05 May 2020
Irish Aircraft Leasing Newsletter 5 May
Ardavon appoints Karl Brünjes as Chief Operating Officer
Ardavon investment announced that Karl Brünjes has joined the company as Chief Operating Officer. Karl has been involved in the trading, financing and management of commercial aircraft since 1990. He has held senior positions at Fortis Aviation Group, IBA Group, Republic Financial and RPK Capital and was elected Chairman of The Aviation Club of the UK in 2018.
ORIX Aviation Group Announces Departure of David Power
ORIX Aviation announced that David Power will leave the ORIX Aviation Group. David has stepped down as Chairman of ORIX Aviation Hong Kong and as the ORIX Director of Avolon. “Having worked with ORIX Aviation for almost 30 years I am extremely proud of what has been accomplished. Leaving a very strong and committed leadership team in place as I depart ORIX Aviation was one of my key considerations and something I am very proud of” said David. David will take up the role of executive Director of London based Solus Capital Partners along with other executive roles within the investment funds industry.
Stobart Group Limited: Acquisition Of Stobart Air And Propius
Stobart Group, the aviation and energy group, has reached agreement with EY, the administrators of Connect Airways Limited to acquire Stobart Air and Propius. Propius is an aircraft leasing business that leases its eight ATR aircraft to Stobart Air. Stobart Air operates regional flights under a franchise agreement for Aer Lingus along with the provision of charter and wet lease operations. Warwick Brady, CEO of Stobart Group, said “This transaction allows Stobart Group to take control of the outstanding legacy issues which date back to 2017 when Stobart Air and Propius became subsidiaries of the Company. The original strategy to mitigate these issues over time through the combination of the businesses with Connect was impacted by the failure of Flybe and resulting administration of Connect in March 2020. We believe that Stobart Air has a viable future after COVID-19 and are working with Aer Lingus as our franchise partner to place the business on a secure footing and manage the impact of the legacy obligations in a controlled manner.”
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