Two ex-Singapore Airlines (SIA) Airbus A380s should be dismantled for spares, according to Dr. Peters Group, which had hoped to sell the two aircraft.

The financial and management holding company told two investors the process would generate around $45 million in funds for them.

The engines are to be sold by the end of 2020, Dr. Peters said in a statement, adding that “comprehensive and intensive negotiations” with several airlines—including British Airways, Hi Fly and Iran Air—for new leasing contracts were unsuccessful.

The company also considered selling the aircraft, but concluded that possible deals were financially unattractive to investors.

Dr. Peters has been facing strong criticism by small investors who claim they have been misled about the market prospects of the A380.

The two aircraft are owned by two separate funds. A third fund owns two additional former SIA A380s. A decision about their future has not yet been made. A Dr. Peters official stated negotiations were continuing for the two aircraft.

The decision to part out the first two aircraft is still subject to investor approval, which Dr. Peters aims to receive by the end of this month.

So far, only one of the five former SIA A380s has found a new home: Portuguese wet-lease specialist Hi Fly has decided to take one aircraft that is to arrive this month.

Jens Flottau, jens.flottau@aviationweek.com