Japan Airlines : JL : JAL

Delta Air Lines posted a 2009 net loss of $1.24 billion, narrowed considerably from a massive deficit of $8.92 billion in 2008 when results were affected by heavy goodwill impairment charges and costs related to its acquisition of Northwest Airlines.

DL acquired NWA on Oct. 30, 2008, so its 2009 income and revenue include those of the Minneapolis-based carrier. But DL's 2008 figures include NWA only for Oct. 30-Dec. 31. DL/NWA's combined 2008 net loss was $14.38 billion, ATWOnline calculated. DL executives yesterday told reporters and analysts that merger activities are nearly complete and predicted that results in 2010 will benefit from a lack of integration costs and complications.

The carriers have been on a single operating certificate since Jan. 1. CEO Richard Anderson said the company is in "the home stretch of the merger integration," adding, "We will shortly in the [late] first quarter have just one Delta. . .with the airplanes free-flowing rather than having to operate" two airlines as was the case in 2009, leading to operational restrictions on a number of routes.
President Ed Bastian said 2009 was "indeed a challenging year for Delta" as it contended with the integration and a weak global economy, but he noted that there is "clear evidence that the revenue environment is improving" and that "business travelers are returning." Anderson said DL plans to be "disciplined" on capacity this year, with full-year capacity expected to be "roughly flat" compared to 2009.

DL's 2009 revenue was $28.06 billion, officially up 24% from 2008 but down 18.1% from combined DL/NWA revenue of $34.25 billion calculated by ATWOnline for that year. Its expenses were $28.38 billion, down considerably over combined DL/NWA 2008 expenses that exceeded $40 billion, and operating loss was $324 million, significantly improved over a combined DL/NWA operating loss of $13.74 billion in 2008.
Full-year 2009 consolidated traffic lowered 6.8% compared to combined DL/NWA 2008 traffic to 188.94 billion RPMs on a 6.4% cut in capacity to 230.3 billion ASMs, producing a load factor of 82%, down 0.4 point. Yield decreased 14% to 12.6 cents as PRASM declined 14.3% to 10.34 cents and CASM fell 36.5% to 12.01 cents. CASM excluding fuel and special items increased 3.8% to 8.28 cents.
Fourth-quarter net loss was $25 million, improved over a combined DL/NWA net loss of $9.55 billion in the prior-year period.

by Aaron Karp

The new president of Japan Airlines said the bankrupt carrier has not yet decided whether to stick with partner American Airlines and the Oneworld alliance, or defect to Delta Air Lines and the SkyTeam group.

We are still neutral," Masaru Onishi, also the carrier's new chief operating officer, told a news conference on Monday, a little less than two weeks after it filed for bankruptcy.
Onishi is part of a new management team led by chief executive Kazuo Inamori, the 77-year-old founder of electronics maker Kyocera.

One of the new management's first major decisions will be whether to stay with Oneworld alliance partner American Airlines or switch to rival Delta and SkyTeam. Both US carriers have been wooing JAL aggressively with offers of financial aid.
JAL, Asia's largest carrier by revenues, filed for bankruptcy protection last month with about USD$25 billion in debt, and vowed to cut about a third of its work force and unprofitable routes as part of a state-supported restructuring plan.
Some Japanese media had previously reported that JAL had already made a decision to end its alliance with American and join hands with Delta and SkyTeam.

(Reuters)

Japan Airlines did not decide between American Airlines/oneworld and Delta Air Lines/SkyTeam yesterday as expected [Vous devez être inscrit et connecté pour voir ce lien], with CEO Kazuo Inamori telling reporters that a decision on a partner and alliance will be finalized "as early as possible." Newly appointed President Masaru Onishi said, "We're talking about the alliance with people concerned within the company. It's also not a matter that can be decided by an individual. As soon as we have a decision, we will let people concerned know," according to press reports. "Under new management, the company is seriously reviewing the issue from scratch, without being influenced by previous discussions."

TOKYO, 8 fév 2010 (AFP)La compagnie aérienne japonaise en redressement judiciaire Japan Airlines (JAL) va finalement rester alliée avec son homologue American Airlines, demeurer au sein de l'alliance Oneworld et rompre les négociations avec Delta Air Lines, ont affirmé lundi les médias japonais.

Japan Airlines will keep its partnership with American Airlines in the Oneworld alliance and end talks with Delta Air Lines and the rival SkyTeam group, the Asahi newspaper reported.

