Slovenia-based Adria Airways has been forced to temporarily suspend operations on all but one of its routes as a consequence of a lack of liquid funds. The announcement comes only a day after the U.K.s Thomas Cook ceased all flights and entered into compulsory liquidation. The carrier will continue to operate between Ljubljana in Slovenia,
Thomas Cook, the world’s first and oldest travel agent, has gone bust, ceased all operations, and entered into compulsory liquidation early on Monday Morning, U.K. time. The fallout has left over 600,000 travelers across the globe requiring repatriation. In the U.K. alone there are over 150,000 Thomas Cook customers currently on foreign shores. The majority
STS Aviation Group (STS), a leading global aviation solutions company, has acquired Apple Aviation, a world-wide MRO organization based out of the United Kingdom. With this acquisition, STS continues its recent global expansion. The company will immediately begin to offer aircraft Maintenance, Repair & Overhaul (MRO) services to customers at a state-of-the-art aircraft maintenance facility
Dubai Aerospace Enterprise (DAE) had been mandated by one of the world’s largest fund managers to source and manage aircraft valued at approximately US$1.4 billion. DAE will acquire the assets and DAE’s Aircraft Investor Services (AIS) platform will manage the assets on behalf of the investor. The multi-year mandate will involve sourcing and managing the
Private equity firm CataCap has agreed to acquire U.K.-based AerFin Holdings from U.S.-based CarVal Investors in partnership with management. AerFin is a leading global specialist in providing cost-saving aftermarket support solutions to the aviation industry. Led by an experienced team of aviation experts, they offer completely bespoke services ranging from whole aircraft and engine sale
Aegean has announced its first-half 2019 results with consolidated revenue at €519.4 million, 14% higher compared to 2018 and net losses narrowing to €13.0 million from €13.8 million in 2018, including the effect of implementation of IFRS 16 for the first time. The adoption of IFRS 16 has a negative impact on results of €3.8
Having posted a net loss for the financial year 2018 of US$69 million, Gulf carrier Qatar Airways has posted a net loss of US$639 for the full year 2019. The explanation provided for such a financially disastrous performance involved high fuel costs, foreign exchange fluctuations, and the airspace blockade involving neighboring countries. The United Arab
Astronics Corporation has released details of the Board of Directors’ approval of their new share repurchase program, authorizing the Company to repurchase in the aggregate up to US$50 million of its outstanding common stock. This follows the completion of the US$50 million share repurchase program approved by the Board in December 2017. This program has
Boeing and Safran have announced a joint investment in Electric Power Systems (EPS), a company offering a suite of safe, certifiable and lightweight energy storage products that provide high-quality power for aerospace and other markets. The joint investment will help EPS develop a highly automated industrial base capable of producing aviation-grade energy storage systems at
Singapore Technologies Engineering has released that its U.S. subsidiary, iDirect Government, has acquired 100% ownership of Glowlink Communications Technology. This acquisition was carried out by way of a merger through a newly incorporated special purpose vehicle, Intrepid Merger Sub and Glowlink, with Glowlink being the surviving entity. The aggregate purchase consideration was US$20 million on
