Intrepid Announces B777 Lease with Philippine Airlines

STAMFORD, Conn.–(BUSINESS WIRE)–#B777–Intrepid Aviation announced today the conclusion of an agreement with
Philippine Airlines for the long-term lease of two new B777-300ER
aircraft, as a result placing the remaining two B777’s under its 2014
purchase agreement with Boeing. The aircraft are scheduled for delivery
to the Philippine flag carrier in December 2017 and will support its
growth and fleet modernization objectives.

“Intrepid and Philippine Airlines have enjoyed a strong partnership
dating back to 2013,” commented Doug Winter, Intrepid’s President &
Chief Commercial Officer. “The Philippines is currently one of the
fastest growing economies in Asia and the airline has been enjoying a
strong, profitable growth trajectory over the past few years,” Mr.
Winter added.

“We truly value the cooperation and support of Intrepid as we continue
our mission to fulfill the potential of Philippine Airlines. With its
proven, superior performance the B777 will be core to our long haul
fleet for many years to come,” remarked Mr. Jaime Bautista, President
and Chief Operating Officer of Philippine Airlines. “These new aircraft
will help extend our presence into North America and will be introduced
on our London route as well,” Mr. Bautista concluded.


Intrepid Aviation is a privately held commercial aircraft lessor.
Intrepid and its team of experienced professionals invest in and manage
a fleet of modern, in demand commercial jet aircraft on long-term lease
to airline customers worldwide. Intrepid is headquartered in Stamford
with offices in Dublin and Singapore.


Reservoir Capital Group LLC. was established in 1998 as a privately held
investment firm with a flexible, opportunistic investment approach and
has approximately $7 billion in assets under management.

Centerbridge Partners, LP is a private investment firm headquartered in
New York City with approximately $25 billion in capital under management.

For more information on Intrepid Aviation,


Intrepid Aviation
Latoya Bailey, +1 203-905-4226