The two US carriers have been courting Japan Airlines for months with offers of financial aid and close cooperation on international routes, looking to gain access to its large network in Asia and benefit from the expansion at Tokyo's Haneda Airport.
JAL had been leaning toward joining hands with Delta before filing for bankruptcy last month and bringing in new management under the auspices of a state-backed fund.
JAL's new chief executive, Kazuo Inamori, and officials of the Enterprise Turnaround Initiative Corporation (ETIC) have decided that switching alliances is too risky and could hinder their ability to turn around the airline quickly, the Asahi said on its website.

JAL will make an official announcement this week, the Asahi said. A JAL spokeswoman declined to comment.
In addition to the burden of upgrading computer systems and other costs, the risk that JAL and Delta would not be able to receive regulatory approval for anti-trust immunity also influenced the decision, the Asahi said.

Anti-trust immunity allows airlines to work closely on pricing, flight scheduling and in other areas to boost revenue and lower costs. This is now a possible under the "open skies" treaty recently agreed by the United States and Japan.
American and its Oneworld partners have offered USD$1.4 billion in capital and Delta has offered about USD$1 billion in financial aid in an effort to woo JAL. However, the ETIC is not expected to invite another carrier to invest in JAL at this stage.

(Reuters)

USA: American Airlines et JAL déposent leur dossier devant les autorités

NEW YORK, 12 fév 2010 (AFP)American Airlines a annoncé vendredi soir le dépôt d'une demande d'immunité anti-trust au ministère des transports américain (DOT), afin de pouvoir renforcer ses liens avec Japan Airlines conformément à l'accord annoncé mardi.

Japan Airlines (JAL) plans to cut employees' salaries by 5% and withdraw bonuses as part of its financial restructuring.
The carrier has spoken to its eight staff unions about the wage cut and the forgoing of the summer and winter bonuses in the 2010 fiscal year starting from April, says a JAL spokeswoman.
"These will be applied to the 16,000 staff of Japan Airlines International - the group's core subsidiary," she adds.

JAL is considering corresponding adjustments to the wages of other group subsidiaries with a different salary structure from Japan Airlines International, says the spokeswoman.

While it is unclear how much the wage cuts will save JAL, Japan's Nikkei business daily reports that the airline aims to reduce annual personnel costs by ¥30 billion ($330 million).
JAL filed for bankruptcy protection on 19 January after incurring ¥2.3 trillion in debt, and has pledged to cut unprofitable routes, slash workforce numbers and renew its fleet as part of a financial restructuring process.
The Japanese government has promised up to ¥900 billion to keep JAL operating in the meantime.

Air France et Japan Airlines étudient une vaste alliance

PARIS, 22 février (Reuters) - Japan Airlines et Air France pourraient annoncer la création d'une coentreprise concernant leurs dessertes entre la France et le Japon, écrit lundi La Tribune.
La compagnie aérienne japonaise, en redressement judiciaire depuis janvier, a annoncé il y a 15 jours qu'elle ne rejoindrait pas l'alliance SkyTeam avec Air France-KLM et Delta Airlines, préférant rester au sein de Oneworld, dont British Airways est le pilier européen.
Japan Airlines, qui a choisi de s'allier avec American Airlines sur l'axe transpacifique, discuterait avec la compagnie française d'une coentreprise entre le Japon et la France, selon des sources internes à Air France, ce qui constituerait une première entre des compagnies appartenant à des alliances différentes, précise La Tribune.
Personne n'était immédiatement disponible pour commenter chez Air France-KLM.
L'alliance, plus haut degré de partenariat commercial à l'exclusion d'une fusion, conduirait les deux compagnies à partager leurs coûts et leurs recettes sur un plan de vols coordonné, au-delà du simple partage de codes déjà en place entre elles, ajoute le quotidien.

TOKYO, 22 fév 2010 (AFP)Les compagnies aériennes Japan Airlines (JAL) et Air France ont nié lundi être en train de discuter la création d'une coentreprise pour regrouper leurs opérations entre la France et le Japon, comme l'avait affirmé plus tôt un quotidien économique français.

