Canada announced Sunday it would close its airspace to Russian aircraft operators
Thomson Reuters · February 28, 2022
Russian airline Aeroflot on Sunday violated a ban on aircraft from the country using Canadian airspace, Transport Canada said, on the same day the restriction was imposed in response to Moscow’s invasion of Ukraine.
“We are aware that Aeroflot Flight 111 violated the prohibition put in place earlier today on Russian flights using Canadian airspace,” Transport Canada said in a tweet late on Sunday.
Flight 111 travels from Miami to Moscow and took off at 3:12 p.m. ET, according to FlightRadar24.
There are no direct flights between Russia and Canada, but several Russian flights a day have until now passed through Canadian airspace to other countries, a spokesperson for Transport Minister Omar Alghabra said.
Transport Canada promises review
Transport Canada said it will launch a review into the conduct of Aeroflot and Canada’s air-traffic control service provider Nav Canada following the violation.
“We will not hesitate to take appropriate enforcement action and other measures to prevent future violations,” the Canadian regulator said.
Nav Canada confirmed to Reuters that Aeroflot did enter the Canadian airspace. It said the aircraft operator declared the flight as a humanitarian flight as it entered the domestic airspace, which requires special handling by air traffic control under normal circumstances.
“We are currently co-operating with Transport Canada to investigate the occurrence, and are working with neighbouring Air Navigation Service Providers to support rerouting of aircraft prior to them entering Canadian-controlled airspace,” Nav Canada said.
Aeroflot did not immediately respond to Reuters’ requests for comment.
Alghabra announced at 9 a.m. on Sunday that Canada would close its airspace to Russian aircraft operators following similar measures from other countries.
‘We will hold Russia accountable’
“We will hold Russia accountable for its unprovoked attacks against Ukraine,” Alghabra wrote in a Twitter post.
Britain has banned Aeroflot from entering British airspace. Poland and the Czech Republic also said they were banning Russian airlines from their airspace, while airlines including IAG-owned British Airways and Virgin Atlantic began routing flights around Russian airspace.
Canada has imposed severe sanctions on Russia, targeting Russian President Vladimir Putin and Foreign Minister Sergei Lavrov in tandem with the United States.
Canada was also part of a Western alliance that blocked “selected” Russian banks from the SWIFT payments system on Saturday.
Transport Canada says it’s ‘carrying out a preliminary examination of the alleged facts’
CBC News · February 28, 2022
A Sunwing representative at hotels in the Dominican Republic who promised customers guaranteed negative COVID-19 test results has been fired, Radio-Canada has learned, and Transport Canada is investigating.
Radio-Canada obtained emails of a complaint to Sunwing after a customer and their family travelled to the Grand Bavaro Princess Hotel in Punta Cana in early January.
“At the site, a Sunwing employee told us twice that it was better to do the tests with Sunwing’s private laboratory to be sure to get a negative test result and not to do the test offered at the hotel, where we wouldn’t know the results,” the email says.
The client says other travellers received the same advice at from representatives wearing Sunwing uniforms during information sessions at the hotel.
In the complaint, the client denounced that people could walk around the hotel with COVID-19 knowingly or unknowingly, since they received a falsified negative test result, in the days preceding their return.
“There are potentially several positive travelers who return to the country with fake negative test results,” read the complaint.
On Jan. 24, Nathalie Cay, a customer relations supervisor, answered the guest, saying the elements of the complaint “do not lead to the conclusion of any fraudulent action on the part of a Sunwing representative,” but the employees had been “relieved of his duties.”
“Measures have also been taken to prevent any similar situation from happening in the future and to ensure that all protocols are respected,” Caya said in an email.
“We are aware of the incident in question and take all comments regarding alleged fraudulent or immoral activity very seriously,” Sunwing told Radio-Canada.
The company says the representative was an employee of a third-party destination management company, not an employee of Sunwing Vacations or Sunwing Airlines.
Cases of fraud
Quebec and Ottawa have been informed of the incident, which has circulated in several ministers’ offices, according to Radio-Canada.
Gatineau police confirmed to Radio-Canada that they had received a complaint and transferred it to Transport Canada.
