BOC Aviation set to purchase 22 aircraft from United Airlines, lease aircraft back
United Airlines will sell 22 aircraft to Singapore-based BOC Aviation. It will then lease the sold aircraft from BOC Aviation. In a statement to the Hong Kong Stock Exchange on Sunday, BOC Aviation announced that it would buy 22 aircraft; comprising of six Boeing 787-9 and 16 Boeing 737 MAX 9 aircraft, and lease them back to United Airlines on a long term agreement. It is not clear what the financial terms of the deal are. With the transaction finalized on Friday, the aircraft-leasing company plans to complete the agreement by the end of the year. While the COVID-19 pandemic continues to put airlines in severe financial strain, United Airlines had earlier announced that it would further limit its schedule to cut costs. The airline expects to cut up to 90 percent of its operating capacity in May, with a similar arrangement for June. It also indicated that the federal-government aid was insufficient, warning it could potentially remove jobs soon. The Chicago-based airline has already reported losses of $2.1 billion amid the current pandemic.