First ever Boeing NG aircraft leaves Egypt for parts deal

The aircraft is currently being dismantled at Cotswold Airport in Gloucestershire. The aircraft, formerly owned by FlyGlobespan who entered Administration in December 2009, had recently been returned off a sub-lease from Midwest Airlines in Egypt.

PricewaterhouseCoopers, the Joint Administrators of the FlyGlobespan Group of Companies, appointed IBA Group in February 2010 as Advisers and to manage and exclusively remarket the aircraft.

A spokesman for the Joint Administrators commented “We are very pleased with the outcome especially since IBA has achieved a sale price that exceeded our original price expectations, meaning there will be more cash available for shareholder distribution.”

Owen Geach, Commercial Director for IBA Group and who managed the remarketing campaign added, “This assignment presented several challenges such as ensuring we could redeliver the aircraft from Egypt meeting return conditions and with all back to birth records in place.

There were many complex matters to deal with such as liaison with the Egyptian CAA over Airworthiness renewal, identification and re-creation of missing records and meeting CT Aerospace’s delivery requirements. We are delighted that this important assignment has been concluded to the satisfaction of all parties involved.”