Norwegian Air to sell five aircraft, boosting cash

OSLO (Reuters) – Norwegian Air (OL:) has agreed to sell five of its Boeing (NYSE:) 737-800 aircraft to a unit of China Aircraft Leasing Group Holdings Limited (CALC) (HK:) boosting its cash, the Oslo-based budget carrier said in a statement.

“The transaction is expected to increase the company’s liquidity by approximately $50 million after repayment of debt and have a positive equity effect,” Norwegian said.

“The sale is in line with the company’s continued strategy of capitalizing on the scale built up over the last few years and the changed focus from growth to profitability,” it said.

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