20 Dec 2021
Irish Aircraft Leasing Newsletter 20 December
ASI Aero forms Joint Venture with Initial Investment of $32 Million
Aeronautical Support International ( ASI Aero) announced the formation of Team Aero Partners to target investments in aviation commercial assets to support the Used Serviceable Material (USM) and “Green-Time” aircraft engine leasing markets. ASI Aero entered into this joint venture agreement with a New York-based private capital partner. Team Aero Partners will initially dedicate $32 Million to the venture.
Canada Jetlines Prepares for Takeoff with Definitive Lease Agreement for First A320 Aircraft
Canada Jetlines announced the signing of a Definitive Lease Agreement for its first Airbus A320 aircraft (MSN 4175), with delivery of the aircraft expected by February 2022. Jetlines CEO, Eddy Doyle said “I am pleased that we have a definitive agreement for our first aircraft. The Airbus A320 is a fuel-efficient, narrow-body framework that supports a high-density seat configuration. Canada Jetlines is well positioned to carry out the completion our airline licensing process with a targeted launch date in Q2 of 2022."
Philippine Airlines Inc. (PAL) Wins Court Approval of Recovery Plan
Philippine Airlines, Inc. (PAL) announced that the U.S. Bankruptcy Court of the Southern District of New York has approved its Plan of Reorganization. PAL filed a voluntary petition on September 3, 2021 for a prearranged restructuring under the U.S. Chapter 11 process, and has received overwhelming creditor support throughout the process. PAL President & Chief Operating Officer Gilbert F. Santa Maria stated “Today’s court approval represents a critical moment in our journey to emerge as a stronger airline. We are thankful for our loyal customers, dedicated employees, and the support of our shareholders and partners and government, which has enabled us to move efficiently through the process and reach this milestone. We have a few more procedural steps to take before we can complete the Chapter 11 process, after which we will focus intensely on serving the public, navigating the continuing challenges of the pandemic and economic recovery, and sustaining the links that connect our archipelago.”
PLAY To Boston and Baltimore/Washington, D.C.
PLAY announced the launch of new routes from Keflavik to Boston and Washington, D.C. in the United States. Flight service from Baltimore/Washington International Airport (BWI) will begin on April 20, 2022, and service from Boston Logan International Airport (BOS) will begin on May 11, 2022. PLAY has received all required permits to operate flights to the United States from the U.S. Department of Transportation and the Federal Aviation Administration.
WestJet Group appoints Alexis von Hoensbroech as new CEO
The WestJet Group announced that Alexis von Hoensbroech will be appointed Chief Executive Officer (CEO) of the WestJet Group. The official start date for von Hoensbroech is subject to the timing of a successful immigration process, which is expected to be completed before the end of the first quarter of 2022. Harry Taylor, interim CEO, will continue in the role until that time and then resume his position as Executive Vice-President Finance and Chief Financial Officer. Westjet Chairman Chris Burley stated “It gives me great pleasure, following our global search, to welcome Alexis to the WestJet Group as CEO. Alexis understands WestJet’s low-cost roots and the importance of cost competitiveness in our vision for the future. We’re extremely pleased to welcome Alexis to our team and into WestJet’s remarkable culture.”
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