Chorus Aviation announces agreements to acquire two Embraer 190 aircraft on lease to KLM Cityhopper and Aeromexico Connect
Jul 17, 2017
HALIFAX, July 17, 2017 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today agreements by Chorus Aviation Capital's subsidiaries to acquire two Embraer 190 aircraft. One of these aircraft is currently on lease to Dutch carrier KLM Cityhopper, a subsidiary of KLM Royal Dutch Airlines. The other aircraft is currently on lease with Aerolitoral, S.A. de C.V. (d.b.a. Aeromexico Connect), a subsidiary of Aerovías de México, S.A. de C.V. (d.b.a. 'Aeromexico').
The aircraft are three years old and the first Embraer 190s to be added to Chorus Aviation Capital's regional aircraft fleet.
Reflecting on the acquisition, Chorus Aviation Capital's President, Steven Ridolfi, said, "We are delighted to add these two outstanding, world-renowned customers to our growing pool of airline lessees, and look forward to adding the first two Embraer 190s to our fleet."
"This transaction represents an exciting milestone for Chorus," said Joe Randell, President and Chief Executive Officer, Chorus. "We are broadening our revenue base through the addition of high-quality lessees and extending our market reach through the addition of Embraer aircraft to our fleet. Importantly, we are growing by leveraging what we know best: regional aviation."
The transactions are expected to close in the third quarter and are subject to customary conditions precedent to closing, including novation of the existing leases.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus owns Jazz Aviation and Voyageur Aviation – companies that have long histories of safe and solid operations that deliver excellent customer service in the areas of contract flying operations, engineering, fleet management, and maintenance, repair and overhaul. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and recently established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. For more information about Chorus and its subsidiaries, see www.chorusaviation.ca.
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SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054, email@example.com; Debra Williams, Toronto, Ontario, (905) 671-7769, firstname.lastname@example.org; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia, (902) 873-5094, email@example.com