2010 AFP

Japan Airlines posted a net loss of ¥177.9 billion ($1.99 billion) for the first three quarters of its fiscal year ended Dec. 31, 2009, considerably widened from a ¥1.9 billion loss for the prior-year period.
The result represented a record nine-month deficit for the bankrupt carrier, which said Friday it is establishing an independent investigative committee to "examine past business practices." It said in a statement that it "recognizes and is deeply apologetic for the current situation that has caused great inconvenience and concern to our shareholders, financial creditors, customers, suppliers and other related parties."
JAL filed for bankruptcy protection last month under Japan's Corporate Rehabilitation Law, admitting in court filings that its liabilities total ¥2.32 trillion [Vous devez être inscrit et connecté pour voir ce lien]. This month it applied for antitrust immunity to operate as one airline with oneworld partner American Airlines on transpacific routes [Vous devez être inscrit et connecté pour voir ce lien].
Operating revenue for the nine-month period slumped 26.6% to ¥1.14 trillion while expenses lowered 19.3% to ¥1.27 trillion, producing an operating loss of ¥120.8 billion, significantly widened from an operating loss of ¥8.8 billion in the prior-year period. Traffic decreased 9.5% to 58.15 billion RPKs on 9.5% capacity dip to 88.91 billion ASKs, producing a load factor of 65.4%, flat year-over-year. Cargo traffic declined 13.2% to 7.77 billion RTKs on a 14.8% cut in capacity to 13.05 billion ATKs, producing a load factor of 59.5%, up 1 point.
JAL announced that it will establish a "Compliance Investigations Committee," which it described as "an independent investigative organization formed by third-party members" including a current and former member of Japan's Supreme Court. "Committed to executing a fair and transparent restructuring under the Corporate Reorganization proceedings, [JAL] will commission the committee to launch an investigation into past business management. . .to determine if there were any issues about compliancy and to identify problems in that aspect," the carrier said.
Fiscal third-quarter net loss was ¥46.7 billion, widened 21.3% from a ¥38.5 billion deficit in the year-ago period, on a 21.6% slide in revenue to ¥380.8 billion.

Japan to end cargo-only flights in October

TOKYO, March 25, 2010 (AFP)Japan Airlines on Thursday said it will end cargo-only flights at the end of October as part of efforts to turn around its loss-making operations after it filed for bankruptcy.

JAL Deepens Restructuring

Japan Airlines will contract more than originally planned, with further routes to be canned, Boeing 747s to be retired earlier and job losses to increase by about 20%.
Under pressure from the government and creditors to restructure itself more thoroughly, the ailing carrier will make a second attempt at designing the reduced network it will keep after emerging from its court-supervised bankruptcy.
The number of job cuts will rise to about 20,000, representing almost 40% of the pre-bankruptcy workforce, up from the previous target of 15,700, according to reports in leading Japanese media.
Transport Minister Seiji Maehara said he hopes JAL will further review its network, and he believes that Chairman Kazuo Inamori “largely agrees” with that request, says the Yomiuri Shimbun, adding the two met late this month.
JAL’s original network plan — to cut just 14 domestic and 17 international routes — prompted skepticism among analysts, who wondered whether the airline was serious in trying to turn itself around.
The further round of cuts will focus particularly on international services, says the Mainichi newspaper. The carrier will retire 37 Boeing 747s and other large aircraft earlier than previously planned, it adds.
It is unclear when these changes will take place, but under the original plan, the slimming down of the network was to be completed by the end of the financial year that begins on April 1. About 8,000 workers will retire early, up from the original plan of 2,700. Other cuts are to be implemented by a hiring freeze and the disposal of subsidiaries.
Japan Airlines is due to prepare a business rehabilitation plan by June for submission to the Tokyo District Court, which, if all goes well, will approve it a few months later, maybe in September. Japan Airlines is, in effect, restructuring under government supervision. The Enterprise Turnaround Initiative Corp. is overseeing the process, which includes recapitalization.
The carrier is in no position to resist pressure for deeper restructuring, since the turnaround agency is prohibited from bailing out businesses that cannot be returned to profitability within three years.
The difficulty of doing that with Japan Airlines led the government to consider an even more radical reorganization of its network in December — restricting the airline to domestic services, with rival All Nippon Airlines taking over international routes. That idea has not reappeared since Japan Airlines formally applied for protection from creditors on Jan. 19.
Japan Airlines’ largest union, the JAL Friendship and Improvement Organization, has agreed to a 5% pay cut and reduced allowances from the beginning of the financial year. Under the agreement, there will be no pay raises or bonuses in 2010/11.

