AirAsia Group completes initial transfer of assets in sale of Asia Aviation Capital

AirAsia Group completed (19-Jul-2018) the initial transfer of assets pursuant to the sale of Asia Aviation Capital to BBAM Limited Partnership on 18-Jul-2018. AirAsia Group transferred 17 aircraft to FLY Leasing and Incline B Aviation and received gross proceeds of USD172 million. Of the total, USD14.5 million was applied towards meeting the capital call by Incline B GP (Cayman), which AirAsia Group previously agreed to become a limited partner of Incline B Parallel. AirAsia Group transferred 30 aircraft to date and received gross proceeds of USD355 million. The company is on schedule with the planned staggered disposals of the remaining 54 aircraft and 14 aircraft engines. [more - original PR]