One-year-old 737 MAXs head to part out marketIshka hears that a part out firm has acquired two one-year old 737 MAXs for tear down – making these the first 737 MAXs to be torn down for parts. Part-out sources share that AerFin acquired the aircraft from Avolon, which are understood to be ex-GOL aircraft handed back to Avolon as part of the Brazilian’s Chapter 11 restructuring process. GOL emerged from its Chapter 11 restructuring process in June 2025. AerFin is understood to acquiring both engines and airframes. Ishka heard a few months ago that Avolon were exploring multiple options with regards to placing, or selling, the two 737 MAX aircraft. After receiving the aircraft back from GOL, Avolon reviewed the assets and assessed that a sale would generate a greater return than re-leasing them. The firm is understood to have ran a competitive and rigorous sales process, receiving multiple bids, with AerFin selected as the successful bidder having offered the greatest return. AerFin's decision to then part out the aircraft was an independent decision conducted after the sale concluded. Avolon and AerFin both declined to comment when contacted by Ishka. The Ishka View: At first glance, this particular transaction looks bizarre. Why would an aircraft investor choose to sell a practically brand new, fully functional and highly desirable 737 MAX for parts? The reality is that Avolon, one of the largest aircraft lessors would have run a rigorous sales process to achieve a maximum return on their aircraft investment. Sources share the lessor was exploring all lease and sale options, and in the end accepted the higher bidder which was understood to be AerFin. Dozens of A320neos have been sold to tear-down firms and the quotes for pricing for A320neo frames have softened slightly over the last 18 months, according to part out sources (see Insight). It is not clear what AerFin may have paid to acquire the new MAXs, but AerFin acquires a unique pipeline of material which makes them a vital supplier to any number of MRO shops, and potentially the OEMs themselves. Michael Rurik Halaby, FRAeS |
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