[ad_1]
GECAS aircraft leasing company will take over eight leased aircraft from Avianca Brazil, in financial difficulty, following a significant payment deficit. A few months after filing the application for bankruptcy protection, the renters were allowed to become acquainted with the repossession of the aircraft by the Brazilian civil aviation authority ANAC, to following a court ruling in São Paulo.
More than 300 Avianca Brazil flights have been canceled due to a shortage of aircraft. Photo: Wikimedia
What are the details?
GECAS will resume possession of the aircraft as of April 22, immediately following Easter weekend, to minimize further disruption of pbadenger travel. With the imminent takeover of GECAS, Avianca Brazil's fleet is expected to shrink by more than half due to multiple seizures.
Aircastle was the first renter to claim ten Airbus A320-200s after legal proceedings with ANAC to withdraw the registration of an aircraft. Aircastle CEO Mike Inglese commented on the recovery, saying: "We are pleased to have taken an important step in the transition of these aircraft to a new global operator. In line with expectations for the rapid deployment of these much needed modern aircraft, we now expect these aircraft to be back on their new leases in the current quarter. "
In addition, ANAC authorized the repossession of 18 more aircraft on Tuesday, after the strong Easter holiday. On Monday, six A320s will be returned to AGC, eight to GECAS and four to Vermillion. The airline will take over 28 aircraft here next week, leaving it with a fleet of 17 aircraft, a sharp drop from the 50 planes it used at the end of the year. last.
Photo: Wikimedia
The airline has already canceled more than 300 flights since Tuesday, mainly due to aircraft shortages. The operating restrictions set by the Guarulhos airports in Sao Paulo and Recife until the airline complies with the airport's pending handling fees also had a significant impact on the cancellations. Cancellations made during the busy Easter weekend are likely to cause widespread disruption.
What will GECAS do with the A320s that they have repossessed?
The eight A320neos are expected to be transferred to Azul, which unveiled last month a non-binding agreement with Avianca Brazil on the acquisition of 30 A320 aircraft and an additional 70 seats. However, the deal was challenged earlier this month by another proposal by Avianca Brazil's lead creditor, Elliott Management, which proposed splitting the airline's badets. The minimum offers are guaranteed by Gol and LATAM Brazil Airlines to exceed the amount offered by Azul. Leased aircraft are not included in the Elliott proposal.
Gol and LATAM are also providing working capital loans to Avianca Brazil, which filed for bankruptcy protection in December 2018, to support its ongoing activities.
What do you think? Let us know in the comments!
[ad_2]
Source link
