UAL Corporation announced a sale and leaseback transaction that added approximately $150 million of cash to the company’s unrestricted liquidity. The company sold 15 Boeing 757 aircraft to East Shore Aircraft, LLC, a wholly owned subsidiary of Wayzata Opportunities Fund II, LP, for approximately $150 million. United Airlines will lease these aircraft back from East Shore Aircraft, LLC, and will continue to operate and maintain the aircraft.
With the completion of this transaction, United has raised more than $250 million of the $300 million of additional liquidity the company has said it expects to raise in the fourth quarter of 2008, on top of nearly $1.4 billion the company raised in the third quarter of this year.
