Alliance Aviation Services (ASX: AQZ) has finalised materially revised wet lease terms with Qantas Airways (ASX: QAN), securing higher pricing while agreeing to a staged reduction in aircraft and flying requirements. The revised terms maintain the partnership between the airlines while changing its scale and commercial settings to improve Alliance’s expected returns and cash flow. Revised Terms Reset EconomicsThe revised annual escalation mechanism is intended to better reflect future cost increases, addressing both the immediate pricing position and the longer-term economics of the Qantas partnership. Phased Workforce ChangesAlliance will begin a phased workforce consultation process as it aligns staffing, operations and its organisational structure with the revised wet lease commitments. Alliance operates more than 70 aircraft across contract, charter, and wet lease services for mining, energy, and government customers as well as other airlines.