Aircraft lessor AerCap pushes back deliveries of 37 aircraft

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(Reuters) – Aircraft leasing giant AerCap Holdings on Tuesday pushed back deliveries of 37 aircraft to 2023 and beyond as it looks to boost liquidity and lower capital spending.

The world’s largest aircraft leasing company, which had previously forecast the deliveries to be between 2021 and 2022, said the rescheduling would help reduce its cash capital expenditures in 2020 and 2021 by a total of about $4.7 billion.

“We expect our cash capital expenditures during these years to decrease further as we continue our discussions with the aircraft manufacturers and our customers. All of the aircraft delivering in 2020 and 2021 have already been placed on long-term leases,” the company said.

The aviation industry is enduring its worst crisis after the coronavirus pandemic crippled most flights, piling pressure on a sector already weakened by the grounding of Boeing Co’s MAX jets.

Earlier this month, the company had warned that it was facing cancellations of 737 MAX leases by some of its own airline customers and reserved the right to reject taking delivery of affected aircraft from Boeing.

Reporting by Rachit Vats in Bengaluru; Editing by Amy Caren Daniel

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