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
Finnair is seeking cost cuts of over 100 million euros in addition to previous cost-cut measures of 100 million euros. Of the additional target, 70 million euros are to be aimed at staff costs being emphasized on next year. Finnair’s turnover has fallen since the beginning of the year by almost 15% because of a
Rolls-Royce formally opened its new North American headquarters for On-Wing Care on June 4th. It is the latest facility to open in a global Rolls-Royce network of aero repair and overhaul service centers. Located at the Indianapolis International Airport, the state-of-the-art facility represents $1 million of company investment and is the sixth Rolls-Royce facility to
JetBlue Airways Corporation intends to make concurrent offerings, subject to market conditions, of 20,000,000 shares of common stock and $150 million aggregate principal amount of convertible debentures, which are to be divided into two series, each with an aggregate principal amount of $75 million and maturing in 2039 (but subject to earlier repurchase or redemption).
