Lessors Pegasus takes on Boeing's 787

Aircraft leasing company Pegasus Aviation Finance Company signed up for six of the Boeing Company’s 787 Dreamliner, last month at Farnborough.

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By  Barbara Cockburn Published  August 28, 2006

San Francisco, California-based Pegasus is the third leasing company to order the new advanced-technology airplanes. John Feren, vice president of leasing and asset management, Boeing Commercial Airplanes, said the 787 is appealing to lessors “because they want airplane assets that can be transferred across a range of airlines and business models.” “The elegant balance the 787 offers between standard features and operational flexibility means it will retain higher residual values as lessors market the airplane to a variety of customers. The Pegasus commitment demonstrates the confidence of financiers in the new technology and its unsurpassed economics.” Rich Wiley, president and CEO of Pegasus Aviation Finance Company, said: “Taking possession of these early 787 deliveries places us in a strategic market position on this exciting program.” The order is the result of a close teaming effort and agreement among Boeing, Pegasus and Blue Panorama of Italy, which sought an alternate financing tool for the 787s it ordered in July 2004. As part of the agreement, Blue Panorama has transferred its orders for the four 787s to Pegasus and in return will lease the airplanes from Pegasus. Pegasus ordered two more 787s, in addition to the four assigned from Blue Panorama, for the total of six. Pegasus has not announced a leasing customer for the additional two airplanes. The transaction represents a net gain of two additional firm orders to the 787 order book.

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