft. Sources said the company already sold five aircraft and is in the process of selling 12 more belonging to domestic carrier Express. The remaining amounts would be raising using bank loans. EgyptAir had converted a letter of intent with Bombardier to a firm agreement to buy the 12 aircraft last week.