aircraft leasing arm of investment and asset management group
Babcock & Brown, has sold two A320-200 craft for an undisclosed
sum over the last two months, leaving a fleet of 62 aircraft.
Both deals were completed at prices exceeding the book value of
the A320s, “producing an attractive profit and reducing the average
age of our fleet,” according to CEO Colm Barrington.
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Babcock & Brown as a group has recently fought against
declining asset values in attempts to sell off assets, in order to
whittle down some €7.5 billion accrued in debts.
The A320 sales are expected to bolster liquidity for Babcock
& Brown Air in Q3 and Q4, and will reduce the average fleet age
to 6.3 years. Both aircraft sold were manufactured in 1995.
Also affecting Babcock & Brown currently is the resignation
of founder and board member Jim Babcock, who left his post this
week for personal reasons. Babcock, who co-founded Babcock &
Brown with George Brown in 1977, will also resign from his position
of director, but will retain a significant share holding. The
resignation follows the departure of former chief executive Phil
Green in July.
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