Desperate to cut RJ capacity as system-wide load factors hover around 50 percent, Independence Air managed to convince GECAS to cancel its leases on 10 Bombardier CRJs last month. The sides also reached a conditional agreement that would grant Independence a five-year loan and allow the airline to end leases early on another six to 10 RJs during the second quarter. The contract also calls for GECAS to restructure leases to delay a “significant” portion of the payments on 27 airplanes until April 30 next year.
Independence Cuts Fat
- December 10, 2007, 10:14 AM