UAL Corporation reported financing transactions that will add approximately $275 million of cash prior to year end. The company has completed a $125 million aircraft financing agreement, receiving approximately $60 million on September 30th, and will receive the remaining approximately $65 million by mid October. United has also executed agreements and agreements in principle (subject
Frontier Airlines its monthly operating report for August 2008. Frontier reported an operating profit of $3.3 million and a consolidated net loss of $5.6 million. Frontier’s results included the following items: $6.5 million in reorganization items, which included a $4.7 million loss on a sale-leaseback transaction and $1.8 million in professional fees, a mark-to-market non-cash
Delta Air Lines and Northwest Airlines announced that their respective stockholders have overwhelmingly approved the pending merger between the two companies. Delta stockholders approved the issuance of 1.25 shares of Delta common stock for each outstanding share of Northwest stock to be distributed upon closing of the merger, expected later this year. The proposal was
The Boeing Company announced an agreement to acquire Tapestry Solutions, a San Diego-based company specializing in services and software systems that improve the tracking and distribution of equipment, spare parts and personnel for the U.S. Department of Defense and other government and non-government agencies. Tapestry Solutions’ tools, such as the Joint Distribution Logistics Model and
MTU Aero Engines has launched a new cost-reduction initiative intended to save 50 million euros annually, the bulk of it already in 2010. This follows an announcement MTU CEO Egon Behle made at the Analyst and Investor Day the company held in Munich on Sept. 26th. Behle reaffirmed the company’s 2008 forecast and expects MTU
Genesis Lease Limited has secured a new $241 million, seven year debt facility on an existing portfolio of 11 aircraft. The facility was provided by three leading aviation financing institutions: HSH Nordbank AG, KfW Ipex-Bank GmbH and DVB Bank AG. Proceeds from the financing will primarily be used to refinance outstanding borrowings on the 11
Gulfstream International Group has consummated two debt financings recently announced, bringing in net cash proceeds of approximately $5.1 million. The terms of these financings are detailed in the Company’s Form 8-K filed on September 18, 2008.
International Lease Finance Corporation (ILFC) reported that it requested to borrow the maximum available principal amount of $6.5 billion under its three unsecured revolving credit facilities on September 16, 2008. To date, ILFC has received approximately $6.4 billion of the $6.5 billion requested. ILFC expects to receive the remainder of the borrowing request by tomorrow.
JetBird, the Pan-European private jet airline, announced a strategic investment of
Ryanair held its AGM in Dublin on September 18th, to update shareholders on trading, the difficult economic environment and recent airline industry developments in Europe. Commenting on its outlook for the current year to 31st March 2009, Ryanair reiterated that it expected to carry just over 58 million passengers. The Company did not significantly alter
