=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SFGate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2004/06/01/f= inancial2128EDT0354.DTL --------------------------------------------------------------------- Tuesday, June 1, 2004 (AP) Air New Zealand to buy, lease new Boeings to renew part of airplane fleet (06-01) 19:13 PDT WELLINGTON, New Zealand (AP) -- Air New Zealand said Wednesday it will acquire eight Boeing Co. 777-200 airplanes and two of Boeing's new 7E7 jets in a deal worth $850 million. Some of the airplanes will be leased and others purchased outright, the airline said in a statement. Air New Zealand also has secured rights to buy another 42 long-haul aircraft. The national carrier, which is 82 percent owned by the government, said the new planes will allow it to develop new routes, increase frequency on existing routes, and increase its passenger and freight capacity. The fleet replacement will also help to lower operating costs and improve financial performance, it said. The eight Boeing 777-200 ER airplanes will begin entering service from September 2005, with the first five expected to be delivered by April 2006. The final three will be introduced in the last half of 2006. Four of the long-range 777-200s will be purchased from Chicago-based Boeing and four will be leased from International Lease Finance Corp. A delivery date for the two 7E7 Dreamliner aircraft, which can carry abo= ut 230 passengers, is still to be determined, the carrier said. The planes, which Boeing is still designing, is to begin commercial service in 2008. The airline has been undergoing a major restructuring of its internation= al and domestic activities after the New Zealand government was forced to inject $578 million in 2001 to save it from collapse. ---------------------------------------------------------------------- Copyright 2004 AP