Abu Dhabi based Etihad Airways has decided to sell 38 aircrafts for $1 billion in a bid to reduce losses incurred by the national carrier.
The company said in a statement on Tuesday that the aircrafts include 16 Boeing 777-300ERs and 22 Airbus A330s which have been sold to KKR investment firm and commercial aviation finance company Altavair AirFinance.
KKR announced that the Boeing 777-300ERs would be leased back to Etihad upon purchase this year, while the A330s will be delivered over the course of 22 months and place on lease with other international operators.
Etihad announced $1.28 billion losses in 2018, down from $1.52 billion reported in 2017.
The company has lost $4.75 billion since 2016.
Last year, the company cancelled purchase orders worth tens of billions of dollars from Airbus and Boeing.