GECAS and David Neeleman agree to a Letter of Intent for Nine A220-300 aircraft
17 June 2019
GECAS and David Neeleman’s new airline, codenamed ‘Moxy’, have agreed to a Letter of Intent for the purchase and leaseback of nine A220-300 aircraft with deliveries scheduled in 2021 and 2022.
Mr Neeleman is a veteran airline entrepreneur, with a world renowned track record of success: he is the founder of both JetBlue and Azul Brazilian Airlines, and the controlling investor in the consortium which has turned around the fortunes of TAP Air Portugal. Mr Neeleman’s latest startup airline will be based in the United States and will focus on getting travelers where they want to go, quickly, conveniently and inexpensively.
In a shift away from crowded major metropolitan airports to nearby secondary airports and providing direct flights that bypass the hubs aboard the industry’s newest and most efficient single-aisle aircraft, the airline will drive time and cost efficiencies for its passengers.
“The A220-300 is the right airplane for a new airline that will be focused on passenger service and satisfaction,” said Neeleman, adding “With a low cost of operation and spacious cabin, the A220 will allow us to provide passengers with lower fares and a high quality, comfortable flying experience. The A220’s ability to operate profitably in thin, underserved markets across a broad spectrum of ranges is unique.”
“We’re exceptionally pleased to be a partner in David Neeleman’s vision and excited to welcome ‘Moxy’ as a new customer of GECAS and the A220-330 as a new type in our fleet,” explained Declan Kelly, Chief Commercial Officer of GECAS, noting “the A220 is ideal for this new venture – the new type is uniquely suited to serve smaller markets by providing the range needed for point-to-point operations with the right economics.”
Plane View Partners, a Los Angeles based aviation and aerospace advisory firm, acted on behalf of the airline for this sale and leaseback transaction with GECAS.
GE Capital Aviation Services (GECAS) is a world-leading aviation lessor and financier. For over five decades, we have solved our customers’ challenges and helped their businesses to thrive. Whether your need is for narrow- or widebody aircraft, regional jets, turboprops, freighters, engines, helicopters, financing or materials, our name has become synonymous with trusted relationships, domain expertise and delivering on our promises.
GECAS offers a broad array of financing products and services on these assets including operating leases, purchase/leasebacks, secured debt financing, asset sales and servicing, and airframe parts management. GECAS owns, services or has on order more than 1,850 (~1,500 fixed wing/ ~350 rotary wing), plus provides loans collateralized on an additional ~320 aircraft. GECAS serves ~250 customers in over 75 countries from a network of 22 offices around the world.
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