AeroCentury Corp (AeroCentury) and certain of its subsidiaries, which provide leasing and finance services to regional airlines worldwide, has commenced a voluntary case under Chapter 11 of former Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. The company has determined that the Chapter 11 process
As with many commercial aviation businesses, RECARO Aircraft Seating (Recaro) has been heavily impacted by the COVID-19 pandemic, which has been reflected in the company’s 2020 financial results which were released this Thursday where it, earned €295 million in 2020, which was 60% less than 209 revenue. Recaro has also revamped its long-term approach, while
American Airlines Group has closed its previously announced US$10 billion financing backed by the AAdvantage® program and used a portion of the proceeds to prepay its secured loan from the U.S. Department of the Treasury. In doing so, American has terminated its loan commitments under the secured loan agreement. The Coronavirus Aid, Relief, and Economic
Having temporarily suspended the proposed sale of Rolls-Royce-owned Bergen Engines to Russia’s TMH Group earlier this month, the Norwegian government has now announced it will block the sale of the Norwegian business on security grounds. The agreed sale price was approximately US$178 million. Bergen Engines has been owned by Rolls-Royce for over 20 years and
International Airlines Group (IAG) has signed a Revolving Credit Facility with a syndicate of banks. The total amount available under the facility is US$1.755 billion and will be available for a period of three years plus two one-year extension periods at the discretion of the lenders. The facility is available to Aer Lingus, British Airways
Sage-Popovich (SPI) has agreed to acquire Togs Aircraft, LLC (TOGS), an FAA Part-145 Repair Station. TOGS has been in business for more than 20 years and has maintained a wide array of both fixed-wing and rotary aircraft since its inception. TOGS’s capabilities range from light to heavy turboprops, helicopters, corporate jets, and regional airline equipment.
JetBlue Airways has announced that it intends to offer US$650 million aggregate principal amount of convertible senior notes due 2026, subject to market and other conditions. The notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A (the offering) under the Securities Act of 1933, as amended
Embraer, the Brazilian planemaker, has released its earnings results for both Q4 2020 and also for the full fiscal year 2020. The company delivered 28 commercial jets and 43 executive jets (23 light / 20 large) in 4Q20, and in 2020 delivered 44 commercial jets and 86 executive jets (56 light / 30 large). The
Willis Lease Finance has reported annual total revenues of US$288.7 million and a pre-tax profit of US$17.3 million for the year ended December 31, 2020. The Company reported lower revenue in 2020 when compared to the prior year, primarily due to the impact of the COVID-19 pandemic. The slowdown in global travel has led to
Israel Aerospace Industries (IAI), Israel’s largest national military and civilian security defense company, has issued its consolidated financial statements for the year ended December 31, 2020. The company’s revenues in 2020 reached a record of US$4,184 million, representing the highest sales revenues ever recorded in company history, compared with US$4,108 million in 2019. The increase
