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LATEST NEWS
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Thursday, October 13th, 2022
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Subsequent to obtaining a settlement with debtors in May and shareholder approval after the New York Southern District Court approved LATAM Airlines plans in June to exit Chapter 11 bankruptcy proceedings, the South American Group has confirmed it now has all financing in place to be able to exit these proceedings in the first week of November this year.
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The Group has reported that together with Professional Airline Services, Inc., a Florida corporation and a wholly owned subsidiary of LATAM, it has set an original offering price of US$450 million of senior secured notes due 2027. US$700 million for the principal of senior secured bonds payable by 2029 with a coupon of 13.375%, 94.423% on an issue price, and 13.375% on an issue price of 93.103%. In addition, the Group has opted for ABR +8.50% or Adjusted Term SOFR +9.50% (after the exit of Chapter 11 – and before the effective date, ABR + 8.75%) with an interest rate of US$1.1 billion for the term. The Group has also secured a new revolving line of credit of approximately US$500 million.
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It has also specified that it intends to sign the revolving credit line, term financing and bridge loan documentation on October 12, 2022 and disburse them as follows: Bridge loan on October 12, 2022. Regarding term financing: an initial amount of US$750 million as on October 12, 2022; and for the remaining US$350 million, at the date of the Chapter 11 exit process. (£1.00 = US$1.11 at time of publication).
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Tailwind Air will launch the first-ever Manhattan to Washington D.C. seaplane service on October 14. Service to Washington Dulles International Airport (IAD)’s utilises Jet Aviation FBO’s private aircraft terminal and Manhattan’s Skyport Mariana at E. 23rd Street.
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“We are confident that our Washington area IAD service will resonate well with our customers and are looking forward to providing this unique service. The ability to take off from a private terminal at a major international airport and land on the water in Manhattan will be a time-saving benefit for our customers,” said Tailwind Air CEO Alan Ram.
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Straddling Fairfax and Loudoun counties, Washington Dulles International Airport offers quick access to the Beltway, Capitol and Washington, D.C., areas as well as the many recreational attractions of Northern Virginia.
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The experience at the JET Aviation private terminal at IAD is designed for customers with demanding travel needs. The Washington, D.C., ground experience will include a lounge and all the services necessary to get our passengers in, out and on their way to Manhattan’s SkyPort. Free parking is provided on site.
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Flights to/from Manhattan are approximately 75-85 minutes. Scheduled service begins October 14th, 2022, and will be operated by a fleet of Cessna Grand Caravans featuring two experienced pilots, eight premium economy leather seats, aisle and window access, crisp air-conditioning, and an ability to land on water or at an airport. New York Skyport (NYS) is Manhattan’s dedicated seaplane base.
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The oneworld® Alliance will relocate its global headquarters to Fort Worth, Texas, joining oneworld founding member American Airlines and strengthening the Dallas-Fort Worth region as a centre of aviation excellence.
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Currently located in New York City, the oneworld global headquarters will move to Fort Worth effective December 2022, joining American on its 300-acre, state-of-the art Robert L. Crandall Campus adjacent to Dallas Fort Worth International Airport (DFW). American’s campus, dubbed Skyview, is home to the airline’s Flight Academy, DFW Reservations Center, Robert W. Baker Integrated Operations Center, Training and Conference Center, and CR Smith Museum, as well as an office complex that houses the airline’s leadership and support staff.
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oneworld has been based in New York City since 2011, following a move from Vancouver where the alliance’s central management team was based after the launch of the alliance in 1999. Co-locating with founding member American Airlines, the largest airline in the world, will further accelerate the alliance’s drive to deliver greater value for its member airlines and customers. The oneworld central management team will continue to be led by Rob Gurney, who was appointed as CEO in 2016.
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Lockheed Martin has released that Michael Williamson will be the new Senior Vice President of Global Business Development & Strategy. The appointment is effective November 1.
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Williamson is currently Vice President and General Manager for Lockheed Martin Missiles and Fire Control (MFC), where he leads operational excellence, a diverse portfolio of products and business enabling initiatives. He also provides strategic oversight of technical, cost and schedule performance execution for the MFC lines of business and enterprise performance.
