STAMFORD, Conn.--(BUSINESS WIRE)--Intrepid Aviation and Philippine Airlines celebrated the lease of two B777-300ER airplanes during a ceremony at the Paris Air Show.
The order adds to the six 777-300ERs the flag carrier currently operates, including one leased by Intrepid Aviation. “Today we celebrate our growing partnership with both Intrepid Aviation,” said Philippine Airlines President Jaime J. Bautista. "These additional 777-300ERs will help us continue to expand our long haul markets efficiently and economically, while providing our passengers with our signature Filipino service in the beautiful 777 interior.”
This transaction marks the first placements related to the 777-300ER order that Intrepid Aviation placed with Boeing in July 2014. “We are very pleased to expand our relationship with Philippine Airlines and to provide them with such an outstanding airplane,” added Franklin Pray, Intrepid Aviation President and CEO. "The economics and performance capabilities of the 777-300ER continue to make it very attractive for our customers who are looking to satisfy their growing capacity needs.”
Philippine Airlines has been operating in Asia for 74 years, longer than any other airline in the region. Today, Philippine Airlines and its sister airline, PAL Express, serve 30 domestic and 35 international destinations to 15 countries.
ABOUT INTREPID AVIATION
Intrepid Aviation is a privately held commercial aircraft lessor, which owns commercial aircraft leased to airline operators worldwide. Intrepid Aviation focuses primarily on twin-engine widebody equipment, such as the Boeing 787, 777 and the Airbus A330 aircraft.
ABOUT INTREPID AVIATION’S SHAREHOLDERS, RESERVOIR CAPITAL & CENTERBRIDGE PARTNERS
Reservoir Capital Group LLC. was established in 1998 as a privately held investment firm with a flexible, opportunistic investment approach and has approximately $7 billion in assets under management. – Centerbridge Partners, LP. is a private investment firm headquartered in New York City with approximately $25 billion in capital under management.
For more information on Intrepid Aviation, www.intrepidaviation.com.