Vmo Aircraft Leasing (“Vmo”), a global full-service aircraft lessor, announced the completion of a sale and leaseback transaction for two Airbus A320-200 aircraft with Cebu Pacific (PSE: CEB), the Philippines’ largest airline. The aircraft were sold and leased back to the carrier prior to the end of 2021.
“This transaction marks the commencement of a new airline relationship with one of the premier low-cost carriers in the Asia Pacific region. We are very pleased to partner with Cebu Pacific on this transaction, which was executed in a very tight timeframe and supports our client during these challenging times,” commented Marilyn Gan, Vmo Aircraft Leasing’s Senior Vice President and Head of Asia Pacific.
Cebu Pacific is optimistic that the partnership will complement its re-fleeting program.
“We thank the whole team for enabling us to complete the deal on time. We are happy to have found a new partner in Vmo and look forward to fortifying this relationship as we move forward with our fleet modernization plan,” said Mark Julius Cezar, Cebu Pacific’s Chief Financial Officer.
Vmo expresses hope that the tie-up will help Cebu Pacific maximize its network capacity as it flies toward expected recovery in 2022.