Deucalion is managing this aircraft, formerly operated by Turkish Airlines, on behalf of DCAL 2015-1, one of its asset-backed securitisations (ABS). A second A320 aircraft owned by the same ABS is scheduled to be delivered to ITA later this month.

Based in Sao Paulo, ITA is a new Brazilian airline preparing to launch domestic air operations in July.  The airline is affiliated with the large conglomerate, Grupo Itapermirim, which among other transport-related businesses, controls one of the largest privately held motor coach bus companies in Latin America, operating a road network with nearly 400 buses connecting more than 2,000 cities across 22 states in Brazil.

Jon Skirrow, Co-Chief Executive Officer and Chief Operating Officer, said:

ITA represents an exciting new airline that is emerging despite all of the industry challenges over the last 15 months. The teams for both ITA and Deucalion showed their cooperative spirit and innovation to make this transaction happen and we wish ITA every success. We are pleased to have concluded yet another remarketing transaction in these difficult times.

Deucalion is a global provider of aircraft asset management, financing and investment services. The company is owned by a joint venture formed by investment funds that are managed by EnTrust Global and SVPGlobal.