DUBAI – Bahrain’s national carrier Gulf Air has sold two of its Airbus A340 aircraft to U.S.-based Apollo Aviation Group as the struggling carrier realigns its fleet for a new strategy focusing on regional routes.

The aircraft were 16 years old and were no longer in service, Gulf Air said in an emailed statement late Monday, without disclosing the financial terms of the deal.

The carrier, which in November said it hopes to save almost $3 billion over five years in a restructuring program, said the sale of the aircraft saved $25 million in investments needed to return the two aircraft to service.

Gulf Air said the completion of the sale was a “milestone achievement” for the carrier “as it strives to become a profitable and sustainable airline by 2012.”

Source: business.maktoob.com