Avion Group acquires seven 747-400s

[CK]

Avion Group acquires seven 747-400s
Tuesday, April 4, 2006
Avion Group announced the purchase of seven Boeing 747-400 aircraft (six passenger and one cargo aircraft) and four passenger to cargo conversion slots with Boeing. Following these conversions, the five cargo aircraft will be operated by Air Atlanta Icelandic, Avion Group’s ACMI operator. They will replace the older Boeing 747-200 Freighters in AAI’s fleet. The remaining two passenger 747-400s are to become part of ,the Travel City fleet, part of Excel Airways Group. The value of the seven Boeing 747-400 and the four conversion slots is approximately $405 million and the purchase is to be financed through Avion Group equity and debt. Six of the aircraft were purchased from All Nippon Airways (ANA) in Japan and one was purchased from Cargolux Airlines in Luxembourg.
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