22 May 2025
#4 May 2025: North American Aviation Newsletter
Acorn Capital Management Acquires Four A330-300s from Altavair in Structured Investment Deal
Acorn Capital Management, through its managed entity Scissortail Aviation International Leasing I Limited (SAIL I Ltd.), has completed the acquisition of four Airbus A330-300 aircraft from Altavair L.P. as of 28 April 2025. The aircraft are currently placed on short-term operating leases with a major flag carrier, and will eventually transition into the disassembly and part-out phase under the servicing of EirTrade Aviation, also an Acorn portfolio company.
Justin Chung, Head of Alternative Credit Strategies at Acorn, noted:
“This represents a significant step forward for Acorn in proving our capability to deliver creative, high-quality structured aviation investments.”
The deal reflects Acorn’s continued focus on lifecycle investing, targeting mid-to-end-of-life aircraft with robust lease performance and residual monetisation potential.
Atlas Air and Turkish Cargo Enter Long-Term Freighter Partnership with 747-400 Operations
Atlas Air Worldwide has signed a long-term ACMI agreement with Turkish Cargo, the cargo arm of Turkish Airlines, for the operation of a Boeing 747-400 freighter. The aircraft offers over 110 metric tonnes of payload capacity, ideally suited for long-haul cargo operations across Turkish Cargo’s expansive global network.
Michael Steen, CEO of Atlas Air Worldwide, commented:
“This long-term agreement demonstrates the continued demand for widebody freighter capacity and underscores the trust airlines place in Atlas to provide safe, reliable, and efficient operations.”
This partnership reinforces Turkish Cargo’s global expansion strategy and underlines Atlas Air’s role as a trusted ACMI provider for some of the world’s leading freight carriers.
Azorra Delivers A220-300 to Croatia Airlines, Expanding Its Role in Fleet Renewal
Azorra has completed the delivery of the first of three new Airbus A220-300 aircraft to Croatia Airlines, building on the airline’s fleet modernisation strategy. The transaction follows the airline’s earlier acquisition of two A220s in 2024, and Azorra is expected to deliver two more A220-300s by 2026.
John Evans, CEO and Founder of Azorra, stated:
“We’re proud to support Croatia Airlines’ fleet renewal strategy and are committed to deepening our partnership as they transition to a modern, single-fleet type.”
This deal strengthens Azorra’s position in the new-technology regional jet space, while aligning with Croatia Airlines’ move toward fleet simplification and fuel efficiency.
Acumen’s Take
On Acorn’s A330-300 Acquisition
This transaction is a classic lifecycle finance play—acquiring widebodies with stable lease cashflows and transitioning them to disassembly and part monetisation through vertical asset servicing. Acorn’s use of in-group servicer EirTrade Aviation demonstrates how structured investors are now seeking end-to-end control of the aviation asset lifecycle, maximising both lease income and residual recovery.
On Atlas Air–Turkish Cargo Freighter Deal
The long-term 747-400 ACMI agreement with Turkish Cargo showcases Atlas Air’s enduring strength in the freighter ACMI niche, particularly as carriers like Turkish seek to flexibly scale widebody lift without committing to long-term capital expenditures. The 747-400 remains a workhorse for dense, long-haul freight corridors, and its continued utilisation signals the resilience of legacy freighter capacity amid evolving cargo flows.
On Azorra’s A220 Placement with Croatia Airlines
Azorra’s delivery signals the growing maturity of the A220 leasing market, particularly in fleet standardisation programmes across European legacy carriers. The aircraft’s strong economics, passenger comfort, and environmental performance make it an ideal replacement for ageing E-Jets and small A319s. This also reflects Azorra’s agility in securing next-generation placements with high-potential national airlines.
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