{"id":57723,"date":"2024-03-01T11:34:59","date_gmt":"2024-03-01T06:04:59","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=57723"},"modified":"2024-03-01T11:35:04","modified_gmt":"2024-03-01T06:05:04","slug":"ace-aviation-to-acquire-jet-airways-boeing-777s","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2024\/03\/01\/ace-aviation-to-acquire-jet-airways-boeing-777s\/","title":{"rendered":"Jet Airways: Ace Aviation to Acquire Boeing 777s in 6 Months"},"content":{"rendered":"\n

DELHI-<\/strong> Ace Aviation, engaged in a competitive pursuit with Jet Airways<\/a> for the acquisition of three Boeing 777 aircraft<\/a>, expressed the urgency to finalize the deal within the next six months.<\/p>\n\n\n\n

The looming deadline for converting these wide-bodied planes into freighter aircraft adds pressure to expedite the acquisition process.<\/p>\n\n\n\n

\"Ace
Photo: Jet Airways VT-JEW Boeing 777-35RER cn\/35164-660 impounded\u2026 | Flickr<\/figcaption><\/figure>\n\n\n\n

Ace Aviation Jet Airways 777<\/h2>\n\n\n\n

The Chief Investment Officer of Challenge Group, Michael Koish, stated, “We aim to conclude the aircraft deal within the next six months, and ideally, even sooner\u2014potentially in three to six months. If the deal isn’t finalized within this timeframe, we must reassess our course of action. Closing the deal is one aspect; subsequent activation and retrieval of the aircraft entail a considerable amount of time, especially given the current condition of the aircraft.”<\/p>\n\n\n\n

Challenge Group, the parent company of Ace Aviation based in Malta, provided insights into their timeline for acquiring three Boeing <\/a>777 aircraft. Michael Koish, the Chief Investment Officer, indicated they secured conversion slots in early 2025 to transform passenger aircraft into freighter aircraft.<\/p>\n\n\n\n

To meet this schedule, the acquisition of the assets must be completed within the next six months.<\/p>\n\n\n\n

Koish explained, “Our initial conversion is scheduled for early 2025. We aim to bring the aircraft to the Maintenance, Repair, and Overhaul (MRO) facility at the beginning of 2025. However, if we encounter challenges in finalizing the sale, we will explore alternative aircraft options.”<\/p>\n\n\n\n

\"Ace
Photo: wilco737 | Flickr<\/figcaption><\/figure>\n\n\n\n

Converting 777 to Freighter variant<\/h2>\n\n\n\n

Maintenance, Repair, and Overhaul (MRO)<\/a> facilities play a crucial role in ensuring the continuous airworthiness of aircraft. The conversion process, transforming a wide-bodied plane into a freighter, will be undertaken by the Israel Aerospace Industries on behalf of Ace Aviation.<\/p>\n\n\n\n

“If we were to miss our conversion slots, it goes without saying that we would be subject to penalties, potentially jeopardizing the retention of our slots entirely,” emphasized Koish.<\/p>\n\n\n\n

Eshel Heffetz, the CEO of Challenge Group, disclosed that they have submitted a deposit of $5.6 million for five aircraft. Among these, $4.6 million is allocated for three aircraft located in Mumbai<\/a>. In comparison, a token sum of $1 million is reserved for the two Boeing 777 aircraft in Delhi, where a formal bid is still pending completion.<\/p>\n\n\n\n

Heffetz further noted that Ace Aviation last inspected the assets approximately one and a half years ago. Presently, the company is planning to initiate another inspection as part of their ongoing assessment and due diligence process.<\/p>\n\n\n\n

Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n

Join us on Telegram Group <\/a>for the Latest Aviation Updates. Subsequently, follow us on Google News<\/a>.<\/p>\n\n\n\n

\n
Jet Airways Comeback: Bidders JKC Presents New Payment Plan<\/a><\/blockquote>