Southwest Airlines has entered into an agreement to sell 10 Boeing 737-800s and 10 Boeing 737 MAX 8 aircraft. The airline announced the sale in a filing on May 8th. However, these planes will not exit the fleet. Rather, Southwest will leaseback the aircraft. This agreement will give the airline $815 million in cash.
Airline industry have been hit hard by COVID-19 and have been seeking aid package from the government. Large airlines have now received some aid, which came with financial strategy assistance from experts. If needed the airlines have until September to grab another government loan. Airlines hope to be traveling back to 50% capacity by the end of the summer.
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