SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Date of Report (Date of earliest event reported).
August 17, 1998
AIRCRAFT INCOME PARTNERS L.P.
(Exact name of registrant as specified in its charter)
Delaware 0-17785 13-3430508
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(State or other jurisdiction Commission I.R.S. Employer
of incorporation) File Number I.D. Number
411 West Putnam Avenue, Suite 270, Greenwich, CT 06830
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number
including area code: (203) 862-7444
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Item 2. Acquisition or Disposition of Assets.
Between August 17, 1998 and September 23, 1998, Aircraft Income Partners L.P.
("Registrant") sold its interests in two Boeing 737-200 aircraft, four Boeing
727-200 aircraft (inclusive of an undivided 47.92231% joint venture interest in
one aircraft) and one McDonnell Douglas DC9-51 aircraft. Aside from the DC9-51
aircraft, the other six aircraft had an original cost of approximately
$71,235,500, represented 45.03% of the net carrying value of Registrant's
aircraft as of the end of June 30, 1998 and, at the time of sale, had a net
carrying value of approximately $7,744,000. Registrant's interest in the DC9-51
aircraft consisted of the right to receive deferred payments of $2,549,900
related to a September 1, 1996 installment sale. The sales were made to an
unaffiliated third party for gross sales proceeds, exclusive of closing costs,
of $18,000,000. Registrant intends to distribute in the fourth quarter of 1998
substantially all of the net sales proceeds from these sales.
Registrant's remaining aircraft portfolio consists of three McDonnell Douglas
DC9-30 aircraft, all of which had been leased to Continental Airlines, Inc. Two
of the aircraft were returned in September 1998 and the lease of the third
aircraft is scheduled to expire in December 1998.
Registrant intends to attempt to sell the three remaining aircraft as promptly
as possible with a view towards liquidating Registrant's entire portfolio and
winding up the business of Registrant prior to the end of 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Aircraft Income Partners L.P.
By: Integrated Aircraft Fund Management Corp.
General Partner
/s/ Allan B. Rothschild
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Allan B. Rothschild
Executive Vice President
Date: October 6, 1998
