Willis Lease Finance has revealed that TAR Aerolíneas (YQ, Querétaro) has failed to return a Rolls-Royce AE3007 engine and make a number of overdue payments despite the lessor issuing a notice on January 16, 2024.

Willis said in a statement that the Mexican regional carrier had failed to comply with the notice including “overdue payments, and with its CEO, Ricardo Bastón, refusing to return a leased AE3007 currently installed on an E145 (XA-AFH, msn 145078) and being utilised by the new Mexicana, a state-owned airline.”

TAR Aerolíneas received the notice of a Continuing Event of Default, Demand for Payment, and Demand to Return the engine earlier this year. The ch-aviation fleets module shows that its fleet comprises ten aircraft, all E145s. In 2023, the company secured a long-term financing partnership with US-based Ethos Asset Management.

ch-aviation has reached out to TAR Aerolíneas, Ethos Asset Management, and Willis Lease Finance Corporation for comment.

Mexicana wet-leases two E145s from TAR Aerolíneas. The other is XA-VGQ (msn 145418). Additionally, the state-run start-up wet-leases for free three B737-800s from Fuerza Aérea Mexicana (FAM, México City International).