» What Will Become of the GM Gulfstreams?

What Will Become of the GM Gulfstreams?

By Allison Medoff

gulfstreamv

General Motors Corp is testing the power of the bankruptcy court in order to break leases on its fleet of seven private aircrafts, two Gulfstream CV, and five Gulfstream G350 jets. This is the same executive fleet that caused a stir in Congress when Rick Wagoner, ex-CEO of GM, and friends flew their luxury jets into Washington asking for a taxpayer bailout.

A new Gulfstream G350 jet is capable of reaching any point in the United States non-stop from Washington and is priced at about $30 million depending on the features equipped in the aircraft. The discontinued Gulfstream V has a travel range twice that of the G350. The jet was bought for roughly $50 million and offers a spacious interior.

The U.S. government might be interested in the fleet, worth nearly $250 million. The C-37A military jets, used to transport top officials, are a modified version of the Gulfstream V. Rather than dump the fleet, could a deal be in the works?

Via The Wall Street Journal

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