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Avolon said it remained committed to the MAX aircraft, which has been grounded for the last year.
It also cancelled commitments for four Airbus (PA:AIR) A330neo aircraft and deferred delivery dates for an another 25 narrowbody aircraft to 2024 and beyond.
That will reduce its aircraft commitments between 2020 and 2023 to 165 aircraft from 284, “significantly reducing our near-term capital commitments,” Chief Executive Domhnal Slattery said in a statement.
Privately-held Avolon, the world’s third-biggest lessor of commercial jets, is 70%-owned by a subsidiary of Chinese conglomerate Hainan Group.
When Avolon struck a deal in 2017 for 75 MAX planes and an option on 20 more, it was valued at nearly $11 billion at list prices.
