United Strikes Sale-Leaseback Deal On 22 Planes As Pandemic Shrinks Flights By 90%

On Sunday, Chicago-based United Airlines Holdings Inc UAL reached an aircraft sale-leaseback deal for 22 planes.

The Bank of China Aviation said in a statement released Sunday to the Hong Kong Stock Exchange that it struck the deal with the airline, according to Reuters. No financial details on the transaction were released. 

With the coronavirus pandemic freezing the travel and leisure sectors, United's deal helps support its balance sheet. 

The deal includes six Boeing Co BA 787-9 and 16 Boeing 737-9 MAX planes out of United's fleet of 800. 

United has canceled 90% of its May flight schedule, according to Reuters. 

About two-thirds of commercial jets have been parked globally, according to industry expert Cirium, CNBC reported.