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Singapore, Singapore, 2012/05/16 - GE Capital Aviation Services Limited (GECAS), the commercial aircraft leasing and financing unit of GE, announced it will lease 12 Boeing 737-500s to help the Indonesian carrier Sriwijaya Air upgrade its fleet (NYSE: GE) - GECAS.com. NYSE: GE
The first aircraft went into service today, with the remaining scheduled for delivery through January 2013. The 12 aircraft, with blended winglets for improved fuel savings, are coming off long-term lease with Continental Airlines, now merged with United Airlines.
ďThis complex transaction with an aggressive delivery schedule is another example of how GECAS is more than just a lessor,Ē said Antony Snelleman, senior vice president and region manager for GECAS. ďWeíre helping Sriwijaya build its business in a country that needs more airline service.Ē
GECAS estimates double digit growth in the Indonesian passenger market for the next two or three years.
"PT Sriwijaya is growing very fast and having a partner like GECAS that can quickly deliver aircraft to expand our business is critical," said Chandra Lie, chief executive officer of PT Sriwijaya Airlines. "Only a company like GECAS with their expertise and experience could make this transaction such a success."
Privately-held Sriwijaya Air started service in 2003 and today flies to nearly 50 destinations in Indonesia as well as Singapore and Penang.
About GE Capital Aviation Services (GECAS)
GECAS (GECAS.com), the U.S. and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,725 owned and managed aircraft with over 235 airlines in over 75 countries. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also provides productivity solutions including spare engine leasing, spare parts financing and management. GECAS, a unit of GE Capital, has offices in 24 cities around the world.
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