Hong Kong’s Regal Group has closed the acquisition of only 12 of the 18 Embraer aircraft it had planned to buy from ECC Leasing.
In a joint stock exchange statement, Regal and associated companies Paliburg and Century City say that closings on two aircraft were not completed by a 20 February deadline, while lease assignments on four others were also not executed by the same deadline.
As a result, Regal terminated sale agreements on the six aircraft on 26 February, and is due to receive back deposits paid for the six aircraft.
The company adds that the aggregate purchase price on the remaining 12 aircraft has fallen to $34.5 million.
Regal has not disclosed the models of the aircraft that have been excluded from the sale.
In a circular issued to shareholders in February, it identified that the 18 aircraft comprise seven ERJ-145s, eight ERJ-135s, two E170s and one E175.
The aircraft are leased to carriers in South Africa, Mexico, India, the US, Australia and Lithuania.
Source: Cirium Dashboard
