Frontier Airlines Holdings reported a net profit of $1.1 million for the month of May and its seventh consecutive monthly operating profit. Frontier reported a consolidated operating profit of $11.7 million for the month of May 2009, compared to an operating loss of $16.5 million for the same period in 2008, and a total consolidated
Republic Airways Holdings is acquiring Milwaukee-based Midwest Airlines from TPG Capital, a Fort Worth, Texas-based private equity firm. The transaction is subject to customary regulatory approvals and is expected to close in four to six weeks. Republic will acquire 100% of the equity of Midwest and TPG
Frontier Airlines Holdings has entered into an investment agreement with Republic Airways Holdings, by which Republic will serve as equity sponsor for Frontier’s plan of reorganization and purchase 100% of the equity in the reorganized company for $108.75 million. The plan sponsorship agreement is subject to bankruptcy court approval and various conditions. If the plan
Sir Michael Bishop and Deutsche Lufthansa AG have reached an out-of-court settlement of their dispute over the satisfaction of the conditions precedent in relation to a put option over the 50% plus 1 share in British Midland PLC (bmi). Under the terms of the compromise settlement, Sir Michael Bishop agrees that specific performance of the
Abu Dhabi-based investment holding company Waha Capital PJSC has agreed to acquire a 50% stake in AerVenture Limited. The remaining fifty percent will be held by AerVenture’s current parent company AerCap. The parties have committed to a combined total equity investment in AerVenture of $270 million. The joint venture agreement was signed in Abu Dhabi,
Airbus signed a Memorandum of Understanding with the Industrial and Commercial Bank of China (ICBC), one of China’s leading banks, on cooperation in aircraft financing and leasing. Airbus and ICBC endeavour to share competence and experience to cooperate on aircraft financing and management activities, including structuring of operating and finance lease transactions as well as
European Investment Bank Vice President Philippe de Fontaine Vive and SAFRAN Chief Executive Officer Jean-Paul Herteman signed a contract to provide 300 million euros in financing to the SAFRAN group for the development of a new generation of cleaner aircraft engines. The EIB loan will be used to finance Research & Development on aircraft engines
Babcock & Brown Air has closed a $32 million debt facility that is secured by $119 million principal amount of its previously repurchased securitization notes, which B&B Air recently purchased for approximately $58 million. The loan has a final maturity date of August 2012. As of June 16, 2009, after receipt of net loan proceeds,
Virgin America reported a $31.6 million operating loss on revenues of $101 million, a 38% improvement year over year. Revenue in 1Q09 was up by 91% versus 1Q08. Virgin America’s unit revenue in the first quarter of 2009 was up by 13.2% versus the first quarter of 2008. The airline ended 1Q09 with $38 million
Spirit AeroSystems announced an amendment to its existing credit agreement. The amendment, among other things, extends the maturity of the Company’s revolving credit facility from June 2010 to June 2012 and increases the revolving credit facility size from $650 million to $729 million through June 2010 before stepping down to $409 million from June 2010