“Transport Canada has received a report concerning this incident and is currently carrying out a preliminary examination of the alleged facts,” the ministry said.
Up until Jan. 31, the Canada Border Services Agency and the Public Health Agency of Canada intercepted 476 cases of suspected falsified or fraudulent test results at various ports of entry, half of them at airports and the other half by land.
“The Border Services Agency is working closely with its national and international partners to detect and intercept fraudulent documents,” Patrick Mahaffy, a spokesperson for the CBSA, said.
Providing false information to a representative of the Government of Canada when entering Canada, or fraudulently attempting to provide it, may lead to penalties or criminal charges.
Based on a report by Radio-Canada’s Thomas Gerbet and Romain Schué
TORONTO, ON, February 28, 2022 – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines”) is proud to announce that its first aircraft, an Airbus 320 registered under C-GCJL, landed at the Kitchener/Waterloo airport (CYKF) at 14:33 ET on Saturday February 26, 2022. The aircraft was flown from Shannon, Ireland where it recently underwent painting and interior refurbishing. The flight was operated by Captain Randy Howe (Canada Jetlines’ Chief Pilot) and Captain Colin Forrest, both pilots having recently completed their Canada Jetlines’ A320 pilot training and simulator check ride monitored by Transport Canada.
“This is a very special day for Canada Jetlines,” said Eddy Doyle, CEO of Canada Jetlines. “I am very proud of the hard work completed by the entire Canada Jetlines team which made this day possible. The amazing aircraft livery and interior represent the new, fun, and exciting Canada Jetlines. This is an important milestone for our airline as we continue on the path to obtain our Air Operator Certificate from Transport Canada. We are looking forward to operating our first revenue flights and welcoming our first guests following the receipt of regulatory approvals.”
Please visit http://www.jetlines.com to learn more, sign up for email updates, and follow on all social media platforms to join the Canada Jetlines family. You can also CLICK HERE for footage of the airplane arrival and a discussion with Canada Jetlines CEO, Eddy Doyle.
About Canada Jetlines
Canada Jetlines is a well-capitalized leisure focused carrier, utilizing a growing fleet of Airbus320 aircraft targeting a start in 2022, subject to Transport Canada approval. The all-Canadian carrier was created to provide passengers another choice to travel to their favorite destinations within the U.S., Caribbean, and Mexico. With a projected growth of 15 aircrafts by 2025, Canada Jetlines aims to offer the best-in-class operating economics, customer comfort and fly-by-wire technology, providing an elevated guest centric experience from the first touchpoint. The efficient aircraft design merged with the experience of the all-Canadian management team, allows for accessible flight options without sacrificing quality or convenience. Canada Jetlines will use a state-of-the-art web booking platform, making the turnkey solution available to Travel Agents, Tour Operators, and consumers, with the capability of generating revenue on reservations and ancillary sales. We aim to provide more revenue opportunities to express our gratitude to current and future agent partners and all the work that they do. We look forward to working with you to create memorable travel experiences for consumers. To learn more, please visit http://www.jetlines.com and follow on all social media platforms for news and updates.
Expands and broadens Chorus’ business to include an established and growing asset management platform with an excellent track record
Enhances and diversifies future cash flows with a shift to an asset light model
Differentiated model benefits all stakeholders
Creates a leading regional aircraft lessor with best-in-class regional aviation management team
Establishes partnership with Brookfield as a strategic cornerstone investor in Chorus
HALIFAX, NS, Feb. 27, 2022 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) announced today that it has entered into a sale and purchase agreement (the ‘SPA’) pursuant to which one or more wholly-owned subsidiaries of Chorus will acquire Falko Regional Aircraft Limited (‘Falko’), a leading regional aircraft lessor, together with (i) affiliates of Falko, and (ii) the equity interests in certain entities and aircraft which are ultimately owned by funds managed by Fortress Investment Group LLC (‘Fortress’) and managed by Falko (or one of its affiliates). The total consideration for the transaction is approximately US$855 million comprised of (a) US$445 million of cash consideration (inclusive of agreed adjustments)2, and (b) approximately US$410 million of existing indebtedness that will remain with the relevant target entities. The transaction includes Falko’s asset management platform and Fortress’ equity interests in 1263 owned and managed regional aircraft and will create new opportunities for growth and a differentiated business model to maximize returns on aircraft assets. The combined company will have a total of 353 owned, operated, and managed regional aircraft. Upon closing, Chorus anticipates having 32 airline customers in 23 countries.
