AerCap Holdings N.V. Announces Rescheduling of Aircraft Deliveries
AerCap announced that it has rescheduled the delivery of 37 aircraft that were previously expected to be delivered in 2021 and 2022. These aircraft are now expected to be delivered in 2023 and later years. Working in concert with the aircraft manufacturers and our airline customers, AerCap has rescheduled the delivery of over 100 aircraft that were originally planned to be delivered in 2020, 2021 and 2022. The rescheduling of these deliveries has reduced its cash capital expenditures in 2020 and 2021 by a total of approximately $4.7 billion. AerCap CEO Aengus Kelly said “On our first quarter earnings call, I noted the positive trends that we were starting to see in Chinese air traffic. Similarly, since the low point in mid-April we have seen a steady increase in air traffic in Europe and the United States. As economies begin to reopen, our airline customers will play a vital role in the recovery of their respective countries.”
AerCap, Avolon and DP Aircraft Ireland swoop up Norwegian equity
Three Irish-based leasing companies now control just over 26% of the equity of Norwegian Air Shuttle, following a debt-for-equity swap. AerCap has acquired a 15.9% stake after it converted the airline’s lease obligations into shares. Dublin-based lessor Avolon owns a further 5.5%. DP Aircraft Ireland has control of just over 5%.
Avolon CEO Domhnal Slattery on The Business RTE
Listen back to Avolon CEO Domhnal Slattery on The Business RTE Podcast here