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Chorus Aviation issues statement regarding the administration of Flybe Limited
Chorus Aviation issues statement regarding the administration of Flybe Limited Can...
About this update from Chorus Aviation Inc.
[{"type":"text","content":"\n\n\n\nChorus Aviation issues statement regarding the administration of Flybe Limited\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, March 5, 2020\n\n\n\nHALIFAX, March 5, 2020 /CNW/ - Earlier today, Flybe Limited ('Flybe') ceased operating and was placed in administration.  Chorus had three ATR 72-600 and five Dash 8-400 aircraft on lease with Flybe.\nThese aircraft account for less than 5.0% of the net book value of Chorus' regional aircraft leasing segment fleet and less than 5.0% of Chorus' consolidated annualized 2019 EBITDA. Chorus holds security in respect of these aircraft and has a plan to manage their repossession and remarketing.  Furthermore, Chorus' loan agreements provide time and flexibility to remarket the aircraft.\n\"We have planned for this contingency and are executing against our plan,\" stated Steven Ridolfi, President, Chorus Aviation Capital. \"We are currently in negotiations with prospects for these aircraft. As noted, these aircraft represent only a small portion of the value of our leased aircraft portfolio.\"\nForward-Looking Information This news release contains 'forward-looking information'. Forward-looking information is identified by the use of terms and phrases such as \"anticipate\", \"believe\", \"could\", \"estimate\", \"expect\", \"intend\", \"may\", \"plan\", \"predict\", \"potential\", \"project\", \"will\", \"would\", and similar terms and phrases, including references to assumptions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking information. Examples of forward-looking information in this news release include statements concerning negotiations with prospects for the referenced aircraft. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including the failure to conclude negotiations in respect of the referenced aircraft and those identified i...