Brookfield, through its Special Investments program (‘BSI’), and together with institutional partners, has agreed to make a strategic equity investment in Chorus in connection with the transaction. Conditional upon closing the acquisition, Brookfield will invest US$374 million in Chorus, including US$300 million of preferred equity4 and US$74 million of common equity. The preferred equity will be non-convertible and will initially pay a dividend of 8.75% annually in cash, or 9.5% in kind, at Chorus’ option, with step-ups after the sixth anniversary5. Chorus will issue 25,400,000 common shares6 at CA$3.70 per share, representing 12.5% of the pro forma issued and outstanding common shares and an approximate 8% premium to the 30-day VWAP of Chorus’ shares as of January 28, 20227, and 18,642,772 common share purchase warrants with an exercise price of CA$4.608 per share, representing an approximate 35% premium to the 30-day VWAP of Chorus’ shares as of January 28, 20227.
Upon closing the transaction, Chorus will enter into an investor rights agreement with Brookfield providing for, among other things, registration rights, standstill and transfer restrictions and the right to nominate two directors to Chorus’ Board of Directors. Upon closing the transaction, Brookfield will nominate David Levenson and Frank Yu to Chorus’ Board of Directors.
The acquisition transaction and the private placement to Brookfield are subject to applicable regulatory approvals and customary completion requirements, and are expected to close in the second quarter of 2022.
“The acquisition of Falko is transformative for Chorus, creating a world premier full-service provider in regional aviation,” stated Joe Randell, President and Chief Executive Officer, Chorus. “We are extremely pleased to have Brookfield, a well-respected company with global reach, as our strategic cornerstone investor, bringing extensive experience in asset management, fundraising and capital markets. The equity investment is an important endorsement of our strategy and simultaneously reduces leverage9. Brookfield’s significant financial strength and transaction expertise provides Chorus with increased stability and support to execute on our strategy to the benefit of all stakeholders. The size and scale of the newly combined entity broadens and enhances market opportunities. Growth through this established asset management platform meaningfully changes Chorus’ risk profile in terms of debt levels, residual value asset risk, and enhanced earnings stability and diversity. This transaction will be accretive10 to earnings and earnings per share in the first year.”
“We are very excited about this transaction as it combines two highly experienced platforms with complementary aircraft portfolios and diversified, high-quality customers worldwide,” said Jeremy Barnes, Chief Executive Officer, Falko. “Regional aircraft serve a critical role for airlines around the world and the growth trajectory is strong. In an increasingly competitive environment, together we’re better able to effectively address the needs of our customers and provide them with a larger scale of fleet solutions. Chorus’ technical skills and capabilities will help maximize asset returns for the benefit of shareholders and fund investors. This transaction caps over a decade of growth and success under the sponsorship of Fortress. We are grateful for the resources, expertise and partnership that Fortress provided as we built Falko into a truly best-in-class platform in a competitive industry, and we now look forward to an exciting next phase of success as part of Chorus.”
“We are pleased to partner with Chorus on the acquisition of Falko, which enables the combined company to execute on its asset-light strategy and benefit from the recovery in the aviation sector,” commented Angelo Rufino, Managing Partner and Head of Americas for BSI. “This investment is another example of how Brookfield partners with companies to originate flexible capital solutions to help them achieve their strategic goals,” said David Levenson, Managing Partner and Global Head of BSI.
A slide presentation regarding the transaction is available on the Chorus investor relations website at this link.
Deutsche Bank Securities Inc. is the exclusive financial advisor to Chorus. Dentons UK and Middle East LLP is the legal advisor to Chorus in connection with the acquisition transaction, and Osler, Hoskin & Harcourt LLP is the legal advisor to Chorus in connection with the private placement.
