SmartLynx Airlines, the third largest passenger carrier in Latvia, reported that net turnover in 2016 increased by 18% to €108.4m. Aircraft wet lease services represented 53.3% of the company’s business portfolio, with charter flights taking up another 45.5%. The aircraft wet lease (ACMI) services net turnover made up €57.7m in 2016, or 15.3% more than
Kellstrom Aerospace Group has reported the acquisition of Vortex Aviation, a specialist in worldwide AOG on-wing engine maintenance services and quick-turn engine repairs across all major commercial aircraft engine platforms. With repair facilities located in Fort Lauderdale, Florida, Shannon, Ireland, and Singapore, Vortex Aviation provides global support and turnkey solutions for many of the world’s
HEICO Corporation announced that its Flight Support Group has acquired 100% of Carbon by Design, a growing manufacturer of composite components for UAVs, rockets, spacecraft and other specialized applications. The purchase price and financial details were not disclosed. HEICO stated that it expects the acquisition to be accretive to its earnings within the first year
American Airlines has announced that Qatar Airways is looking to acquire a 10% stake in the world’s largest carrier, though the board would have to approve it in advance if it is to progress. Currently the American carrier has made it abundantly clear that its bylaws prohibit “anyone from acquiring 4.75% or more of the
SIA Engineering Company and GE Aviation have agreed to establish a new engine overhaul joint venture based in Singapore. The joint venture will provide a full range of engine maintenance, repair and overhaul (MRO) services for the GE90 and GE9X engines. The GE90 engine exclusively powers the Boeing 777-300ER and 777-200LR, and the GE9X engine
Caisse de dépôt et placement du Québec (CDPQ), a leading institutional asset manager, and GE Capital Aviation Services (GECAS), have signed a commitment letter to create a US$2bn global aircraft financing platform. The transaction is subject to conditions including any required regulatory approvals. This new platform, to be named Einn Volant Aircraft Leasing (EVAL), will
TrueNoord, the regional aircraft lessor, has closed the final term financing facility with DVB bank and PK AirFinance for the remaining two of the six Embraer E190 aircraft that it purchased from BOC Aviation earlier this year with leases attached. These two aircraft are operated by Air Astana. This new portfolio of six globally operated
GA Telesis has closed a new five year, US$225m ABL credit facility led by HSBC Securities USA and Fifth Third Bank as Joint Lead Arrangers. The company originally sought a new US$200m facility. Due to overwhelming interest from existing and new banks, however, the company upsized the facility with better terms than its previous credit
Independent global helicopter leasing company Waypoint Leasing, has extended the maturity on two of its existing revolving credit facilities. In aggregate over US$390m of revolving credit commitments extended across seven lenders, with over US$100m now maturing in late 2019 and over US$280m in late 2020. The company will use the proceeds to support its aircraft
In order to protect its stateside operating interests, Alitalia has filed for Chapter 15 bankruptcy protection through the U.S courts. U.S Bankruptcy judge Sean Lane has granted the Italian flag carrying airline a restraining order that will last for 10 days and unless any creditors object, the order will automatically be extended until June 26.
