Air Canada completes sale-leaseback transaction valued at approximately
CAD$100 million
MONTREAL, Oct. 1 /CNW/ - Air Canada today announced the completion of an
engine sale-leaseback transaction providing approximately CAD$100 million of
new funding for the carrier, which will be used for repayment of third quarter
debt maturities. In an agreement with GE Engine Leasing and Shannon Engine
Support, Air Canada sold and leased-back eleven owned spare engines.
"We will continue to access financing, including sale and leaseback
transactions and asset sales to maintain the company's liquidity requirements
in these uncertain times for the airline industry world-wide," said Rob
Peterson, Executive Vice President and Chief Financial Officer.
GE Engine Leasing is a joint services unit of GE Engine Services and GE
Capital Aviation Services Inc. Shannon Engine Support is a wholly-owned
subsidiary of CFM International. CFM is a 50/50 joint company between SNECMA
Moteurs of France and General Electric of the United States.
Caution Concerning Forward-looking information:
Certain statements made in this press release are of a forward-looking
nature and are subject to important risks and uncertainties. The results
indicated in these statements may differ materially from actual results for a
number of reasons, including without limitation, terrorist attacks, war,
general industry, market and economic conditions, the ability to reduce
operating costs and employee counts, employment relations, labour negotiations
or disputes, energy prices, currency exchange and interest rates, changes in
laws, adverse regulatory developments or proceedings and pending litigation.
The forward-looking statements contained in this press release represent Air
Canada's expectations as of October 1, 2002, and are subject to change after
such date. However, Air Canada disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
The owner of Roger's Trinbago Site:
Roj (Roger James)
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escape email mailto:ejames@escape.ca
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The Trinbago Site of the Week:
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(ReadyMix Cement Ltd)
courtesy of Roj Trinbago Website & TnT Web Directory
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