newstodate.aero
Apr 10, 2019 (newstodate): The loss-making UK/Swedish cargo carrier West Atlantic has successfully concluded talks with the Spanish investment group LUSAT to refinance its troubled financial situation.
The two parties have thus signed an MoU after LUSAT's offer has been accepted by the shareholders of the Company and certain major bondholders, after which LUSAT will become the majority stakeholder in West Atlantic.
West Atlantic will call for a bondholders’ meeting by way of written procedure as soon as possible and by no later than 15 April 2019 in order for the bondholders to approve the transaction, the change of control and the offer from LUSAT before an eventual BREXIT.
To amortize the new bonds to be issued, the SPV entity will sell off certain assets such as the ATP fleet, the ATP warehouse, rights to payments under certain lease agreements, and certain Boeing 737-400, Boeing 737-300 and CRJ aircraft.
IOn the AOC of West Atlantic Group's Swedish airline are four Boeing 767-200, 29 BAe ATP, and two CRJ-200 cargo aircraft, while West Atlantic UK operates a fleet of six Boeing 737-300, 14 Boeing 737-400, and four Boeing 737-800 freighter aircraft.
The LUSAT Group comprises a number of companies including the Spanish cargo/passenger/charter carrier Swiftair and Aviation Leasing Spain.
The two parties have thus signed an MoU after LUSAT's offer has been accepted by the shareholders of the Company and certain major bondholders, after which LUSAT will become the majority stakeholder in West Atlantic.
West Atlantic will call for a bondholders’ meeting by way of written procedure as soon as possible and by no later than 15 April 2019 in order for the bondholders to approve the transaction, the change of control and the offer from LUSAT before an eventual BREXIT.
To amortize the new bonds to be issued, the SPV entity will sell off certain assets such as the ATP fleet, the ATP warehouse, rights to payments under certain lease agreements, and certain Boeing 737-400, Boeing 737-300 and CRJ aircraft.
IOn the AOC of West Atlantic Group's Swedish airline are four Boeing 767-200, 29 BAe ATP, and two CRJ-200 cargo aircraft, while West Atlantic UK operates a fleet of six Boeing 737-300, 14 Boeing 737-400, and four Boeing 737-800 freighter aircraft.
The LUSAT Group comprises a number of companies including the Spanish cargo/passenger/charter carrier Swiftair and Aviation Leasing Spain.