AerCap and Safran Sign Joint Venture Agreement for Shannon Engine Support
AerCap has announced that following its acquisition of the GE Capital Aviation Services business it has signed a 20-year joint venture agreement with Safran Aircraft Engines regarding Shannon Engine Support. SES, the leading provider of spare engines for CFM International, is now a 50/50 joint company between AerCap and Safran. AerCap CEO Aengus Kelly said “The SES business is a great fit within the AerCap portfolio, with similar expertise, common assets and a complementary customer base to our wholly owned engine leasing business. This partnership extends our longstanding relationship with Safran, one of the world’s leading aviation companies. We look forward to working with the team at Safran to drive continued success at SES.”
Griffin Global Asset Management Continues to Expand Senior Management Team in Support of Growth
The Griffin Global Asset Management announced the expansion of their Dublin office with the addition of Carolanne Cunningham as General Counsel, Eimear Konkoly as Vice President, and Bill O’Brien as Financial Controller. Griffin Group CEO Ryan McKenna said “Carolanne, Eimear, and Bill have incredibly strong backgrounds from several industries and each will lead different areas of our growing business. We are delighted that such talented executives have joined the Griffin Team.”
NAC have signed an agreement to lease four ATR 72-600 aircraft to Emerald Airlines
Nordic Aviation Capital (NAC) announced that it has committed to lease four ATR 72-600 aircraft to Emerald Airlines. CEO and Founder Conor McCarthy of Emerald Airlines said “We’re extremely pleased with the outcome of our agreement with Nordic Aviation Capital, and we are really looking forward to receiving this delivery of ATR 72-600s. Over the coming months we are set to secure additional aircraft, with this agreement bringing us another step closer to that. It is more important than ever before to be able to offer our passengers efficient and flexible solutions with the highest possible standards of comfort and safety. At Emerald Airlines we are committed to minimizing our CO2 emissions, and the ATR 72-600 fits perfectly in this strategy.”
Stratos Promotes Goring-Thomas and Geldenhuys
Stratos (Monaco) announced the promotion of David Goring-Thomas to Chairman and Lourens Geldenhuys to Chief Financial Officer. Stratos CEO Gary Fitzgerald said “We are delighted to continue building out our team as a full service platform to support our fast-growing client base for remarketing, servicing and financing as the large commercial jet aircraft market emerges from the Covid crisis”.
TrueNoord leases new ATR72-600s to SKY express
TrueNoord has signed a strategic agreement with the fastest growing Greek operator SKY express for new ATR-600s that are on a phased fleet induction programme with operating leases. Funding for the aircraft was provided by TrueNoord’s revolving warehouse facility underwritten by Citibank, Société Générale and Royal Bank of Canada. CMS acted as legal counsel for TrueNoord on the acquisition. Milbank represented TrueNoord on the financing with Clifford Chance advising the lenders.
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