About Chorus Aviation Inc. Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital a leading lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompassesevery stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Chorus 6.00% Senior Debentures, 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols ‘CHR.DB’, ‘CHR.DB.A’, ‘CHR.DB.B’, and ‘CHR.DB.C’, respectively. www.chorusaviation.com
About Falko Regional Aircraft Limited Falko is an established asset management company actively engaged in all aspects of commercial aircraft leasing, financing, and management with particular focus on the regional aircraft market. The team of specialists is focused on managing a portfolio of modern regional jet and turboprop aircraft on lease to leading airlines worldwide, in combination with a growing engine leasing and trading business. Falko is globally positioned to offer comprehensive asset management solutions to the regional aviation industry, with offices and representation in Europe, Asia, South America and Australia, from which extensive experience and expertise can be deployed across all regions of the world.
Since 2011, Falko, through its managed funds and affiliates, has acquired over 320 regional jet and turboprop aircraft worth in excess of US $3 billion. www.falko.com
About Brookfield Brookfield Asset Management (NYSE: BAM,TSX: BAM.A) is a leading global alternative asset manager with approximately $690 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity, and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
OTTAWA, ON, Feb. 27, 2022 /CNW/ – In response to the Russian leadership’s invasion of Ukraine, the Government of Canada continues to take strong and decisive action.
Today, the Minister of Transport, the Honourable Omar Alghabra, and the Minister of Foreign Affairs, the Honourable Mélanie Joly, announced that the Government of Canada is closing Canada’s airspace to all Russian aircraft operators.
The Government of Canada is prohibiting the operation of Russian-owned, chartered or operated aircraft in Canadian airspace, including in the airspace above Canada’s territorial waters. This airspace closure is effective immediately and will remain until further notice.
“All of Canada is united in its outrage of President Putin’s aggression against Ukraine. In response, we have closed Canadian airspace to Russian-owned or operated aircraft. The Government of Canada condemns Russia’s aggressive actions, and we will continue to take action to stand with Ukraine.”
The Honourable Omar Alghabra Minister of Transport
“Canada will continue to do everything it can against the Russian regime’s aggression. We are united with our allies in our unwavering support to Ukraine and are working to bring this unprovoked war to an end.”
The Honourable Mélanie Joly Minister of Foreign Affairs
The Royal Aviation Museum of Western Canada was started by volunteers and continues to rely on volunteers to achieve its mission to preserve and promote the stories of aviation in western and northern Canada while educating, entertaining and inspiring.
The Western Canada Aviation Museum, as it was originally called, started in the basements of our five founding members: Gordon and Doug Emberley, Keith Olson, Murray Clearwater, and Al Hansen.
Back in 1974, motivated by a shared desire to preserve western Canada’s rich aviation heritage, the founding members retrieved a rare Bellanca Aircruiser that lay wrecked and abandoned in the northwestern Ontario bush.
When you enter the new museum, you will be greeted by a Vickers Vedette, our signature aircraft, which is a great story of volunteerism. It took 100 volunteers more than 20 years to restore it based on three wreckages.
There are countless stories of volunteerism in our history, and more to come as we continue the journey in our new home. It takes volunteers with a wide range of skills to enable us to open the museum for the public to enjoy for many decades to come. Volunteers include board members, campaign cabinet members, and seven teams of volunteers ranging from library and archives to tour guides to restoration. We are always on the lookout for new volunteers, especially once we open to the public. Please email Mario or call us if you would like to get involved.
In this issue of Boarding Pass, we honor Bert Jolly. Bert served as a volunteer at the museum for thirty years, was among the team that restored our Vickers Vedette, and continued to volunteer as recently as last year. I am honoured to have met Bert on a number of occasions, and, if you knew Bert, you would have to agree that he lived up to his name. He was a jolly man with an infectiously positive attitude. We will miss you, Bert. But we will never forget you.
Terry Slobodian, President & CEO
JOIN US FOR OUR GRAND OPENING THIS MAY LONG WEEKEND!
