bmi Regional sale
BMI REGIONAL SALE
International Airlines Group (IAG) has signed a binding agreement to sell bmi Regional to Sector Aviation Holdings Ltd (SAH) for a total consideration of £8 million in cash. The sale includes all bmi Regional's fixed assets and long-term liabilities, including owned and operating lease aircraft.
bmi Regional operates a fleet of 18 Embraer regional jets on scheduled services throughout the UK and Northern Europe.
The sale is conditional upon CAA approval and it is anticipated that ownership will be transferred to SAH within two weeks.
IAG chief executive Willie Walsh said: "This deal provides a future for bmi Regional and should secure around 330 jobs".
Sector Aviation is a consortium of businessmen with considerable aviation experience including the team previously referred to as Granite Aviation, led by Ian Woodley. The business is being funded by Stephen and Peter Bond who are also investors in Loganair.
ends
May 10, 2012 IAG 04
Notes to Editors
IAG's purchase of bmi from Lufthansa was completed on April 20, 2012
bmi Regional is based in Aberdeen and flies to 14 destinations from UK regional airports
Certain information included in these statements is forward-looking and involves risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.
Forward-looking statements include, without limitation, projections relating to results of operations and financial conditions and the Company's plans and objectives for future operations, including, without limitation, discussions of the Company's Business Plan, expected future revenues, financing plans and expected expenditures and divestments. All forward-looking statements in this report are based upon information known to the Company on the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
It is not reasonably possible to itemise all of the many factors and specific events that could cause the Company's forward-looking statements to be incorrect or that could otherwise have a material adverse effect on the future operations or results of an airline operating in the global economy. Further information on the primary risks of the business and the risk management process of the group is given in the Annual Report and Accounts 2011; this document is available on www.iagshares.com.
This information is provided by RNS
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