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Liverpool Echo
Liverpool Echo
World
Sophie McCoid

easyJet cuts more flights and sells planes as lockdown continues

easyJet has cut more flights and sold planes as coronavirus lockdowns in the UK and Europe continue.

The budget airline said it only expects to fly around 20% of their planned flights until the end of the year.

The airline said it remains focused on "cash generative flying" over the winter season in order to minimise losses, after predicting the low capacity for the rest of the quarter.

But easyJet said it will be flexible and able to ramp up flights when demand returns.

Budget airline rival Ryanair has said it hopes to have 40% flight capacity for the same period.

In the same update to shareholders on Friday, easyJet said it had raised £130.7 million through the sale and leaseback of 11 aircraft to two parties.

The group secured £96 million through the sale of 10 A320 family aircraft to ACS Aero 2 Beta Limited, with the craft being leased back for an average of 58 months.

It also sold one A320 family aircraft to JLPS Holdings Ireland for £34.7 million.

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Last month, easyJet raised around £300 million through a separate sale and leaseback deal aimed to help shore up its finances.

The group has raised around £900 million through similar deals this year, as well as securing around £600 million through UK Government Covid relief programmes and around £400 million through a share placing.

EasyJet said it now retains a fleet of 141 fully-owned aircraft, representing around 41% of its overall fleet.

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