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Williamson joined the company in 2017 following a distinguished career as a Lieutenant General with the U.S. Army. He served as the principal military deputy to the Assistant Secretary of the Army for acquisition, logistics and technology and Director of acquisition career management. He also served as a congressional fellow on Capitol Hill.
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At Cargolux’s headquarters in Luxembourg, Boeing and Cargolux have finalised an order of ten 777-8 Freighters with options for six additional airplanes. The selection of Boeing's newest freighter was previously announced at this year's Farnborough International Airshow as Cargolux's preferred choice as the replacement for its 747-400 Freighter fleet.
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Cargolux's choice of the 777-8 Freighter underlines its commitment to establishing long-term sustainability. The European all-cargo airline has a long-standing engagement towards sound operations and the 777-8 Freighter offers reduced emissions, noise, as well as the lowest fuel use and operating costs per tonne.
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Boeing launched the new 777-8 Freighter in January 2022 and has now booked more than 50 orders for the model. The 777-8 Freighter has nearly identical payload and range capabilities as the 747-400 Freighter while providing 30% better fuel efficiency and emissions and 25% better operating costs per tonne. It is the ideal choice as operators replace aging freighters later this decade.
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Air Lease Corporation (ALC) has updated aircraft investments and sales activity occurring in the third quarter of 2022.
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As of September 30, 2022, ALC’s fleet was comprised of 405 owned aircraft and 87 managed aircraft, with 412 new aircraft on order from Boeing and Airbus set to deliver through 2028.
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The company delivered 14 new aircraft from ALC’s order book including two Airbus A220-300s, three A321neos, three Airbus A330-900neos, five Boeing 737-8s and one Boeing 737-9.
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Aircraft investments in the quarter totalled approximately US$840 million. ALC sold one aircraft to a third-party buyer during the third-quarter.
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SITA OptiClimb®, a digital inflight prescriptive analytics tool for fuel optimisation, has been selected by Singapore Airlines (SIA) to support the carrier’s goal of achieving net-zero carbon emissions by 2050.
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By deploying SITA OptiClimb®, the airline is able to optimise fuel utilisation during the aircraft’s climb-out phase. The unique solution combines aircraft tail-specific machine-learning models with 4-D weather forecasts to recommend customised climb speeds at different altitudes. It leverages historical flight data to predict fuel burn in different flight scenarios and recommends optimised climb profiles on a user-friendly interface for pilots.
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It is estimated that airlines can derive fuel savings of up to 5% during climb-out on each flight, with around 5.6 million tons of carbon dioxide emissions avoided annually if every airline worldwide uses SITA OptiClimb®.
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Following a successful test period and validation of SITA OptiClimb® outcomes, the tool has been used on Singapore Airlines’ Airbus A350 fleet since August 2022. SITA has calculated that the solution will help the carrier cut aircraft carbon emissions by up to 15,000 tonnes annually.
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GE Aerospace is accumulating hardware for the second T901-GE-900 development engine that will begin testing next year. The T901, GE’s next-generation rotorcraft engine, will power the U.S. Army’s UH-60 Black Hawk, AH-64 Apache, and Future Attack Reconnaissance Aircraft (FARA). Engine testing is part of the Engineering and Manufacturing Development (EMD) phase of the Army’s Improved Turbine Engine (ITE) programme.
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The second T901 engine will undergo performance and controls testing in an upgraded test cell at GE’s Lynn, Massachusetts facility. GE upgraded three Lynn test cells for the T901 EMD engine test programme. Upgrades included new systems to absorb the engine’s increased power, allow for no-load operation, improve instrumentation capability and advance engine test controls. The second development engine will then travel to GE’s Evendale, Ohio, facility for altitude testing.
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A total of eight T901 engines will be part of a multi-year test campaign to the Army Military Airworthiness Certification Criteria standards. These standards will ensure an engine meets the Army’s requirements for design, production and airworthiness. Once all testing is complete, the T901 engine will have undergone close to 1,500 hours of full-scale ground testing for preliminary flight rating and close to 5,000 hours of testing for full engine qualification.
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