In what is seen as the U.K.’s largest-ever transfer of corporate pension risk, Rolls-Royce announced today (Thursday) that it is to shift £4.8 billion of assets to the insurer Legal & General. This is becoming a more frequent occurrence as companies look to remove pension scheme risks from their balance sheets with consultants predicting the
Having successfully negotiated a deal where Airbus acquired an 80% stake in the ailing CSeries of Bombardier jets, the Canadian plane and train maker is now in discussion with Mitsubishi Heavy Industries Ltd (Mitsubishi) over the acquisition of its Canadair Regional Jet (CRJ) series according to The Air Current, which also indicated that a firm
Aviation Capital Group (ACG), a leading aircraft operating lessor, has announced the upsize, amendment and extension of its five-year unsecured revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders named therein. Total commitments increased by US$370 million, to approximately US$2.0 billion, and the maturity date was extended to June 3,
Boeing has announced its investment in Robotic Skies, a services provider that connects manufacturers and operators of commercial unmanned aircraft systems (UAS) with a global network of more than 170 civil aviation authority-certified repair stations. The investment is part of Boeing’s disciplined, long-term strategy of entering into value-added partnerships that enhance and accelerate growth and
Bombardier has closed the previously announced sale of the Q Series aircraft program assets to De Havilland Aircraft of Canada (formerly Longview Aircraft Company of Canada), an affiliate of Longview Aviation Capital Corp., for gross proceeds of approximately CA$300 million. Net proceeds are expected to be approximately CA$250 million after the assumption of certain liabilities,
Stratos, the global aircraft investment specialist, has closed the inaugural ABS featuring securitised debt, with equity sourced from the Japanese Operating Lease (“JOL”) market. The transaction was arranged on behalf of JP Lease (Japan), the leading JOL arranger. JP Lease sponsored the deal and underwrote the equity to sell to its diversified pool of Japanese
The Freight division at global aviation services group Air Partner has delivered a second year of record results. As announced in Air Partner’s recent full year results for the year ended 31 January 2019, Freight gross profit for the year was up 45.3% to £4.9 million, accounting for 13.8% of the group’s overall gross profit.
The six-day pilots’ strike which ended May 2, is estimated to have cost Scandinavian Airlines 650 million kroner (US$68 million) and contributed heavily to the carrier’s 1.2 billion kroner (US$125 million) loss for the second quarter of its financial year. The strike, which began April 26, was the consequence of a breakdown in negotiations between
SpiceJet reported a profit of INR 56.3 crore for the traditionally weak quarter ended March 31st, 2019 as against INR 46.2 crore in the same quarter last year. In comparison to Q3 FY19, the airline managed to generate higher profits despite challenges on account of seasonality and more importantly grounding of its 13 MAX aircraft.
Air Transport Services Group has obtained lender commitments for a one-year extension through May 2024 of its secured credit facility, and an expansion of the facility’s revolver portion. The amendment to ATSG’s agreement with a consortium of banks, led by SunTrust, increases the revolving credit portion of the facility by US$100 million, to US$645 million.
