Multinational carrier Scandinavian Airlines System (SAS) and aircraft leasing company AerCap today confirmed the signing of agreements for the «retention and extension» of leases on six Airbus A320s.
The decision follows those previously announced by other lessors. In total, ten companies owning aircraft operated by SAS had agreed to modify the lease terms of up to 36 aircraft. Other lessors involved are Aergo Capital, Aircastle, ALAFCO, Avolon, CDB Aviation, Dubai Aerospace Enterprise, ICBC Aviation Leasing, Orix Aviation and SDH Wings International Leasing.
The moves are part of restructuring efforts by the airline, which last July filed for bankruptcy protection through Chapter 11 of the United States Bankruptcy Act. The lease agreements are a focal point of the company’s «SAS Forward» restructuring plan.
While the amended leases have yet to be approved by the relevant court, the company says they represent an important step forward in the fleet reconfiguration process. In early September, SAS legal representatives filed a motion to implement return procedures for five narrow-body and five wide-body aircraft.
At the time, management and partners stated that they did not need «excess leased equipment» to meet scheduled commercial operations. Furthermore, they assured that the units involved were no longer part of the business plan.
«We are delighted to support SAS as it implements its business transformation plan, SAS Forward, through a voluntary Chapter 11 process, which is expected to lead to a financially stable and profitable airline», said Aengus Kelly, AerCap’s CEO. «These aircraft will help to support SAS with its objectives of being a highly competitive and operationally efficient airline», he added.
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