We’re thrilled that we’ll soon be able to welcome you to the new Royal Aviation Museum of Western Canada!
Our grand opening is set for the May Long Weekend, and, while that’s a few months away, there’s lots left to do.
Exhibits are being installed, new staff are being hired, and exciting progress is happening each day.
Our new, LEED certified home will feature more than 20 aircraft, an interactive Experience Flight exhibit, a Galaxy Exploration Zone for children, a stunning observation area overlooking the Winnipeg Richardson International Airport runways, and much more.
Thanks to our many generous supporters for making this dream a reality.
We are mourning the loss of Bert Jolly, one of our most valued volunteers, who helped at the museum for decades. He was a wonderful man and will be missed by all who knew him.
Bert was fascinated by aviation from an early age, and he shared his experiences as a teenager visiting Stevenson Field (Winnipeg’s original airport) in a 2014 interview. (You can view the interview here: http://ow.ly/X3e350HSenQ.)
Bert went on to serve in the Navy during WWII and served with 402 Reserve Air Force Squadron in the 1950s. Starting in 1992, Bert volunteered in the Royal Aviation Museum of Western Canada’s restoration shops, taking on various tasks including management of the parts storeroom.
We will always remember his bright smile and dedication to the museum.
THE STORY OF STARRATT AIRWAYS AND THE RED LAKE GOLD RUSH
When Robert Starratt arrived at Hudson, Ontario, with his wife Iris and their children in April 1926, the town was little more than a train station isolated in the forests of northern Ontario.
Gold, tons of it, had been discovered the previous year, locked in the 2.5 billion-year-old rock of the Canadian Shield and thousands of young prospectors flooded the Red Lake area seeking their fortune.
Rachel Lau, CTVNews Montreal.ca Digital Reporter | Friday, February 25, 2022
An Air Canada employee at Montreal’s Pierre Elliott Trudeau International Airport was sent to hospital after a violent incident involving a traveller last weekend.
A video posted to various social media sites shows the 34-year-old victim slumped over her work counter, cradling her head with her hand.
“This woman was just hit by a man, she’s bleeding like crazy,” the person taking the video can be heard saying in French. “He broke the plexiglass right in her face because he missed his flight.”
After a few seconds, the woman collapses on the floor as her colleagues rush to her side.
“Call an ambulance,” the person filming yells.
Airport officials confirm security agents had to intervene following “a situation involving a passenger and an employee of the airport community.”
“Regardless of the reason or the passenger’s dissatisfaction, nothing justifies the use of physical and verbal violence in our facilities,” said Anne-Sophie Hamel, director of corporate affairs and media relations. “ADM will never tolerate this type of behaviour at YUL.”
The file has since been transferred to Montreal police (SPVM).
The force states a 45-year-old man was arrested following an assault that left a woman bleeding on the floor of the airport at 1 a.m. last Sunday.
“She was sent to hospital as a preventative measure,” said Julien Lévesque, a spokesperson with Montreal police. “Her injuries were not major.”
Lévesque adds the suspect was arrested onsite and has been released with a promise to appear in court.
Passenger traffic slowly increasing after pandemic shutdowns
Feleshia Chandler · CBC News · February 24, 2022
Halifax Stanfield International Airport still isn’t operating at full capacity, but with more flights being added this summer, the authority says things are looking up.
Leah Batstone, the airport authority’s communications and marketing advisor, said although Halifax airport’s passenger traffic is still down by 60 to 70 per cent, more flights are expected to be added this summer.
“We’re feeling very optimistic here at Halifax Stanfield with the easing of some border measures provincially and federally,” said Batstone.
“We’re starting to see and hear from airlines, that they’re announcing their summer schedules and reintroducing some of that service that we lost during the pandemic.”
Batstone said that includes flights to Europe, the U.S., the Caribbean and Mexico.
Starting April 30, people will be able to fly directly from Halifax to Heathrow Airport in London.
Beginning May 1, Air Canada will offer a new non-stop flight between Halifax and Vancouver International Airport, with service up to five times weekly.
“We’re very excited to have that connection from the West [Coast] to East Coast, for our community and for tourism, and of course the business community,” said Batstone.
