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
BOC Aviation’s net profit after tax for the financial year ended 31 December 2011 hit US$201m, 20% higher than the US$168m achieved the previous year. Total assets as at 31 December 2011 were US$7.6bn, up by 14% compared to the prior year while shareholders’ equity rose 15% to US$1.5bn. During the year, the Company focused
International Lease Finance Corporation (ILFC) announced that on March 23, 2012, ILFC prepaid in full all amounts outstanding under its $750m secured term loan. The loan was secured by 45 aircraft and related equipment and leases, bore interest at LIBOR plus a margin of 4.75% with a LIBOR floor of 2.00%, and was scheduled to
Nimrod Capital and Doric Asset Finance announced the successful listing of a further £200m of C shares on the London Stock Exchange. Doric Nimrod Air Two Limited (“DNA2”) aims to pay a quarterly dividend equivalent to 9% per annum (based on the issue price of 200 pence per share) following the purchase and leasing of
ILFC announced that it intends to raise a new senior secured term loan of $550 million. ILFC plans to use proceeds of the new term loan to refinance the Company’s outstanding $550 million senior secured term loan with essentially the same maturity. The new senior secured term loan would be secured primarily by a first
