06 Mar 2015
AerFin Ltd (UK) and Cathay Pacific Airways announced today that AerFin has been selected to provide an end-of-life solution for the fleet of 11 A340-300 aircraft operated by the Hong Kong-based carrier. The agreement will see AerFin acquire and/or consign the aircraft over a three-year period through to 2017. The first A340 will be delivered to AerFin in March 2015 and will be disassembled to provide Cathay Pacific continued support for its operational fleet, and at the same time provide AerFin’s customer base with Serviceable Used Material to support continued operations.
Bob James, Managing Director, AerFin Ltd commented: “The acquisition of the Cathay Pacific A340 fleet is a significant step in AerFin’s growth and demonstrates both our ability to work with prestigious international carriers and the confidence and trust that Cathay Pacific has placed in AerFin in selecting us to provide an end-of-life solution to meet its fleet requirements. We are delighted to strengthen our existing relationship with Cathay Pacific through a transaction that provides an excellent example of the type of programmes we are able to deliver through professional expertise, industry knowledge and access to significant capital through CarVal.”
Jamie Carter, Manager Purchasing - Aircraft Trading at Cathay Pacific, commented: “We have significant experience with end-of-life planning and working with third parties on end-of-life programmes. Cathay Pacific selected AerFin after a comprehensive market review and has full confidence in their ability to deliver our material requirements.”
Cathay Pacific is retiring the A340-300s as part of ongoing fleet modernisation programme that is seeing the airline replace older, less-efficient aircraft with new, more fuel-efficient aircraft. Cathay Pacific currently operates 147 aircraft in what is one of the youngest all-wide-body fleets in the world. The airline has some 79 aircraft on firm order for delivery up to 2024, including 48 Airbus A350s and 21 Boeing 777-9Xs.
About AerFin Limited
UK based AerFin Limited specializes in providing end-of-life fleet solutions for investors, MROs, and airlines exposed to technically challenging assets. US based CarVal Investors LLC took an 80% shareholding in AerFin in December 2014 and their experienced team has navigated ever-changing credit market cycles, investing more than USD 78 billion in 5,200 transactions across 71 countries. For more information, visit www.AerFin.com and www.carvalinvestors.com.
About Cathay Pacific Airways
Cathay Pacific Airways is an international airline registered and based in Hong Kong, and a member of the oneworld global airline alliance, offering scheduled cargo and passenger services to more than 200 destinations around the world. Deeply committed to Hong Kong, where the Company was founded in 1946, Cathay continues to make substantial investments to develop Hong Kong's aviation industry and enhance the city’s position as one of the world’s leading aviation hubs. In 2014, Cathay Pacific won the Skytrax “World’s Best Airline” award for the fourth time - more than any other airline. Cathay Pacific website: www.cathaypacific.com