18 Jul 2025
#3 July 2025: North American Aviation Newsletter
AELF Completes $31 Million Financing with Absa Bank Group
Aircraft Engine Lease Finance (AELF) has secured a $31 million loan facility from South Africa-based Absa Bank Group. The loan is backed by an A330-300 aircraft currently on lease to South African Airways. The aircraft was acquired by AELF from a consortium of European lenders including Deutsche Bank, Société Générale, and Crédit Agricole.
Joe Cirillo, Chief Commercial Officer at AELF, remarked, “Absa makes a great addition to our stable of lending partners… Maintaining a small and familiar group of capital partners strengthens our ability to capture the anomalous value we identify in the market.”
Aleutian Airways Acquires First ATR-600 via Azorra
Aleutian Airways, operated by Sterling Airways, has acquired its first ATR-600 aircraft through a leasing partnership with Azorra. This addition is a key milestone in the carrier’s strategy to improve connectivity between remote Alaskan communities and Anchorage.
Wayne Heller, President & CEO, said, “This is more than a fleet upgrade—it’s a transformational leap… The ATR-600 equips us with the tools to dream bigger and canvas the state more extensively.”
Flair Airlines Appoints Maciej Wilk as CEO
Flair Airlines has confirmed Maciej Wilk as its new Chief Executive Officer. Wilk, who has already been serving in a leadership role, spearheaded initiatives such as Canada’s first On-Time Guarantee and the “Flair FWD” programme, aimed at rebranding Flair’s customer experience. He also played an active role in Canada’s national Airline Market Study.
Jim Young, Board Chair, noted, “People kept asking if we were still looking. The truth is, we had looked — and it turned out our best candidate was already doing the job.”
SkyWest Finalises Engine Deal with GE Aerospace
GE Aerospace and SkyWest have finalised a new engine agreement covering CF34-8E engines and spares for 60 incoming Embraer 175 aircraft. SkyWest, already the world’s largest operator of CF34-powered regional jets, operates over 600 aircraft powered by GE engines.
Russell Stokes, President and CEO, Commercial Engines & Services at GE Aerospace, stated, “The CF34 engine has a long track record of success with SkyWest… This deal is the next chapter in our enduring relationship.”
Acumen’s Take
On AELF’s $31 Million Deal with Absa
AELF’s latest financing round illustrates the firm’s continuing agility in tapping alternative capital markets outside the traditional US or European banking ecosystem. Partnering with Absa adds strategic depth to its lender base, particularly for aircraft placed in the African region. The collateralisation of a widebody asset also reflects AELF’s increasing focus on mid-life aircraft with secure leases, positioning itself to capitalise on value gaps left by more risk-averse competitors.
On Aleutian Airways and Azorra’s ATR Partnership
This transaction exemplifies how regional carriers in underserved geographies are turning to modern turboprops like the ATR-600 to drive operational transformation. For Azorra, it expands its regional reach in North America and cements its role in supporting public service and connectivity missions. Aleutian’s fleet expansion aligns with rising demand for more fuel-efficient aircraft in infrastructure-light environments like Alaska.
On Flair Airlines’ Leadership Continuity
Flair’s decision to appoint an internal candidate—Maciej Wilk—underscores the airline’s desire for operational consistency amid turbulence in Canada’s low-cost segment. Wilk’s track record with reliability-focused initiatives and regulatory engagement indicates a more mature approach to growth, potentially helping Flair carve out a stronger national presence even as competition intensifies.
On SkyWest’s Continued Commitment to GE Aerospace
This deal cements one of regional aviation’s longest-standing OEM-operator relationships. By standardising on the CF34 engine platform, SkyWest simplifies maintenance and builds cost efficiencies while preserving fleet commonality. For GE Aerospace, it reinforces the continued relevance of the CF34 line despite the industry’s pivot to next-gen engines, especially in the large US regional space.
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