Flair’s Chief Executive Officer Stephen Jones said in an interview on Saturday that the Edmonton-based discount airline owes about US$1-million on the leases, and decried the seizures as “draconian.”
Mr. Jones said Flair recently paid its arrears to Bank of China, but failed to come to an agreement with Airborne on four planes. The Boeing 737 Max sells for about US$50-million, and is leased to airlines for monthly charges of about US$350,000 to US$400,000.Flair plans to fly more than 6,200 flights in July and August of 2023, a 46-per-cent increase over the same months in 2022, according to data provided by Cirium. Mr. Jones said in December, when the fleet consisted of 19 planes, that Flair would have enough aircraft by the summer.
An aircraft lease is usually eight to 12 years in duration, sometimes longer, and is typically only terminated because of non-payment. The ages of the Flair planes shopped around by the leasing companies range from a few months old to less than two years. The one exception is one 737 NG, which is almost 13 years old.
The CTA, in its final ruling, said Flair was Canadian and allowed to retain its licence after making changes to its board, leasing arrangement and sources of financing.
But these aircraft are owned by 777 Partners, which owns FlairAirlines, right?
Hedge hund people work on Saturdays?
More, from CityNewsVAN - “Flair issued a statement on Saturday calling the move by ‘a New York-based hedge fund’ to take the aircraft ‘extreme and unusual.’” Details:
lol
I feel so bad for airlines trying to make it in the Canadian market and us travellers
Not good…
Just a matter of time