The continuing decline in global air travel has seen the
demise of Air New Zealand's first Boeing 747-400.
The 19-year-old jumbo, named The Bay of Islands, was grounded
and put up for sale in December, the Dominion Post reported.
There were two potential buyers who would probably dismantle
the aircraft overseas, Air NZ's head of long-haul airline Ed
Sims said.
Long-haul demand was down 10 to 15 per cent and airlines
around the world were grounding aircraft to minimise losses,
Mr Sims said.
A sale was expected to be concluded within the next few
weeks.
The grounded 747 was delivered to Air New Zealand from the
Boeing factory near Seattle on December 16, 1989.
It had a book value of about $5 million, just a fraction of
the $US250m ($NZ410m) list price for a new 747-400.
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