Chorus Aviation Inc. (TSX: CHR) (“Chorus“) today announced the completion of the previously announced sale of its Regional Aircraft Leasing (RAL) segment (the “Transaction“).

“Chorus is pleased to announce the completion of the sale of its RAL segment, including Falko. As we close this transaction, we are moving forward with a stronger financial position for our company,” said Colin Copp, President and Chief Executive Officer, Chorus. “The significant deleveraging and improved liquidity resulting from this sale will enable us to implement a sustainable capital return program for our shareholders and fund steady growth in our aviation services businesses.”

“We extend our sincere gratitude to all of the parties who made possible the successful completion of this transaction, including Chorus and Falko employees and our advisors,” noted Mr. Copp. “We also thank our board of directors and shareholders, whose guidance and strong endorsement of the transaction were instrumental in re-positioning Chorus for future success.”

Chorus also announced the planned retirement of Jolene Mahody, Executive Vice President and Chief Strategy Officer, effective January 2025after a 32-year career with Chorus and its predecessor companies. Randolph deGooyer has been appointed to the role of Chief Operating Officer of Chorus, effective January 1, 2025. Randolph is currently the President of Chorus’ largest subsidiary, Jazz Aviation, and brings significant operational and industry experience to his new role. Doug Clarke, currently Jazz’s Vice President of Finance and Business Services, will replace Randolph as President of Jazz.

“I thank Jolene for her contributions over her 32 years with Chorus, including playing a central role in the lead up to today’s announcement to reposition our business,” said Mr. Copp. “I wish Randolph and Doug the very best in their new roles and look forward to their contributions to Chorus and Jazz, as we embark on a new chapter for our business.”

With the disposition of the RAL segment, Chorus is reducing corporate overhead cost in many areas, including reducing its Board of Directors by 50 per cent. As a result, Chorus directors Gail Hamilton, R Stephen Hannahs, Alan Jenkins and David Levenson are stepping down from the board effective January 1, 2025, and Karen Cramm will stay on until the next annual general meeting.

“We are grateful to the directors who are departing for their capable guidance over the years and, most recently, for their invaluable counsel throughout the last year, as we worked on the divestiture of our leasing business. I wish them all the best,” said Mr. Copp.  

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