Alaska Air Group reported first quarter 2012 GAAP net income of $40.8m, compared to GAAP net income of $74.2m in 2011. Excluding mark-to-market fuel hedge gains of $19.9m ($12.5m after tax), the company reported first quarter 2012 net income of $28.3 million, compared to net income excluding special items of $29.5m in 2011.
For the first quarter ended March 31st, 2012, AMR incurred a net loss of $1.7bn compared to a net loss of $436m in the same period of 2011. Excluding reorganization and special items, the net loss was $248m compared to the net loss of $405m for first quarter 2011. AMR recorded first quarter 2012 consolidated
Indra has bought 100% of the shares in the air traffic management systems company Park Air Systems Norway, from its owner Northrop Grumman Denmark. The transaction values Park Air Systems’ Norway business at an enterprise value of €42m. Park Air Systems Norway’s global consolidation into Indra, expected by May, increases Indra’s 2012 revenues growth target
International Lease Finance Corporation (ILFC) has closed a new $550m senior secured term loan. The loan will bear interest at LIBOR plus 3.75% per annum with a LIBOR floor of 1.0%, and is priced at 99.5% of par value. It will be secured primarily by a first priority perfected lien on the equity of certain
Cytec Industries announced its firm intention to acquire all of the outstanding shares of Umeco plc (‘Umeco’), an international provider of advanced composite materials, in an all-cash transaction valued at approximately $439m (£274.3m based on a 1.60 exchange rate). The board of directors of Umeco intends to unanimously recommend the transaction to Umeco shareholders. The
L-3 Communications has entered into an agreement to acquire the assets of Thales Training & Simulation Ltd’s civil aircraft simulation and training business. The purchase price is £83m (approximately $132m) and will be funded with cash on hand. Headquartered in Crawley, United Kingdom, the business employs approximately 400 people. It is a leading manufacturer of
Etihad Airways continued its growth in the first quarter of 2012, with a 28% rise in revenue to $989m over the corresponding period in 2011 and passenger numbers soaring by 500,000 to 2.4m. The airline said traffic rose during the first quarter by 26.6% to 10.9bn, thanks to growth in capacity through new routes, additional
San Miguel Corp. said Wednesday it has signed a deal with billionaire businessman Lucio Tan, that will give the diversifying conglomerate substantial but minority stakes in two Philippine airlines owned by Mr. Tan. San Miguel will invest $500m in exchange for as much as 49% each in Philippine Airlines (PAL) and its low-cost partner Air
DVB Bank SE (“DVB”) has signed an agreement with the Mitsubishi Corporation, Tokyo, Japan (“MC”) and the Development Bank of Japan, Tokyo, Japan (“DBJ”), pursuant to which MC and DBJ will acquire a 35.0% share and a 25.0% share respectively in TES Holdings Ltd., Bridgend, United Kingdom, from DVB. The agreement is subject to required
Pinnacle Airlines Corp. and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”). Pinnacle intends to use the Chapter 11 process to continue implementing a comprehensive turnaround plan aimed at addressing its operational