JAL lenders to demand cuts to international service

TOKYO: The main creditors of bankrupt Japan Airlines are to demand drastic cuts to the carrier's international service in exchange for further cash injections, a report said Friday.

The company declared bankruptcy in January with US$26 billion of debt in one of Japan's biggest ever corporate failures, but has continued flying while it goes through painful state-led restructuring.

With JAL looking to a state-backed turnaround body for assistance, its four main lenders, including the Development Bank of Japan, have already waived massive amounts of debt.

The lenders have now decided not to shell out further financial aid without solid evidence that earnings are set to head north, the Nikkei business daily said.

The banks will demand JAL cuts both international and domestic services, while one proposal calls on the carrier to withdraw entirely from European and US flights and to focus on the profitable Asian region, the paper said.

The struggling airline currently runs more than 90 international flights, including code shares with other airlines, of which around a third are to Asian destinations.

The carrier posted a US$2 billion loss for the nine months to December and is planning more than 15,000 job cuts.

Japan Airlines announced that it will cut 45 routes by the end of September as part of a radical shakeup intended to return it to profitability and sustainability.

JAL filed for bankruptcy under Japan's Corporate Rehabilitation Law in January and CEO Kazuo Inamori, who took the helm when it began the court-monitored reorganization process, has been indicating in recent weeks that cuts will be harsher than originally planned [Vous devez être inscrit et connecté pour voir ce lien].

The airline confirmed speculation by Japanese media that its reductions would be far more than the 30 previously expected when yesterday it unveiled a new route, flight frequency and fleet plan that will see it abandon many long-range routes and focus more intently on short/medium-haul services.

International capacity is being cut by 40% and domestic by 30%, translating into 86 weekly international and 58 daily domestic roundtrips.

Among the destinations it will drop altogether as it axes 15 international routes are Amsterdam, Milan, Rome, Sao Paolo, Brisbane, Denpasar and Kona.

It also will terminate 30 domestic routes. "JAL has restructured its overall network with the clear objective of returning to profitability as swiftly as possible," it said in a statement.The cuts are even more severe when considering that closures announced prior to its bankruptcy filing mean that total international routes slashed by this fall will amount to 28.

Cumulative domestic routes cut will total 50. JAL also will also close 18 offices.

Along with the route terminations, its 747-400 and A300-600 fleets will be grounded.

Additionally, many routes will see a downsizingof equipment.JAL said the plan has been "formulated to achieve
within one year substantial reductions in the airline's fixed costs, a target which was initially planned to be accomplished over a period of three years." It added, "The extent to which the route and flight frequency plan has been streamlined is vital to achieving a swift revival of the JAL Group. JAL seeks the understanding of its customers
who will be inconvenienced by the changes announced.

"Part of the restructuring will include greatly expanding the use of Tokyo Haneda for international flights with a focus on pivotal routes that can yield higher business demand.

New HND routes will include daily flights to San Francisco, Honolulu, Bangkok and Paris Charles de Gaulle. JAL also will
expand HND flights to destinations in Asia.

by Geoffrey Thomas

JAL [Vous devez être inscrit et connecté pour voir ce lien] of a new "Sky Eco" livery that will be painted on a 777-200 to promote the carrier's "Sky Eco Project". I'm not wearing my Japanese glasses so I can't tell you anything more. Do you [Vous devez être inscrit et connecté pour voir ce lien] or do you know more about this jet?

In 2008 JAL [Vous devez être inscrit et connecté pour voir ce lien] on a 777-200, but that one only bore the green tail and two metre by seven metre green paper plane. The circular logo with origami figures is new. Is this an update to the existing eco jet, or is a second being painted?

[Vous devez être inscrit et connecté pour voir ce lien]

TOKYO: Japan Airlines plans to spend 241.5 billion yen ($2.8 billion) in the next five years to procure 65 aircraft as it rejigs its fleet toward smaller, more fuel-efficient airplanes, Jiji news agency reported on Saturday.

JAL, which filed for bankruptcy protection in January as part of a state-led restructuring, plans to retire larger planes such as Boeing's 747-400 jumbo jets in an attempt to save 100 billion yen in fuel expenses in five years, the report
said.

