The film was originally planned as a direct-to-video in spring of 2013, but Disney recently made the announcement that the film will be released theatrically. A new trailer from the film is also expected very soon (and was actually leaked a few days ago). Below is the plot synopsis for Planes from IMDB:
Dusty is a cropdusting plane who dreams of competing in a famous aerial race. The problem? He is hopelessly afraid of heights. With the support of his mentor Skipper and a host of new friends, Dusty sets off to make his dreams come true.
For more information on Disney’s press release of the announcement, check out this article from comingsoon.net.