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Air France-KLM delays new plane deliveries

Air France-KLM said it would delay taking delivery of several aircraft by two to three years as it seeks to rein in costs in the face of the global economic downturn.

A spokesman for Europe's largest airline said the delay would involve about five aircraft, including some Boeing 777-300 planes, some Boeing 777 cargo planes, and some Airbus planes.

He added that delivery of an A380 superjumbo plane was still expected for the end of the year.

The airline was not canceling any plane orders.

Earlier French paper Les Echos reported that the airline could put off delivery of three Boeing 777-300 aircraft, one of three Boeing 777 cargo planes ordered and one Airbus A380 superjumbo.

Air France-KLM swung to an expected third-quarter operating loss last week and abandoned some of its costly fuel price hedges.

It also announced €1.2 billion of capital spending cuts, half in the coming year, and said it would cut summer seat capacity by 2%, in a move adopted by many airlines to help shore up profitability. (Reuters)