Nigeria's major airline, Aero Contractors announced yesterday that it has reached agreement to restructure its loans of about N33 billion ($220 million) with Oceanic Bank on "more viable terms" for the benefit of the two organisations and has also ceded its ownership to be wholly owned by the Ibru Group.

Before now, Canada Helicopters Company (CHC) owned 40 per cent stake in Aero, but according to a statement from the airline, the Ibrus now own the airline 100 per cent. The statement also said that CHC will continue its technical relationship with Aero and maintain its aircraft both in scheduled passenger operations and rotary operations, which service the nation's oil industry.

"Aero has consolidated and restructured all of its loans with Oceanic Bank on more viable terms and conditions that both parties deemed to be in their best commercial interests. Aero and CHC Helicopter Corporation ("CHC") recently executed a series of 10-year agreements covering everything from helicopter leasing via personnel services to maintenance, repair and overhaul," the statement said.

It noted that the restructuring would enable Aero to focus on its core business of delivering superior service to its customers. "In addition, Aero now has a stable and sustainable platform from which it will grow its already successful Scheduled and Chartered Services businesses." Aero said that over the last eight months it has also launched a new business model in its scheduled services side that focuses on innovative use of technology to improve customer experience.

"As a result, Aero has now become the first e-airline in Nigeria, pioneering online bookings, payments, and check-in in the West African market. Aero is committed to building on these achievements through innovation, transparency and an unrelenting focus on its customers."