The airline will procure 18 Boeing 787-8s by 2014/15, 29 Boeing 737-800s, 9 Boeing 767-300ERs and 9 Embraer 170s, while it has started selling 95 older aircrafts, expecting to raise about 62.5 billion yen from the sales, it said.

Embraer is the world's third-largest commercial aircraft maker after Airbus and Boeing.

"JAL is shifting towards the use of smaller, more fuel-efficient aircraft. The fleet review will be addressed in the
Revitalization Plan which we aim to submit by the end of August," JAL spokeswoman Sze Hunn Yap said on Saturday.

She declined to comment further.

The plan will likely be met by backlash from JAL's archrival All Nippon Airways, which has said the use of the government fund for JAL's fleet would be unfair, Jiji said.

JAL mulls starting low-cost carrier

Japan Airlines (JAL) is considering starting a low-cost carrier, and has roped in fellow Oneworld carrier Qantas Airways in its study.
"We have been studying what they are doing with Jetstar [Qantas' low-cost subsidiary]," says a JAL spokeswoman.
"With the deregulation of the Japanese aviation industry, we are looking at ways to stay above the competition and starting a low-cost carrier could be one of those ways."
The spokeswoman cautions, however, that there is no concrete plan or timeline yet to launch a low-cost airline.
JAL filed for bankruptcy protection in January and is expected to unveil a rehabilitation plan today. Over the past months, it has announced plans to drop unprofitable routes and divest non-core subsidiaries.
JAL's rival All Nippon Airways has also said it is considering starting a new low-cost carrier. Reports say it could base the airline out of Osaka Kansai International Airport, but ANA has said no decision has been made yet.
In July, ANA merged its low-cost subsidiary Air Japan with cargo carrier ANA & JP Express.

JAL retire 103 appareils de sa flotte et supprime 49 liaisons

La compagnie aérienne Japan Airlines (JAL), criblée de dettes et sauvée du dépôt de bilan par les pouvoirs publics en janvier, a annoncé mardi son intention de réduire sa flotte en en retirant 103 avions et de fermer 49 liaisons.
JAL a ajouté qu'elle étudierait la possibilité de créer une filiale à bas coûts.
En outre, l'Etic, le fonds public de restructuration des entreprises, chargé par l'Etat de piloter le redressement du groupe, a fait savoir qu'un retour en Bourse de la compagnie en 2013 était l'une des options envisagées.
Dans son plan de restructuration, présenté à un tribunal de Tokyo mardi, le transporteur assure que ces modifications, qui incluent la fermeture de 10 liaisons internationales, lui permettront d'afficher une marge d'exploitation de 9,2% d'ici mars 2013.
La dette du groupe à fin mars atteignait 959 milliards de yens (8,98 milliards d'euros).
"Le fiasco qu'a connu JAL a causé beaucoup de problèmes aux actionnaires et aux institutions financières", a reconnu le PDG du groupe, Kazuo Inamori, au cours d'une conférence de presse à Tokyo.
"Ce jour marque un nouveau départ pour nous", a ajouté le fondateur septuagénaire du fabricant de pièces électroniques Kyocera, appelé en janvier par le gouvernement japonais pour redresser la compagnie après son placement en redressement judiciaire.
Tous les appareils de type Boeing 747-400, Airbus A300-600 et les McDonnell Douglas MD81 et MD90 seront retirés du service. Une fois ces changements effectués, la compagnie n'exploitera plus que quatre types d'appareils, au lieu de sept actuellement.

