Not long after the initial announcement on the two part agreement, aircraft lessor Aviation Capital Group has delivered the first of ten CFM LEAP-1A fitted Airbus A320neo aircraft.
The previously announced agreement between the two parts consisted of a sale-leaseback for 10 A320neo aircraft to the carrier, which remains under Chapter 11 protection.
The delivery details
The global aircraft lessor Aviation Capital Group formally announced the delivery on March 7, which becomes the first of ten expected deliveries to the troubled Scandinavian carrier SAS.
The A320neo now has a fair presence in the SAS fleet, and this delivery takes part as just one of the 35 A320neo SAS currently operates, according to data from Planespotters.net.
As with all of the SAS A320neo aircraft, the delivered aircraft is fitted with CFM LEAP-1A engines.
Tom Baker, CEO and President of ACG, said the following on the delivery:
“ACG is honored to welcome SAS as a renewed strategic partner. We are delighted to support the SAS FORWARD transformation plan with this sale-leaseback transaction for these latest technology and fuel-efficient aircraft,”
Anko van der Werff, CEO and President at SAS, also commented the delivery:
“We continue to make progress with our transformation plan and these new sale-leaseback agreements are an important part of that – securing competitive financing for our renewed fleet of modern and fuel-efficient aircraft.”
“We are pleased to renew our long-term strategic partnership with ACG, one of the world’s leading aircraft financing partners,”
The agreement
The A320neo delivery to SAS definitely sheds some light on their current situation, though the Scandinavian carrier has been no stranger to the spotlight for the past half year.
The airline fell under Chapter 11 bankruptcy before a U.S. Court during the Summer season 2022. This action followed the pilot strike which emerged after negotiations failed.
In a reconstructive move back in September of 2022, SAS phased out a number of aircraft, including almost brand new Airbus A350s and A320neos.
However, the carrier has seen deliveries of new A320neo aircraft amid the restructuring, and recently established an agreement with lessor Aviation Capital Group (ACG), for the long term financing and sale-leaseback of further 10 new A320neo airframes in the beginning of March.
Anko van der Werff, CEO & President of SAS, said the following on the agreement: “We are pleased to renew our long-term strategic partnership with ACG, one of the world’s leading aircraft financing partners,”
“We continue to make progress with our transformation plan and these new sale and leaseback agreements are an important part of that – securing competitive financing for our renewed fleet of modern and fuel-efficient aircraft.”
Speaking for the lessor, Aviation Capital Group’s CEO and President, Tom G. Baker, responded: “ACG is honored to welcome SAS as a renewed strategic partner.”
“We are delighted to support the SAS FORWARD transformation plan with this sale-leaseback transaction for SAS’ latest technology and fuel-efficient aircraft,”
With the agreement in place, SAS is expected to take delivery of the ten A320neo aircraft in question through the first quarter of FY2024, though the first delivery does appear to have taken place early seeing as FY2024 commences on April 1, 2023.
