NEWS AIR CANADA UPDATE AIRCRAFT TRANSACTION COMPLETED
On 13 March 2009, Air Canada (AC) completed the sale and leaseback transaction of a single Boeing 777-300ER with the GE Commercial Aviation Services division of the General Electric Capital Corporation (GECC). The 12 year sale and leaseback transaction resulted in funding of US$38 million and completes the full funding under previously announced agreements with GECC, providing AC with total financing of US$193 million. The completed transaction assists AC in securing long-term capital needed for general working capital.
ROVINESCU APPOINTED PRESIDENT & CEO Calin Rovinescu was appointed President and Chief Executive Officer at AC on 1 April 2009, replacing Montie Brewer. Mr. Rovinescu joins AC from Genuity Capital Markets, a Canadian investment bank, where he was a Senior Principal and served on the firm’s Executive and Investment Committees. Prior to co-founding Genuity in 2004, Mr. Rovinescu was Executive Vice President of Corporate Development & Strategy at AC. Mr. Rovinescu has served on the Boards of many public and private corporations, including Emergis, Bellus, Skyservice Business Aviation, among others.
Orlando will operate every Saturday, and both Vancouver-Cabo San Lucas and VancouverMazatlan non-stop services will operate on Saturday and Sunday, respectively. Other nonstop services, such as Edmonton-Puerto Vallarta, Toronto-Punta Cana, and Montréal-Fort Lauderdale, will each operate every Saturday throughout the summer season. All services are scheduled to begin 9 May 2009 and conclude 31 October 2009.
OTHER CANADIAN AIRLINES PORTER ADDS THUNDER BAY SERVICE Toronto-based Porter Airlines announced the introduction of service between Toronto City Centre Airport and Thunder Bay on 19 March 2009. The new service, scheduled to begin 26 June 2009, will operate three flights each weekday and two daily flights on Saturdays and Sundays.
SUNWING REVEALS SUMMER SCHEDULE Sunwing Airlines announced its summer 2009 domestic schedule on 25 February 2009. Services from Toronto include: Vancouver, Charlottetown, Sydney N.S., and Stephenville, Nfld. operating on Mondays and Thursdays; Halifax and Gander operating on Tuesdays and Fridays; Deer Lake, Nfld. operating weekly on Wednesdays; and St. John’s operating daily between Mondays and Fridays. All domestic services will operate between 15 June 2009 and 11 September 2009.
WESTJET UPDATE NEW SERVICES
WestJet announced numerous summer schedule enhancements on 26 February 2009, including non-stop service from major Canadian cities to destinations in Mexico, the Dominican Republic, and Florida. Non-stop service between Calgary and Cabo San Lucas, Puerto Vallarta, Mazatlan, and
Page 6 March 2009
InterVISTAS’ Canadian Aviation Intelligence Report Copyright ©2009 InterVISTAS Consulting Inc., all rights reserved.