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Chorus Aviation Inc. announced on Sept. 18, 2018, lease agreements with Philippine Airlines (PAL) for three new Bombardier Q400 aircraft.
The new Q400s are scheduled for delivery to Philippine Airlines in the third and fourth quarters of 2018 and will mark Chorus’ first leasing transaction in the fast-growing Southeast Asia region.
Commenting on this latest transaction, Chorus Aviation Capital’s president, Steven Ridolfi, stated: “Philippine Airlines is a celebrated airline with a long and renowned history as the flag carrier of the Philippines, and we are very proud to count them amongst our customers.”
For his part, PAL president and chief operating officer Jaime J. Bautista said, “We are very pleased to form this working partnership with Chorus Aviation Capital and we look forward to building business ties with them. By joining their growing portfolio of aircraft lessees, Philippine Airlines will be able to further grow its domestic market. New aircraft help us to build new air links and increase flight frequencies on routes that are vital to national commerce.”
Joe Randell, president and chief executive officer of Chorus, stated: “We are demonstrating our ability to originate our own deals directly with airlines and go after new, high-growth markets. I’m proud of the Chorus team’s professionalism and discipline in evaluating and executing these transactions, and grateful to the many people at Chorus who are helping make our leasing venture a success.”
Chorus Aviation Inc. also announced the acquisition of an ATR72-600 aircraft.
The aircraft was purchased with an existing lease attached and further expands Chorus’ relationship with Azul Airlines, one of the leading airlines in South America.
Commenting on the purchase, Chorus Aviation Capital’s President, Steven Ridolfi, stated: “This ATR72-600 constitutes the third aircraft on lease to Azul Airlines and, together with other pending transactions that have been recently announced, brings Chorus’ total leased fleet to 70 aircraft. Since its establishment in 2017, Chorus Aviation Capital has expanded its leasing business to include relationships with 11 well-established major regional airlines in 11 countries spanning six continents. Its diversified fleet of quality regional aircraft consists of seven aircraft types from the top three manufacturers–ATR, Bombardier, and Embraer.”