14 MAY 2012

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Article from BTNews 14 MAY 2012

bmi Regional sold

International Airlines Group (IAG) has signed a binding agreement to sell bmi Regional.  Aberdeen-based Sector Aviation Holdings Ltd (SAH) is the purchaser with the price published as £8m in cash.  The sale includes all bmi Regional's fixed assets and long-term liabilities, including owned and operating lease aircraft.  As predicted in last week's AERBT a third party airline has got involved, Loganair.

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.

Sector Aviation is a consortium of businessmen with considerable aviation experience.  These include Ian Woodley, a one time professional pilot who helped set up Business Air, from which bmi Regional developed. in 1987.  The take-over is being funded by Stephen and Peter Bond, of Bond Helicopters, who are investors in Loganair.  They also sit on the board of the World Helicopters Group which Bond is part of, operating a fleet of over 360 aircraft. www.iairgroup.com

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