JANUARY 18TH, 2017
Aergo Capital continues transition out of classic aircraft with disposal of two vintage aircraft
18 January 2017 – Dublin, Ireland & London, U.K.: Aergo Capital has announced the sale of two (2) aircraft as the company continues to reduce the average age of its fleet.
Aergo sold one (1) 1997 Vintage A320-200 bearing Manufacturers Serial Number 0662 to a third party aircraft lessor. The aircraft is subject to an operating lease with Smartlynx Airlines. Aergo also sold one (1) 1998 Vintage B737-300 bearing Manufacturers Serial Number 29334 to Plane Business Limited.
Hal Gamble, Chief Executive Officer of Plane Business remarked, “We are pleased to have concluded a further transaction with Aergo Capital and continue to strengthen the trading relationship between our companies. The mid-life single-aisle aircraft market continues to satisfy our investment criteria and we look forward to further expansion of the portfolio in the future.”
“We are delighted to work with Plane Business Limited on this transaction as Aergo continues to transition out of older, classic aircraft and focuses on newer technology aircraft,” said Fred Browne, Chief Executive Office of Aergo Capital. “These two divestments improve the attractiveness of our portfolio as we transition to an airline-centric operating lessor.”
Norton Rose Fulbright acted as legal counsel for Plane Business Limited. Smith, Gambrell & Russell (formerly of Blake Morgan) acted as lead transaction counsel on both transactions for Aergo Capital and KPMG acted as tax and accounting adviser.