Boeing plane abandoned in Hong Kong by bankrupt Russian airline up for sale for US$795,000 … but is it worth it?

An old Boeing plane abandoned in Hong Kong four years ago by a bankrupt Russian carrier is now available to any buyer willing to stump up US$795,000 (HK$6.2 million).

The Airport Authority Hong Kong has sought submissions from parties to purchase and remove the 27-year-old Boeing 767. In its tender invitation, the authority stated that the plane had no maintenance records and was not in good condition. It added that the successful bidder was required to remove the aircraft within three months, whether as a whole or in parts.

In October 2015, Russia’s one-time biggest private airline Transaero collapsed under a mountain of debt. That year, flight UN965 took off from Domodedovo Moscow Airport for Hong Kong, arriving on October 26, a day after the airline’s operating licence was revoked.

It was Transaero’s last flight, leaving the 767 plane stranded ever since.

In December 2015, the Airport Authority detained the plane over the non-payment of parking fees. In July 2016, the operator sought to claw back money by using the Airport Authority Ordinance for the first time.

However, the authority has since obtained a court order to sell the plane on an “as-is” basis, according to the tender.

With no maintenance records and a low likelihood of ever flying again without millions being spent on repair works – on top of tracing original documents – the plane is destined for the scrapyard, according to aircraft leasing experts.

Having previously reviewed Boeing 767 aircraft and worked on the ones that came out of the Transaero bankruptcy in mainland China, David Yu, the only independent International Society of Transport Aircraft Trading appraiser in China, said the reserve price for the plane set by the authority seemed to be above its scrap value.