Etihad restructures plane purchases amid fiscal turbulence

DUBAI, United Arab Emirates (AP) — Abu Dhabi-based Etihad Airways says it has restructured planned airplane purchases from Airbus and Boeing as the government-owned carrier faces financial turbulence.

The long-haul airline said in a statement Thursday that it will take delivery of five Airbus A350-1000, 26 Airbus A321neos and six Boeing 777-9 aircraft “over the coming years.”

It said its remaining orders will be affected by “rescheduling, restructuring or reduction.”

Etihad, launched by Abu Dhabi’s rulers in 2003, said it suffered a $1.52 billion loss in the last fiscal year. Its strategy of aggressively buying stakes in airlines from Europe to Australia to compete against Emirates and fellow rival Qatar Airways exposed the company to major losses.

Etihad made its announcement Thursday amid news from Airbus it would stop producing its iconic double-decker A380 jumbo jet.

Categories: International News