CALGARY, Alberta -- Canadian Airlines International Ltd. said Tuesday it terminated a $327.25 million deal to sell two 747-400 aircraft to American Airlines.
A sale would have meant an $85 million profit for PWA Corp., parent of Canadian Airlines, over two years.
But the July 18 deal was conditioned on American Airlines winning a Chicago-to-Tokyo route.
On Aug. 2, the U.S. Department of Transportation awarded the lucrative Asia route to United Airlines.
'Although we are disappointed that the sale did not materialize, there are opportunities for profitable deployment of the aircraft on the North Pacific,' Rhys T. Eyton, chairman of Candian Airlines.
The sale contemplated with American would have involved rights to buy two Boeing 747-400 aircraft which can hold up to 440 passengers.
