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Aveos Reaches Agreement On Recapitalization Plan

Montreal
January 26, 2010 -

Aveos Reaches Agreement On Recapitalization Plan Aveos Reaches Agreement On Recapitalization Plan

Aveos Reaches Agreement On Recapitalization Plan

Montreal
January 26, 2010 -

Aveos Fleet Performance Inc. (formerly ACTS) today announced that it has reached an agreement in principle with its lenders to reduce its outstanding debt and create an appropriate capital structure to support the company’s long-term strategic plan and business objectives.

Under the terms of the agreement, Aveos’ first and second lien debt will be reduced from approximately $800 million to $75 million. In addition, certain of the lenders will provide a new working capital facility of $75 million. As part of the transaction, Aveos’ lenders have agreed to convert their remaining debt into equity and Air Canada will hold a minority stake.

“We are very pleased to have reached an agreement with our lenders,” stated Chahram Bolouri, Aveos President and CEO. “The new capital structure combined with healthy EBITDA margins and a reduced cost structure will lay a foundation for long term growth and provide Aveos with the operating and financial flexibility to support its business plans and work with customers to leverage future growth opportunities.”

“We look forward to a continued strong relationship with our customer, Air Canada, and thank our new owners, our other customers, employees, union, partners and suppliers for their continued support during the recapitalization process. It underscores their belief in the fundamentals of the company’s business and its short-term and long-term outlook” continued Mr. Bolouri.

The closing of this transaction is expected to take place in the first quarter and is subject to customary closing conditions.

Aeroman, the Aveos affiliate in El Salvador, will not be affected by the restructuring.

Osler, Hoskin & Harcourt LLP and Simpson Thacher & Bartlett LLP are acting, among others, as legal advisors and Miller Buckfire & Co., LLC is acting as financial advisor to Aveos.

Weil, Gotshal & Manges LLP and Blake, Cassels & Graydon LLP are acting as legal advisors and SkyWorks Capital, LLC is acting as financial advisor to the first lien lenders.

Goodmans LLP are acting as legal advisor and RBC Capital Markets are acting as financial advisor to the second lien lender.

About Aveos
Aveos is a full-service maintenance, repair and overhaul (MRO) provider of airframe, engine, component and maintenance solutions. From maintenance facilities across Canada and in El Salvador, we provide integrated service solutions to over 100 customers, while focusing on building a robust network of strategic alliances. Aveos is committed to a tradition of providing world-class quality and expertise to customers across the Americas. To learn more, visit aveos.com.

Aveos contact
Michael Kuhn
Director, Communications
Tel.: 1 514 856 6789
 

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SkyWorks Retained To Remarket Two A340-300 Aircraft

Greenwich, CT
January 13, 2010 -

SkyWorks Retained To Remarket Two A340-300 Aircraft

SkyWorks Retained To Remarket Two A340-300 Aircraft

Greenwich, CT
January 13, 2010 -

SkyWorks Leasing, LLC has been engaged by Scandinavian Airlines System, Denmark-Norway-Sweden (“SAS”) to remarket two A340-313 aircraft (s/n 413 and 450) for sale or lease. The CFM56-5C4 powered aircraft were built in 2001/2002 respectively and are available for delivery in the 1st and 2nd quarters of 2010. The disposal of the aircraft is in line with SAS’ fleet reduction program announced in early 2009.

SkyWorks Leasing LLC provides turn-key third party portfolio asset management, remarketing and technical advisory services for commercial aircraft. SkyWorks professionals manage a diverse portfolio of 138 aircraft, including ERJ’s, Airbus A319/320s and A300-600Fs, MD80s, Boeing 737NG, 757s and 747-400Fs.

For further information, please visit www.skyworksleasing.com or contact us directly.
SkyWorks is located at:
283 Greenwich Ave., 4th Floor, Greenwich, CT.  06830

Contact:
SkyWorks Leasing LLC
Anders Hebrand President & COO

203-983-6683

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SkyWorks Arranges Sale Of 20 MD80 Aircraft

Greenwich, CT
January 03, 2010 -

SkyWorks Arranges Sale Of 20 MD80 Aircraft

SkyWorks Arranges Sale Of 20 MD80 Aircraft

Greenwich, CT
January 03, 2010 -

In addition to a previously executed purchase agreement between Allegiant Air, LLC, the Las Vegas-based operator, and Scandinavian Airlines System, Denmark-Norway-Sweden (“SAS”), Allegiant Travel Company, (the parent company of Allegiant Air (NASDAQ: ALGT)) has agreed to purchase an additional 18 MD82/83/87 aircraft from SAS. Delivery of the aircraft will commence in January 2010 and is scheduled to be completed in July 2010. Allegiant Air plans to gradually add the 13 MD82/83 aircraft to its current fleet of 46 MD80 aircraft, including 13 sister ships, previously purchased from SAS. The five MD87s will be used as a source of spare engines and other spare parts.

This mile-stone transaction is a significant step in SAS’ MD80 phase-out and fleet reduction plan announced in early 2009. Once the deliveries to Allegiant Air are completed, SAS will have 24 MD80s remaining in its main-line schedule.

SkyWorks Leasing, LLC has acted as SAS’ exclusive remarketing agent and advisor on both transactions. SkyWorks Leasing LLC provides turn-key third party portfolio asset management, remarketing and technical advisory services for commercial aircraft. SkyWorks professionals manage a diverse portfolio of 138 aircraft, including ERJ’s, Airbus A319/320s and A300-600Fs, MD80s, Boeing 737NG, 757s and 747-400Fs.

For further information, please visit www.skyworksleasing.com or contact us directly. SkyWorks is located at: 283 Greenwich Ave., 4th Floor, Greenwich, CT. 06830

Contact:
SkyWorks Leasing LLC
Anders Hebrand President & COO

203-983-6683

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