Spirit AeroSystems has announced a deal to sell its Fiber Materials, Inc. (FMI) business to Tex Tech Industries (Tex Tech) for US$165 million in cash, subject to customary adjustments. The transaction involves FMI’s operations in Biddeford, Maine, and Woonsocket, Rhode Island, which employ approximately 400 engineers and production staff. FMI is a leader in high-temperature
Spirit Airlines (Spirit), a US budget carrier, has filed for Chapter 11 bankruptcy protection after accumulating over US$2.5 billion in losses since 2020, REUTERS has reported. Despite its financial struggles, the airline has assured customers that operations will continue without disruption, including ticket bookings and loyalty programmes. The airline announced a “restructuring support agreement” backed
On November 13, 2024, Wheels Up Experience (Wheels Up) has completed a major milestone in its growth strategy by securing a US$332 million revolving equipment notes facility with Bank of America and acquiring GrandView Aviation’s fleet of 17 Embraer Phenom 300 and Phenom 300E aircraft, along with associated maintenance assets and customer programmes. These transactions
Spirit AeroSystems has announced a critical financial arrangement with Boeing, which will provide the company with up to US$350 million in advance payments. This cash infusion is designed to alleviate some of Spirit’s ongoing financial challenges, including excessive inventory levels, strained operational cash flows and escalating production costs that have put pressure on its balance
In the third quarter of 2024, Embraer delivered a total of 59 jets, marking a 26% increase quarter-over-quarter and a 37% rise year-over-year. Deliveries included 41 executive jets (22 light and 19 medium), 16 commercial jets, and two C-390 Millennium multi-mission aircraft for Defence & Security. Key highlights of Embraer’s Q3 2024 results include: A
The Emirates Group has recorded its highest-ever half-year financial results, achieving a pre-tax profit of AED 10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing the previous record for the same period last year. This is the Group’s first financial year subject to the UAE’s corporate income tax, introduced in 2023.
On Wednesday, November 6, budget airline Wizz Air lost its legal challenge against a capital increase for its Romanian rival TAROM, funded by the Romanian government and approved by EU competition regulators. The General Court of the European Union, Europe’s second-highest court, dismissed Wizz Air’s objections to the support package. According to REUTERS news agency,
SIA Engineering Group (SIAEC) has released its half-year results, indicating a robust demand for maintenance, repair and overhaul (MRO) services in the first half of the financial year ending 30 September 2024. All operating segments achieved higher revenue. Group revenue rose by 12.1% year-on-year to SGD576.2 million, while Group expenditure increased at a slightly lower
Lilium N.V., the electric aircraft manufacturer and pioneer in Regional Air Mobility (RAM), has appointed KPMG to lead an open, transparent and fair M&A process, with initial investor briefings set to begin soon. This follows a significant step in Lilium’s restructuring, as the local court in Weilheim has approved the insolvency filing of Lilium’s German
Air Transport Services Group (ATSG), a major player in leasing medium wide-body freighter aircraft and air transport operations, announced it will be acquired by Stonepeak, an investment firm specialising in infrastructure, for approximately US$3.1 billion. This all-cash acquisition at US$22.50 per share represents a 29.3% premium over ATSG’s recent share price, benefiting shareholders with substantial
