AerLine Holdings has entered into negotiations to sell its wholly-owned subsidiary XTRA Airways.
XTRA Airways has operated Boeing 737 aircraft in its charter fleet flying sports teams, rock bands, relief flights from Caribbean Islands including Puerto Rico, scheduled service between Saipan in the U.S. Mariana Islands and China, sub-service for tour operators within Europe, deportees for the U.S. Department of Homeland Security, and most recently supplying two highly customized executive 737 aircraft for the Hillary Clinton presidential campaign.
XTRA Airways has an impeccable safety record, is one of the few charter carriers having scheduled service (U.S.-flag) authority, is certified to fly within Europe, and is authorized by the U.S. and China to conduct scheduled service between the two countries.
Following the decision to divest of its interest in XTRA Airways, seven of its eight 737 aircraft have been sold, and its fleet will be reduced to just one 737 aircraft before the end of May 2018. “We have put the company in the best position to permit a new owner to add whatever aircraft fleet type that best suits its operational needs, without the burden of expensive leases or old technology equipment. XTRA Airways is the perfect vehicle to launch a new airline venture with a clean balance sheet,” stated the airline CEO Frank Visconti.
AerLine Holdings will select a buyer that can offer the best value to the company, its employees and shareholders, and is anticipated to make an award before the end of April 2018.