Saturday, August 27, 2016

Air Pegasus in talks to sell 30% stake

Air Pegasus Managing Director, Shyson Thomas, says talks are currently ongoing with an undisclosed Singaporean private-equity fund over the possible sale of a 30% stake in the struggling airline.

In an interview with The Economic Times, Thomas said he still expects the carrier, which is owned by Bangalore-based ground-handling services firm Decor Aviation, to resume operations in the coming weeks.

Talks with lessors Elix Aviation Capital and Nordic Aviation Capital have been on-going since the pair attempted to de-register their respective ATR72-500s after Air Pegasus failed to settle its leasing dues last month.

Grounded and unable to operate, Air Pegasus management have submitted a proposal to the two firms wherein they have pledged to pay off its dues with a 50% down payment with the remaining 50% to be paid off in monthly installments. The plan is currently under consideration.

Given its inactivity, the Indian Directorate General of Civil Aviation (DGCA) has set a September 1 deadline for Air Pegasus to resume commercial operations following which it risks regulatory sanctions.
27/08/16 ch-aviation
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