Swissair Group restructures Flightlease’s aircraft portfolio
Zurich Airport, June 19, 2001 – Swissair Group announced today that Flightlease, its aircraft leasing subsidiary, intends to realign and restructure its aircraft lease portfolio. The intention is to concentrate on aircraft needed for Swissair Group’s operations.
The planned exit from Flightlease’s third-party leasing business is in line with the Group’s strategy to focus on its core businesses of Swissair and Crossair. The planned measures will enable Swissair Group during the course of the current year to generate significant cash, strengthen its balance sheet and withdraw from a number of future commitments. Additionally, they will simplify the legal, management and financial structure. Further announcements from Swissair Group on this will be forthcoming.
Accordingly, GATX Flightlease Management, the joint venture between Flightlease and GATX which was formed primarily to address the fleet management requirements of GATX and Flightlease in leasing aircraft to the Qualiflyer Group and third party airlines, will be restructured to release assets from the portfolio.
Flightlease will use its part of the joint portfolio to adapt to the new mission, while GATX Capital will continue its primary activity of leasing aircraft to airlines and managing fleets of aircraft on operating lease for other investors.
Flightlease will keep up its business and provide its customers with services like fleet development consulting, aircraft procurement, operating leases and aircraft trading. However, Flightlease will not invest in aircraft for third party market anymore.
Commenting, Swissair Group chairman and chief executive Mario A. Corti said: “Our new strategy of withdrawing from Flightlease’s 3rd party business should provide an important source of value and cash generation for Swissair Group during the coming months”. Mr. Corti added “whilst this now means that the original purpose of the GATX joint venture is no longer valid, we look forward to continuing to working closely with GATX in areas of mutual interest and we thank them for all their collaboration in recent years.”
GATX will continue in its primary activity of leasing aircraft to airlines and managing fleets of aircraft on operating lease for other investors. Flightlease will focus on the procurement and lease of aircraft to the core Swissair Group airlines as well as selling or repositioning aircraft no longer required.
Flightlease and GATX have aircraft and future order positions under joint ownership partnerships. These partnerships will be restructured so that each party will have individual ownership of discrete aircraft. While the original purpose for the joint venture is no longer valid, Flightlease and GATX both value and have benefited from their joint venture over the past three years and intend to continue to cooperate in areas where they have mutual interest.
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