Abu Dhabi-based Etihad Airways said Thursday it has restructured planned airplane purchases from both Airbus and Boeing as the government-owned carrier struggles through serious financial turbulence.
Once making headlines in 2013 for fleet purchases valued at $67 billion, Etihad has seen its strategy of rapidly buying stakes in other airlines to expand its global footprint expose it to major losses.
In its last two reported financial years alone, the airline hemorrhaged nearly $3.5 billion in losses. Full-year results for 2018 for the company are expected in the summer. In its statement, Etihad said that it will take delivery of five Airbus A350-1000, 26
"This will enable the airline to further progress its transformation and adjust to its new operating model," the airline said. "By restructuring a large portion of its previous orders, Etihad can now concentrate on the phased introduction of new aircraft types, enabling an efficient rationalization of its fleet and building a network that connects Abu Dhabi to the world." Etihad made its announcement amid news from Airbus that the