Boston route restarting in June
Batstone said Air Canada will also be restarting their service to Boston in June, a route she says is usually in high demand.
She said it’s easier to enter the northeastern United States from the Halifax airport because it has the U.S. pre-clearance facility, which allows people to clear customs before entering the U.S..
Joann Fitzgerald, chief marketing officer with Tourism Nova Scotia, said they are excited to see more flights being restored.
“Prior to the pandemic, Nova Scotia saw more than 25,000 visitors each year from the U.K., and we’re looking forward to seeing them back and helping bring those numbers up as the the air capacity returns,” said Fitzgerald.
She said tourists from the U.K. on average spend $3,300 per trip between entertainment, accommodations and restaurant visits.
“It really does make a difference … 25,000 of them spending $3,300 is a lot of money coming into the province,” she said.
In 2019, the estimated provincial tourism revenue was $2.6 billion, said Fitzgerald. In 2020, tourism revenues were estimated to be down by about $1.6 billion, and 2021 results are not expected to be much different from 2020.
Fitzgerald said the road to recovery has been challenging.
“We saw improvement 2021 over 2020 and there’s no doubt in my mind for 2022, we’ll see … that hockey stick kind of going up and improving, because people just want to get out there.”
Batstone said although they’re happy to see more people returning to travel, they anticipate it will likely take years for the airport to return to pre-pandemic levels.
“We’re very optimistic, but do anticipate there could be some future bumps along the way.”
MONTRÉAL, Feb. 24, 2022 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) will host a virtual 2022 Investor Day this morning to provide an update on the execution of its 2025 financial targets outlined a year ago. The company’s leadership will review Bombardier’s strong performance in 2021 and provide an in-depth look at the execution of its strategic plan and the outlook through 2025.
Éric Martel, President and Chief Executive Officer, will be joined by Bart Demosky, Executive Vice President and Chief Financial Officer and Jean-Christophe Gallagher, Executive Vice President, Services and Support, and Corporate Strategy in outlining the progress made on the four key pillars of Bombardier’s 2025 plan and provide an update on the steps ahead.
“When we laid out our five-year strategy last year, we set out clear financial and socio-environmental objectives that will ensure Bombardier thrives as a company focused on designing, manufacturing and servicing the world’s best business jets. Today, we are exactly where we wanted to be. Bombardier is a stronger, more predictable company, well on its way toward delivering on our 2025 plan,” said Martel.
“Our fantastic cash performance last year is giving us momentum in debt repayment and is a significant step toward our 2025 free-cash-flow objective of more than $500 million,”1 added Martel. “As we grow our earnings, our position will continue to improve. Over and above the $500 million target, we are in parallel building a recurring, incremental capital allocation envelope of up to $600 million per year. This added flexibility would be available to invest in strategic projects or further balance sheet deleveraging. As we get to 2025, we will be well placed to balance both servicing our debt and investing in our products and people.”2
Improving balance sheet and liquidity profile
In the coming years, the company will prioritize debt reduction to continue deleveraging the business and build a more resilient company. On the back of a strong foundation forged in 2021, Bombardier was already able to launch repayment of an incremental $400 million of debt, utilizing cash from the balance sheet, and will continue to be opportunistic in its deleveraging strategy, targeting a minimum of 24 months maturity runway and continuing to work to optimize liquidity.
With a fleet of approximately 5,000 aircraft globally, Bombardier is steadily growing its share of the lucrative aftermarket business. The aftermarket team delivered a 25% jump in revenues year over year in 2021. In Q4 2021, the business’s revenues reached $363 million, 44% higher than Q4 2020 and 17% higher than in Q4 2019. With business aviation flight hours recovering to surpass pre-pandemic levels and a number of facility expansions under way or reaching completion, aftermarket revenues are expected to continue to grow at a double-digit CAGR, putting the company well on track to reach the goal of $2 billion in aftermarket revenues by 2025. Jean-Christophe Gallagher will provide an overview and data on the decisions the company has made so far to grow the segment, as well as its strong plan for the coming years.
