(Halifax) A subsidiary of Chorus Aviation, Falko Regional Aircraft, has signed agreements to sell eight aircraft for net proceeds of US$45 million after repayment of related debt and estimated tax expense.
Posted at 2:15 p.m.
According to Chorus CEO Joe Randell, the deal is expected to reduce the company’s debt and leverage, while generating cash flow.
The company will continue to seek opportunities to sell assets to increase value for its shareholders, he added.
Chorus clarified that the agreement should not significantly change its financial forecasts.
The transaction is expected to be finalized before the end of the third quarter.
Chorus completed its acquisition of Falko earlier this year, in a transaction that made it a leader in regional aircraft leasing.