Alapt - I think Paper Tiger is right, based on the following from today's ATWOnline. Don't forget that the seven aircraft include that one that was very badly damaged by hail over France earlier this year!
[quote]Montreal-based Transat plans to take a $105 million writeoff, mainly for the accelerated retirement of seven L-1011-150s, and said it expects to break even or record a "minor loss" before unusual items for FY01. The company secured funding for a C$40 million ($25 million) cash injection but "demand remains lower than it was at the same date last year and some uncertainty continues to prevail," it said in a statement. On Sept. 24, Transat said it would cut capacity by 30%, shed 25% of its Canadian workforce, slash management wages by 5% to 20% and freeze wages for all nonunion workers. The company runs tour operators in Canada and France as well as Air Transat.<hr></blockquote>