Posted on: 14 January 2015 by Mark Howells
CityJet has announced the completion of its refinancing programme following its purchase from Air France by the INTRO Group, which the airline claims left it with an infrastructure inappropriate for an independent regional carrier.
With its restructuring strategy also ahead of schedule, CityJet has agreed the sale and leaseback of seven Avro RJ85 aircraft with its main lessor, Falko Regional Aircraft. Jeremy Barnes the lessor’s CEO, commented, “CityJet is a long standing and important customer of ours. We are pleased to be able to assist them with this financing and we look forward to supporting them in a variety of different ways in the coming years as they roll out their growth strategy.”
Christine Ourmières, CityJet CEO, explained, “The recent months have shown the determination of our management team and staff to embrace the challenge of reshaping the business to become an independent airline. We can now focus even more on delivering our customers a superior product and service which will support our improving trading performance.”
“The carrier’s independence, coupled with the sale of loss-making VLM, enables CityJet to develop its niche regional European business,” added Peter Oncken, CityJet chairman.