Willis Lease update on TAR Aerolíneas dispute

On January 16, 2024, Willis Lease Finance Corporation (US) issued TAR Aerolíneas (Mexico) with a Notice of Continuing Event of Default, Demand for Payment and Demand to Return for TAR’s failure to pay amounts due under its lease agreement. Nearly two months later, TAR has failed to comply with the Notice, still with overdue payments, and with its CEO, Ricardo Baston, refusing to return a leased AE3007 currently installed on ERJ145LR (serial 145078) and being utilised by the new Mexicana, a state-owned airline.