As part of the restructuring process the ‘new GM’ is going through, the company has decided to get rid of its private jet fleet, including the hangar used to house them at the Detroit Metropolitan Area. The fleet includes two Gulfstream V jets leased from Suntrust Leasing Corp since 2001 and five Gulfstream G350 jets leased from AVN Air LLC since 2007. A new G350 starts at $30 million, while the Gulfstream V is no longer in production but its pricing started at $50 million, so GM’s fleet is valued somewhere at around $250 million. Also, GM will save $488,000 a year just by giving up on the hangar rent.
Good news for the company, but bad news for its execs, who’ll have to use commercial flights from now on.
[Source: The Wall Street Journal]
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