Egypt Independent

National carrier seeks to lease 40 percent of its fleet

National carrier EgyptAir plans on grounding 40 percent of its 92-plane fleet and will offer to lease them to other carriers due to the recent sharp decline in airline revenue.

The company said in a statement on Monday that it had offered to lease its planes to the American AGG and GECAS companies and to Star Alliance (Swiss International Air Lines).

The carrier’s crisis management committee has canceled paid leave for its employees and canceled or postponed all internal and external operations with the exception of urgent cases.

The carrier has also allowed employees to take unpaid leave and reduced working hours after the airline was forced to cancel some 75 percent of its flights following Egypt's recent uprising.

Translated from the Arabic Edition.