Jackson Square Aviation and Air Berlin agree on transaction for eight aircraft
Friday 26, March 2010
Jackson Square Aviation, LLC ("Jackson Square") and Air Berlin are to sign a deal for eight aircraft. Under the arrangement, Jackson Square will acquire three type Boeing 737-800 aircraft owned by Air Berlin and currently leased to Shenzhen Airlines in China.
The transaction also covers financing arrangements for five aircraft in the Air Berlin fleet. This involves financing an Airbus A319 currently owned and operated by Air Berlin as part of a sale-and-lease-back transaction. Furthermore, four new Boeing 737-800s due to be delivered in the first half of 2011, are also to be financed under sale-and-lease-back deals. As regards the Boeing 737-800 leased to Shenzhen Airlines and the Airbus A319, the deal is likely to be concluded by the end of April 2010.
"We are pleased to be one of the first customers of Jackson Square Aviation, a company just recently established. We have confidence in the executive management team which was previously in charge of the Pegasus Aviation Finance Company, a business with which we enjoyed good relations. The sale of the aircraft currently leased to Shenzhen Airlines represents a financial transaction that is especially valuable to Air Berlin. It helps us reduce our net liabilities further, which is of particular advantage to us," commented Ulf Hüttmeyer, CFO Air Berlin PLC.
"We are enthusiastic about concluding such a big deal with one of Europe’s leading airlines," remarked Toby Bright, Head of Marketing at Jackson Square. "This deal is exactly the kind of business that Jackson Square is looking for: long-term leases for next-generation equipment with first-rate airlines."
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