Global commercial aircraft lessor Vmo Aircraft Leasing has completed a sale and leaseback for two A320 aircraft with Cebu Pacific, the Philippines’ largest airline.
The global full-service aircraft lessor, which announced the completion of the transaction for the two Airbus aircraft with Cebu Pacific earlier this week, says the aircraft were sold and leased back to the carrier prior to the end of 2021.
Marilyn Gan, Vmo Aircraft Leasing’s Senior Vice President and Head of Asia Pacific, said: “This transaction marks the commencement of a new airline relationship with one of the premier low-cost carriers in the Asia Pacific region. We are very pleased to partner with Cebu Pacific on this transaction, which was executed in a very tight timeframe and supports our client during these challenging times.”
Cebu Pacific, which in December took delivery from Bucher of its first 16 A330-900neo aircraft kitted out with fully customised galleys, stowages, doghouses and partition walls, says it is optimistic that the partnership will complement its re-fleeting programme.
Mark Julius Cezar, Cebu Pacific’s Chief Financial Officer, said: “We thank the whole team for enabling us to complete the deal on time. We are happy to have found a new partner in Vmo and look forward to fortifying this relationship as we move forward with our fleet modernisation plan.”
