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Flair Airlines Reaches Lease Agreement For Two 737 MAX Jets

Privately held Flair Airlines has secured a lease agreement for two additional Boeing 737 MAX jets to help it meet rising demand during the busy summer travel season.

The new lease agreement comes after Flair Airlines lost access to four planes earlier this year in a dispute with another lessor.

The Edmonton-based airline secured the new planes through a sale-leaseback deal with SMBC Aviation Capital, the world's second-largest aircraft lessor, and will begin using them this summer.

The low-cost carrier had four aircraft seized in March of this year because of a commercial dispute with a New-York based hedge fund and aircraft lessor.

Lessor Airborne Capital said the aircraft were seized after a five-month period in which Flair Airlines failed to meet its lease payments. The dispute is before the courts.

Flair now operates a fleet of 21 jets, including the two new Boeing 737 MAX aircraft.

Flair Airlines is privately held. Its stock does not trade on a public exchange.