Southwest Airlines Sells 20 Boeing 737s For $815 million

Southwest Airlines Co LUV.N has entered an agreement to sell and lease back 20 planes for gross proceeds of about $815 million,10 Boeing 737-800s and 10 Boeing 737 MAX 8 aircraft  the company said in a regulatory filing on Friday.

The move will help Southwest save cash at a time when U.S. airlines collectively burn more than $10 billion a month. Passenger traffic in the country has fallen by 95% since March because of the coronavirus pandemic.

Last month, rival United Airlines UAL.O agreed to sell and lease back 22 planes to aircraft investor Bank of China Aviation. United, however, did not specify the size of the deal.

Southwest said it would use the money raised for general corporate purposes.

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