Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today lease agreements with Philippine Airlines ('PAL') for three new Bombardier Q400 aircraft.
The new Q400s are scheduled for delivery to Philippine Airlines in the third and fourth quarters of 2018 and will mark Chorus' first leasing transaction in the fast-growing Southeast Asia region.
Commenting on this latest transaction, Chorus Aviation Capital's President, Steven Ridolfi, stated "Philippine Airlines is a celebrated airline with a long and renowned history as the flag carrier of the Philippines, and we are very proud to count them amongst our customers."
For his part, PAL President & Chief Operating Officer Jaime J. Bautista said, "We are very pleased to form this working partnership with Chorus Aviation Capital and we look forward to building business ties with them. By joining their growing portfolio of aircraft lessees, Philippine Airlines will be able to further grow its domestic market. New aircraft help us to build new air links and increase flight frequencies on routes that are vital to national commerce."
Joe Randell, President and Chief Executive Officer of Chorus, stated "We are demonstrating our ability to originate our own deals directly with airlines and go after new, high-growth markets. I'm proud of the Chorus team's professionalism and discipline in evaluating and executing these transactions, and grateful to the many people at Chorus who are helping make our leasing venture a success."