Oasis re-negotiates Air Canada deal

Oasis International Leasing, the Abu Dhabi-based big ticket leasing company, has renegotiated the leases on four of its aircraft operated by bankrupt carrier, Air Canada.

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By  Neil Denslow Published  September 16, 2003

Oasis International Leasing, the Abu Dhabi-based big ticket leasing company, has renegotiated the leases on four of its aircraft operated by bankrupt carrier, Air Canada. The aircraft involved are an A319, an A321 and two Canadair Regional Jets.

Air Canada, which went into voluntary bankruptcy protection in April has already renegotiated deals with a number of leasing agencies, including GECAS and ILFC. No details about the Oasis deal have been announced, but both sides are said to be happy with the new plan, and the carrier has resumed payments.

News of the renegotiated leases comes just two weeks after Oasis Leasing announced it had returned to profitability. For the first half of 2003, the company posted a net profit of Dhs 3.4 million, compared with a net loss of Dhs 8.5m for the whole of 2002.

“There are signs that the business cycle is beginning to rebound,” says Gordon Dixon, CEO of Oasis Leasing. “The cost of leasing aircraft has fallen sharply in recent years but this trend may be coming to an end — at least for smaller and newer jets.”

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