Air Canada Raises Nearly $500 Million by Selling Nine Grounded Boeing 737 Max 8 Aircraft

Air Canada to lease back planes in deal that provides cash liquidity amid ongoing difficulties due to COVID-19 pandemic

An Air Canada Boeing 737 Max 8 aircraft arriving from Toronto prepares to land at Vancouver International Airport, in Richmond, B.C., Canada on March 12, 2019. Darryl Dyck/The Canadian Press

Air Canada has raised nearly $500 million by selling and leasing back nine aircraft to help offset the cash drain from COVID-19. The aircraft, Boeing 737 Max 8s, are still grounded by aviation authorities.

The Montreal-based airline says it completed the sale of three Max 8s to Jackson Square Aviation, and six to Avolon Aerospace Leasing Limited for $485 million, and secured long-term leases on the planes from the two companies for $458 million.