HALIFAX,
NS, Dec. 6, 2024 /CNW/ - Chorus Aviation Inc.
(TSX: CHR) ("Chorus") today announced the completion of
the previously announced sale of its Regional Aircraft Leasing
(RAL) segment (the "Transaction").
"Chorus is pleased to announce the completion of the sale of its
RAL segment, including Falko. As we close this transaction, we are
moving forward with a stronger financial position for our company,"
said Colin Copp, President and Chief
Executive Officer, Chorus. "The significant deleveraging and
improved liquidity resulting from this sale will enable us to
implement a sustainable capital return program for our shareholders
and fund steady growth in our aviation services businesses."
"We extend our sincere gratitude to all of the parties who made
possible the successful completion of this transaction, including
Chorus and Falko employees and our advisors," noted Mr. Copp. "We
also thank our board of directors and shareholders, whose guidance
and strong endorsement of the transaction were instrumental in
re-positioning Chorus for future success."
Chorus also announced the planned retirement of Jolene Mahody, Executive Vice President and
Chief Strategy Officer, effective January
2025 after a 32-year career with Chorus and its predecessor
companies. Randolph deGooyer has been appointed to the role of
Chief Operating Officer of Chorus, effective January 1, 2025. Randolph is currently the
President of Chorus' largest subsidiary, Jazz Aviation, and brings
significant operational and industry experience to his new role.
Doug Clarke, currently Jazz's Vice
President of Finance and Business Services, will replace Randolph
as President of Jazz.
"I thank Jolene for her contributions over her 32 years with
Chorus, including playing a central role in the lead up to today's
announcement to reposition our business," said Mr. Copp. "I wish
Randolph and Doug the very best in their new roles and look forward
to their contributions to Chorus and Jazz, as we embark on a new
chapter for our business."
With the disposition of the RAL segment, Chorus is reducing
corporate overhead cost in many areas, including reducing its Board
of Directors by 50 per cent. As a result, Chorus directors
Gail Hamilton, R Stephen Hannahs,
Alan Jenkins and David Levenson are stepping down from the board
effective January 1, 2025, and
Karen Cramm will stay on until the
next annual general meeting.
"We are grateful to the directors who are departing for their
capable guidance over the years and, most recently, for their
invaluable counsel throughout the last year, as we worked on the
divestiture of our leasing business. I wish them all the best,"
said Mr. Copp.
Forward-Looking Information
This news release contains forward-looking information and
statements within the meaning of applicable securities laws
(collectively, "forward-looking information").
Forward-looking information involves significant risks and
uncertainties that could cause actual results to differ materially
from those anticipated. Examples of forward-looking information
include statements regarding the potential implementation of a
capital return program for shareholders and the future growth in
Chorus' services businesses. Actual results could differ materially
from those described in forward-looking information due to known or
unknown risks, including, but not limited to, the risk factors
described in Chorus' public disclosure record available under
Chorus' profile on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release
represents Chorus' expectations as of the date of this news release
(or as of the date they are otherwise stated to be made) and is
subject to change after such date. Chorus disclaims any intention
or obligation to update or revise any forward-looking information
as a result of new information, subsequent events or otherwise,
except as required by applicable securities laws. Readers are
cautioned that the foregoing factors and risks are not
exhaustive.
About Chorus Aviation Inc.
Chorus is a Canadian company focused on aviation services
businesses. Our operating subsidiaries are: Jazz Aviation, the
largest regional operator in Canada and provider of regional air services
under the Air Canada Express brand; Voyageur Aviation, a leading
provider of specialty charter, aircraft modifications, parts
provisioning and in-service support services; and Cygnet Aviation
Academy, an industry leading accredited training academy preparing
pilots for direct entry into airlines. Together, Chorus'
subsidiaries provide services that encompass every stage of an
aircraft's lifecycle, including: aircraft acquisition and leasing;
aircraft refurbishment, engineering, modification, repurposing and
transition; contract flying; aircraft and component maintenance,
disassembly, and parts provisioning; and pilot training.
Chorus Class A Variable Voting Shares and Class B Voting Shares
trade on the Toronto Stock Exchange under the trading symbol 'CHR'.
Chorus 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior
Unsecured Debentures due June 30,
2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange
under the trading symbols 'CHR.DB.A', 'CHR.DB.B', and 'CHR.DB.C'
respectively. For further information on Chorus, please visit
www.chorusaviation.com.
SOURCE Chorus Aviation Inc.