American Airlines accelerates Fleet Renewal Plan

American Airlines is to take delivery of another six Boeing 737-800 aircraft in 2010, bringing the total of 737-800s to be delivered to American in 2009-2010 to 76 aircraft.

American signed an amendment to its purchase agreement with Boeing under which, among other things, American exercised its rights to purchase 20 737-800 aircraft for delivery in 2009 and 2010 as part of its previously communicated fleet plan. In addition, American will accelerate the replacement of its MD-80 aircraft by taking delivery of six additional 737-800s in 2010. American now has committed to take delivery of 36 737 aircraft in 2009 and 40 in 2010. The total of 76 737-800 deliveries in 2009-2010 compares to 70 aircraft as announced previously. Beyond this, American still has firm commitments that were made previously for 11 737s in 2013.

American has also arranged backstop financing for approximately two-thirds of its Boeing 737-800 deliveries in 2009 and 2010. All of American’s 2009 deliveries may be financed under this agreement should American elect to do so. Additional details of the financing arrangement have not been disclosed.

The move is another step in American’s execution of its fleet renewal plan designed to replace its MD-80 fleet with more fuel-efficient 737 aircraft.

“Today’s announcement is another example of how American continues to take concrete steps in an effort to manage through the current industry challenges,” said Tom Horton, AMR’s Executive Vice President of Finance and Planning and Chief Financial Officer. “Replacing MD-80s with 737s at current fuel prices provides financial benefits while enhancing our products and services for customers. Fleet replacement remains a key element of the actions we are taking to better position our company for long-term success.”

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