FRANKFURT, March 16 (Reuters) - Air Berlin, Germany's second-biggest airline after Lufthansa, cancelled about $1.7 billion worth of firm orders for Boeing's 787 Dreamliner aircraft to cut its financial obligations.
'With a partnership spirit we have mutually agreed with Boeing to adjust the Air Berlin order book to meet Air Berlin's operational requirements and the market conditions,' the company said on Tuesday.
Air Berlin cut its firm order to 15 planes from 25 and the number of options for further 787 aircraft to 5 from 10. Each 787 aircraft has a list price of about $170 million.
In addition, it is deferring delivery of nine Boeing 737 aircraft to 2015 from 2010 or 2011, it said.
'For Air Berlin, the agreement means a significant reduction of its financial obligations due to lower and much more distributed investment profile,' it said.
Air Berlin had already said last year that it could cancel or defer some of its outstanding aircraft orders, which also include 4 Q400s built by Bombardier and 26 A320-family aircraft from Airbus.
(Reporting by Maria Sheahan) Keywords: AIRBERLIN/ (maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters Messaging: maria.sheahan.thomsonreuters.com@thomsonreuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'With a partnership spirit we have mutually agreed with Boeing to adjust the Air Berlin order book to meet Air Berlin's operational requirements and the market conditions,' the company said on Tuesday.
Air Berlin cut its firm order to 15 planes from 25 and the number of options for further 787 aircraft to 5 from 10. Each 787 aircraft has a list price of about $170 million.
In addition, it is deferring delivery of nine Boeing 737 aircraft to 2015 from 2010 or 2011, it said.
'For Air Berlin, the agreement means a significant reduction of its financial obligations due to lower and much more distributed investment profile,' it said.
Air Berlin had already said last year that it could cancel or defer some of its outstanding aircraft orders, which also include 4 Q400s built by Bombardier and 26 A320-family aircraft from Airbus.
(Reporting by Maria Sheahan) Keywords: AIRBERLIN/ (maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters Messaging: maria.sheahan.thomsonreuters.com@thomsonreuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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