Chorus Aviation announces aircraft leasing transaction with Emerald Airlines
A global provider of integrated regional aviation solutions
HALIFAX, NS, Aug. 23, 2021 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today that Chorus Aviation Capital (‘CAC’) has executed agreements to lease six ATR 72-600 aircraft to Emerald Airlines of Dublin, Ireland. CAC expects to deliver the first of these aircraft in August 2021, with the remaining units following in the next twelve months.
"We extend a warm welcome to Emerald Airlines as a new customer to Chorus Aviation Capital. The Emerald management team has a wealth of experience in regional aviation, and we look forward to their success as the air service provider to Aer Lingus. We are honoured to be Emerald’s first choice as aircraft lessor," said Steven Ridolfi, President, CAC.
"We couldn’t be happier with our partnership with Chorus Aviation Capital and look forward to taking delivery of our first six ATR72-600s.The ATR72 is an essential part of our strategy to offer high frequency, convenient, and affordable air travel across Ireland and the U.K.," said Conor McCarthy, Founder and Chief Executive of Emerald Airlines. "ATRs have proven themselves in tough environments, featuring unrivalled performance, leading edge comfort and an unmatched reliability. These are the right aircraft for our passengers and our airline and will be a great asset to our company."
"This transaction once again validates our belief in the resilience of the regional aviation sector," commented Joe Randell, President and Chief Executive Officer, Chorus. "With this transaction, we have successfully remarketed 11 of the 13 aircraft repossessed by CAC since the onset of COVID-19."
This news release contains ‘forward-looking information’. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "potential", "project", "will", "would", and similar terms and phrases, including references to assumptions.
Forward-looking information, by its nature, is based on assumptions regarding future events and circumstances, and is therefore subject to important risks and uncertainties that may cause actual results to differ materially from those expressed in forward-looking information. Actual results may also differ materially from those expressed in this news release for a number of other reasons, including the risk factors identified in Chorus’ most recent Annual Information Form, Management’s Discussion and Analysis of Results of Operations and Financial Condition, and in Chorus’ public disclosure record available at www.sedar.com.
About Chorus Aviation Inc.
Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital – a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; and aircraft and component maintenance, disassembly, and parts provisioning.
Chorus’ Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Chorus 6.00% Senior Debentures, 5.75% Senior Unsecured Debentures, and 6.00% Convertible Senior Unsecured Debentures trade on the Toronto Stock Exchange under the trading symbols ‘CHR.DB’, ‘CHR.DB.A’, and ‘CHR.DB.B’, respectively.
About Emerald Airlines
Based out of Dublin, Emerald Airlines is Ireland’s newest regional airline. Offering a range of solutions including Franchise, ACMI and Private Charter flying, Emerald Airlines’ dedicated team of technical experts and industry specialists will provide customers with the fleet solutions to meet specific needs.
The management team is made up of highly experienced aviation professionals with extensive worldwide aviation experience. The team is fully committed to providing a high quality and customer focused service that will add untold value to their client’s businesses.
Guided by a set of core values, Emerald Airlines’ mission is to grow the business sustainability through innovation, expertise, and a commitment to exceeding the expectations of their customers and airline partners.
SOURCE Chorus Aviation Inc.