Tanzania's Precision Air Faces Legal Action Over $26 Million ATR 42 Debt to EDC

(Simple Flying, London, 10 February) Tanzania-based regional carrier Precision Air is in a legal battle with Canadia's Export Development Canada (EDC) for an aircraft financing agreement involving two ATR 42-600s acquired over ten years ago. EDC is claiming about $26 million in unpaid rentals and termination fees. The financial agreement between the two parties dates back to 2012, when EDC provided financial assistance to Precision Air to acquire two ATR 42-600s as part of its fleet expansion plan. The agreement involved Irish aircraft leasing firm Antelope Leasing Finance, which acted as the debtor and held the turboprops as collateral on EDC's behalf.