Global 7500 jetmargin growing,and overall cost structure improvement on plan
With the imminent delivery of the 100thGlobal 7500 aircraft, the industry flagship continues to redefine the business aviation landscape with significant market acceptance, particularly among fleet operators. In 2021, the program was a positive adjusted EBITDA contributor. The company will outline the continued positive outlook for this program ahead, with expectations to more than double its adjusted EBITDA contribution between 2021 and 2025.
Overall in 2021, the company reached $135 million in cost savings, surpassing its objective by $35 million and bringing it firmly on track towards its 2023 objective of $400 million in recurring savings. Bart Demosky will further outline the current financial performance of the company, its strategy to meaningfully grow earnings over the next years, in line with targets, and the company’s flexible path forward in terms of strategic capital allocation.
“With our core key indicators and plan elements trending positively, our 2025 adjusted EBITDA target of approximately $1.5 billion is well in sight,”1 added Martel. “Our leadership team is poised to deliver on everything we control, without requiring additional lift from the market. That said, the market is in great shape today and we expect to compete and maintain our share, while keeping the cost structure we have built.”
Bombardier 2025 Objectives Tracking to Plan
Adjusted EBITDA margin
Adjusted net debt to adjusted EBITDA ratio
About Bombardier Bombardier is a global leader in aviation, focused on designing, manufacturing and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.
Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and an Australian facility opening in 2022.
For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.
NORTH BAY, ON, Feb. 24, 2022 /CNW/ -Voyageur Aviation Corp. (‘Voyageur’), a subsidiary of Chorus Aviation Inc. (TSX: CHR) has entered into an agreement to provide on-site inventory, component repair and overhaul and detailed service level support for the De Havilland Aircraft of Canada Dash 8-400 to Waltzing Matilda Aviation, under its Connect Airlines brand, through Voyageur’s Exchange Component and Leasing (‘EXCL’) subscription program.
“Connect Airlines is an emerging regional operator and Voyageur is thrilled to partner with them through our innovative EXCL parts program.” Said Gary Gilbert, Vice President, Avparts, Voyageur. “With Voyageur’s extensive operational experience and knowledge in component repair and overhaul of the Dash 8-400, we are the perfect partner for Connect as a new operator.”
Voyageur’s EXCL program is a paid monthly subscription service offering operators direct, priority access to all rotable components. EXCL is completely customizable to meet the customer’s needs.
“We are building a smarter regional airline and given Voyageur’s breadth of component MRO services and depth of experience on the Dash 8-400, this is the smart choice for Connect Airlines”, said Waltzing Matilda’s Chief Operating Officer, Dave Marcontell.
Voyageur developed the EXCL program to provide customers with more freedom, flexibility, and control over maintenance costs with no minimums or maximums on flight hours.
About Voyageur Aviation Corp.
Voyageur Aviation Corp. is a wholly owned subsidiary of Chorus Aviation Inc. Voyageur is an integrated provider of specialized aviation services, including contract flying operations both internationally and domestically, advanced engineering and maintenance capabilities, part sales and logistics management, and aircraft leasing. Headquartered in North Bay, Ontario, Voyageur delivers innovative solutions to customers with unique aviation requirements and operates under the core principles of comprehensive safety management, quality assurance, and client-dedicated solutions. www.voyav.com
About Chorus Aviation Inc.
Chorus is a global provider of integrated regional aviation solutions. Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is comprised of Chorus Aviation Capital a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation – companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft’s lifecycle, including aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.
About Waltzing Matilda Aviation / Connect Airlines
Waltzing Matilda Aviation (WMA) is a Boston based FAA Part 135 jet charter operator (Certificate number 6WZA614N) in the certification process to add FAA Part 121 scheduled and non-scheduled services to its Air Operators Certificate under the Connect Airlines brand. WMA identified the need for a “smarter airline” and brought together aviation leaders and enthusiasts with over 150 years experience who share a common passion – to work and fly smarter. With the planes we fly, the technology we use, and the operations we run, Connect will deliver a quieter, cleaner, and healthier travel experience. Connect Airlines, the future of smarter, greener travel. www.connectairlines.com