JAL to retire 103 aircraft, cut 16,000 jobs in financial turnaround

Japan Airlines (JAL) will retire more than 100 aircraft, cut 16,000 jobs and streamline its operations as part of a rehabilitation plan to return to profit.
The Oneworld carrier, which filed for bankruptcy protection in January after running up severe losses, submitted its financial reorganisation plan to the Tokyo District Court today.
Under the plan, JAL's creditors will forgive ¥521.5 billion ($6.2 billion) of the airline's debt. Japan's Enterprise Turnaround Initiative Corporation (ETIC), which was tasked to turn JAL around, will give the airline a pay-in of ¥350 billion in December. JAL will in turn issue the ETIC with 175 million new shares.
JAL expects to implement its new business plan in December, after it receives the court's approval in end-November.
The carrier says it will retire 103 aircraft as it seeks to reduce the number of aircraft models in its fleet and use smaller, more efficient aircraft. It will phase out all [Vous devez être inscrit et connecté pour voir ce lien]-400s, [Vous devez être inscrit et connecté pour voir ce lien]-600s, MD81s and MD90s from its fleet by end-March 2011.
Instead, it will deploy small and medium-sized aircraft such as the 737-800, [Vous devez être inscrit et connecté pour voir ce lien] and the [Vous devez être inscrit et connecté pour voir ce lien], which will be "key to [its] future international route strategy".
JAL expects its first 787 to arrive in March 2011, says a JAL spokeswoman. The carrier has 35 firm orders and 20 options for the new aircraft.
The airline has not received any notification from [Vous devez être inscrit et connecté pour voir ce lien] about a change to the delivery date, following Boeing's announcement last week that the first delivery to launch customer All Nippon Airways would be delayed until the mid-first quarter of 2011.
On its route network, JAL will focus on operating more frequent services on domestic routes using smaller aircraft.
It will concentrate its international route planning around major US and European cities as well as high-growth Asian routes, says the carrier. It announced in April that it would suspend operations on 45 routes.
In addition, JAL will cut 16,114 jobs by end-March 2011, resulting in a total workforce of 32,600. The airline will carry out the job cuts through early retirement and the sale of subsidiaries, it adds.
On top of this, the airline will review wage systems and downsize airport facilities among other measures to cut costs further, says JAL.
The carrier will also consolidate its group operations by the end of its current fiscal year, ending 31 March 2011.
Its core business Japan Airlines International (JALI) will merge with holding company Japan Airlines Corporation and three other subsidiaries to form a single entity. On 1 April 2011, JALI will change its name to Japan Airlines Co.
A JAL spokeswoman says the airline aims to achieve ¥24.8 billion in net worth by end-March 2011. Following the pay-in from the ETIC and the issue of shares, JAL will have capital of ¥175 billion and capital reserves of ¥175 billion, says the airline.

JAL Management Not Legally Liable

On the day ailing Japan Airlines filed its proposed reorganization plan in Tokyo’s District Court, the trustee overseeing JAL’s restructuring said there are no grounds to demand compensatory damages from the carrier’s former managers.
In March, the trustee, the Enterprise Turnaround Initiative Corp. of Japan (ETIC), appointed a five-member Compliance Investigation Committee to look into the reasons why Japan Airlines Corp., Japan Airlines International Co. and JAL Capital Co. became insolvent, as well as material past compliance problems and other managerial concerns. According to an ETIC statement issued Aug. 31, “The committee came to the conclusion that while there are problems in managerial judgment and corporate governance … it would be difficult to find former managers legally liable under criminal or civil laws.”
In its report, the investigative committee, which included two former justices from Japan’s Supreme Court, pointed out various problems besetting the JAL units, including: “a bloated organization, a weak corporate culture and weak corporate finances, a structure of interdependence with bureaucrats, closed sectionalism, a wide gulf in awareness between corporate planning divisions and on-location staff, lack of responsible initiatives and managerial judgment by top management, and a company-wide lack of risk awareness.”
The reorganization plan, submitted Tuesday, said JAL plans to reduce the size of its fleet by 103 aircraft, including all Boeing 747-400s, Airbus A300-600s, and McDonnell Douglas MD-81s and MD-90s. The number of aircraft models flying Japan Airlines International routes will be reduced from seven to four. Headcount at the airline, as expected, will be reduced by about 16,000. Originally, it was thought that as many as 19,000 workers would leave or be let go, but recent indications were that the number could come in closer to 16,000.
Also on Aug. 31, the court handling JAL’s case ordered that the reorganization plan be put to a vote by JAL’s creditors. The voting period will be open from Sept. 10 to Nov. 19.

AerSale has purchased a fleet of 19 747-400s from Japan Air Lines (JAL), clearing JAL’s fleet of the aircraft type.

Robert Nichols, AerSale's COO, believes that most of the 686 747-400 passenger and freighter aircraft currently in service will continue to fly, but added: "This said, we are proceeding to disassemble a few of the aircraft and a good many of the 76 GE CF6-80C2B1F engines installed on wing so as to position AerSale to become the leading provider of aftermarket CF6-80C2 engines and material."

Nicolas Finazzo, AerSale's CEO, said the deal is the second of "several large scale multi-fleet acquisitions" within the company’s 2010 business plan, and that further announcements will soon follow.