CityJet growth strategy

Once part of Air France and now independent since last May (see BTN 5 May 2014) Dublin-based CityJet has completed a refinancing programme which places it in a strong position to fund its restructuring and growth strategy.

The airline announced last week the sale and leaseback of seven Avro RJ85 aircraft and said its restructuring plans were progressing ahead of schedule.  It also stated that it continued to experience improving trading conditions.

The airline said that it was emerging successfully from a challenging period following its divestiture from its previous owner.  The refinancing places CityJet in a strong financial position for the future as a significant independent European regional airline.

CityJet noted its ongoing restructuring was necessary due to its legacy of having been part of the Air France Group which left it with an infrastructure which was inappropriate for an independent regional carrier.  It said that the programme, which commenced during the Autumn, would deliver a sustainable and competitive cost base and corporate infrastructure.  Its management team was now fully focused on delivering a business plan to further develop the airline from a solid financial position and operating base.  The airline divested itself of loss-making VLM in November.  (See BTN 3 November 2014)  www.cityjet.com

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