Transamerica Airlines said it will sell 12 planes.

Transamerica said Southern Air Transport will pay its Transamerica Airlines unit $82.5 million in cash for 12 of its Lockheed Hercules L-100-30 aircraft. The gain from the sale, which is expected to close by October, is being deferred pending the outcome of Transamerica's previously announced effort to sell the unprofitable airline. San Francisco-based Transamerica decided to sell the planes to reduce future losses from the airline since the company hasn't received a satisfactory bid for the unit, said Howard K. Howard, president of Transamerica Airlines.

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