{"id":34231,"date":"2023-06-03T18:32:09","date_gmt":"2023-06-03T13:02:09","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=34231"},"modified":"2023-06-03T18:32:14","modified_gmt":"2023-06-03T13:02:14","slug":"only-three-years-old-airbus-a350-is-to-be-auctioned-for-the-first-time-exclusive","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/06\/03\/only-three-years-old-airbus-a350-is-to-be-auctioned-for-the-first-time-exclusive\/","title":{"rendered":"Only Three years old, Airbus A350 is to be Auctioned for the First time | Exclusive"},"content":{"rendered":"\n

PARIS- <\/strong>Cr\u00e9dit Agricole Corporate and Investment Bank (CA-CIB) has announced its plans to auctioned a 2020-manufactured Airbus A350-900 aircraft<\/a>. It was previously in service with the Scandinavian airline SAS (SK).<\/p>\n\n\n\n

Additionally, the auction will include all associated equipment, documents, and records pertaining to the A350, along with any claims against SAS entities involved in Chapter 11 proceedings related to the aircraft lease.<\/p>\n\n\n\n

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Photo: By Leo067 – Own work, CC BY-SA 3.0, https:\/\/commons.wikimedia.org\/w\/index.php?curid=108549781<\/figcaption><\/figure>\n\n\n\n

Airbus A350 Auctioned Off<\/h2>\n\n\n\n

Prospective buyers have the option to bid for both the aircraft and claims as a package or separately. Further, Airstream has been given exclusive authority to oversee the sale procedure.<\/p>\n\n\n\n

The auction will take place virtually via video and telephone conference on July 6, 2023<\/strong>, at 11:00 a.m. Eastern time. Further, it will be managed by Airstream. The collateral will be sold on an “as is, where is” basis without any guarantee or warranty.<\/p>\n\n\n\n

CA-CIB, as the security agent, retains the right to place a credit bid during the auction. Subsequently, it can postpone or cancel the auction at any point. Further, CA-CIB stated that the aircraft in question was involved in a significant financing arrangement in 2021.<\/p>\n\n\n\n

In April 2021, Piiq Risk Partners, in collaboration with CA-CIB, successfully completed an aviation finance transaction backed by insurance. This transaction involved refinancing the A350-900 aircraft. SAS leased under a Japanese operating lease with a call option (Jolco) structure.<\/p>\n\n\n\n

According to Piiq, this marked the first-ever refinancing of a Jolco A350. Further, the transaction facilitated through its Integrated Finance Linked Insurance (IFLI) division.<\/p>\n\n\n\n

Further, the aircraft that are getting auctioned off might be the SE-RSB<\/strong>. It is 3.3 years old Airbus A350-900 aircraft.<\/p>\n\n\n\n

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Photo: File:LN-RKU SAS Scandinavian Airlines Airbus A330-343 s-n 1715 “Helge Viking” (36948672751).jpg – Wikimedia Commons\n<\/figcaption><\/figure>\n\n\n\n

SAS Financials<\/h2>\n\n\n\n

After experiencing a stronger-than-anticipated improvement in its liquidity position over the winter, SAS announced this week that it does not have an immediate requirement for additional liquidity through the second tranche of its debtor-in-possession term loan. <\/p>\n\n\n\n

The airline highlighted that this form of funding is considerably costly.<\/p>\n\n\n\n

SAS recorded a deterioration in its EBIT loss, with a loss of SEK 986 million ($91.4 million) in the most recent quarter. Compared to a loss of SEK 763 million in the same quarter of 2022. <\/p>\n\n\n\n

The net loss for the period amounted to SEK 1.53 billion. Slightly higher than the SEK 1.52 billion loss reported in the same quarter of 2022.<\/p>\n\n\n\n

Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n

Join us on Telegram Group <\/a>for the Latest Aviation Updates. Subsequently, follow us on Google News<\/a>.<\/p>\n\n\n\n

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