Aircastle commences ‘exercising remedies to repossess’ 11 aircraft from Avianca Brazil

    Aircastle terminated (10-Dec-2018) leases and began exercising remedies to repossess 10 A320-200 and one A330-200 aircraft that were on lease to Avianca Brazil in 4Q2018. The A320-200 aircraft have an average age of 3.5 years, while the A330-200 is 4.1 years old. Aircastle had been working through a delinquent receivables issue with Avianca Brazil. Aircastle has been in remarketing discussions with several potential customers. The lease terminations for the 11 aircraft will have an impact on Aircastle’s 4Q2018 results, reducing lease rental revenue estimates from between USD187 million and USD191 million to between USD182 million and USD184 million. Maintenance revenue was also revised from between USD14 million and USD18 million to between USD90 million and USD94 million. [more – original PR]