HNA's plane leasing unit sells 41 aircraft

Bohai Capital Holding Co Ltd, a finance leasing company and a sub-affiliate of HNA Capital, said its wholly-owned aircraft lessor Avolon Holdings Ltd has sold 41 aircraft to Sapphire Aviation Finance I Ltd, as the troubled HNA continues to sell assets to improve liquidity.

The Ireland-headquartered international aircraft leasing company Avolon Holdings, and Sapphire Aviation, a newly established special purpose company, closed a deal for $884 million last week, according to a statement by Bohai Capital released on Monday.

Avolon Holdings will continue to manage the leases of the 41 aircraft, and it will charge management fees of 3 percent of the rental income, it said in the statement.