Aircraft leasing company SMBC Aviation has reported its results for the financial year ended March 31, 2020. The company reported profit before tax of US$364.5 million, an increase of almost 5.8% y/y. Total aircraft operating lease assets grew by 3.7% to US$10.6 billion – a lower-than-anticipated level of asset growth due to the grounding of
Deloitte, who was appointed as administrator when Virgin Australia went into administration at the end of April this year have announced that it has narrowed down five prospective purchasers for the struggling carrier to a final two candidates. Bain Capital and Cyrus Capital Partners, two “well-funded” U.S.-based private equity firms with “deep aviation experience” have
Avia Solutions Group has decided to sell Baltic Ground Services Poland, a subsidiary of the Group’s family member, Baltic Ground Services (BGS). With flights being grounded during the pandemic and competition with the Poland’s state-owned service providers being high, Avia Solutions Group believes that the sale of Baltic Ground Service Poland is an optimal solution.
Thoma Bravo, a private equity investment firm focused on the software and technology-enabled services sector, has announced an agreement to acquire Exostar, a leader in trusted, secure business collaboration for the highly-regulated aerospace and defense, life sciences and healthcare industries. Thoma Bravo’s strategic investment is expected to help Exostar accelerate business growth and broaden its
Bombardier has closed the previously announced sale of the CRJ Series aircraft program to Mitsubishi Heavy Industries, for a cash consideration of approximately US$550 million, subject to post-closing adjustments and the assumption of liabilities by MHI related to credit and residual value guarantees and lease subsidies amounting to approximately US$200 million. Under the agreement, the
Embraer delivered five commercial jets and nine executive jets (five light / four large) in the first quarter of 2020, and the company’s firm order backlog at the end of the quarter was US$ 15.9 billion. EBIT and EBITDA as reported were US$-46.9 million and US$9.3 million, respectively, yielding EBIT margin of -7.4% and EBITDA
In return for a €9 billion (US$9.8 billion) bailout package, Germany’s flag-carrying airline Lufthansa will relinquish up to a 20% stake in the carrier to the German government. In addition, Lufthansa will have to relinquish over 24 of its take-off and landing slots at Frankfurt and Munich airports to new competitors. There will be a
HEICO Corporation has reported that net income increased 22% to US$197.3 million in the first six months of fiscal 2020, up from US$161.1 million in the first six months of fiscal 2019. In the second quarter of fiscal 2020, net income decreased 8% to US$75.5 million as compared to US$81.8 million in the second quarter
Air Canada has priced both its previously announced underwritten marketed public offering of 30,800,000 Class A Variable Voting Shares and/or Class B Voting Shares of the Company at a price to the public of CA$16.25 per share, for aggregate gross proceeds of CA$500,500,000 and its concurrent marketed private placement of convertible senior unsecured notes due
Fiji Airways has announced that it will permanently cut its current staff levels by 51% while also negotiating with lenders and aircraft lessors to defer payments and, additionally, arrange further debt financing as the South Pacific carrier struggles with the fallout from the COVID-19 pandemic. The staff cuts equate to 758 employees, of which 78
