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LATEST NEWS
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Wednesday, November 2nd, 2022
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On July 5, 2022, SAS AB (Scandinavian Airlines or SAS) the flag-carrying airline of Norway, Denmark and Sweden filed for bankruptcy in the U.S. courts under Chapter 11 as part of a business restructuring plan called SAS FORWARD. Three of the key elements of this plan were to immediately reduce annual operating costs by between SEK850 million and SEK1 billion, to raise SEK9.5 billion in new equity and to reduce or convert SEK20 billion of debt into common equity.
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One of the areas targeted to help reduce annual running costs was aircraft lease agreements and the Scandinavian carrier has announced that it has now successfully renegotiated the lease terms for seven aircraft with lessors Carlyle and SMBC. The terms of the new leases will have to be approved by the U.S. Bankruptcy Court for the Southern District of New York.
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On October 5 this year SAS confirmed that it had reached agreement with ten lessors for a total of 36 leased aircraft to amend the terms of existing aircraft leases and these agreements were approved by the court on October 14. In addition to making a significant contribution to the reduction of current annual running costs, these new lease agreements also constitute a major step forward in terms of SAS achieving its mid-term targeted annual cost savings of SEK7.5 billion by 2026 under the SAS FORWARD plan. SAS also intends to continue negotiations with additional lessors to achieve further amendments in existing lease agreements (1£ = 12,62 SEK at time of publication).
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International aircraft leasing company Avolon has released that Doug Keatinge has joined the company as Head of Communications. Keatinge will be responsible for leading Avolon’s corporate and financial communications.
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He has over 20 years’ experience in public relations and journalism, most recently as a Partner at Murray Group, a leading PR consultancy. Keatinge has also worked as a journalist for Irish broadcaster RTÉ and Bloomberg and in investor relations and strategy roles for Digicel and L.E.K Consulting.
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AJW Group, an independent aircraft component parts, repair and supply chain solutions provider, has extended a power-by-the-hour (PBH) support contract with Brazilian cargo operator Modern Logistics.
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The support contract providing full power-the-hour services for B737CL freighters, has been in operation since 2017 and was the first PBH contract for AJW in Brazil. Since 2017, AJW has become the supplier of choice for airlines across the South American region, reinforced by the recent signing of Chilean ultra-low-cost carrier, JetSMART Airlines SpA, with its rapidly expanding fleet of A320ceo and -neo aircraft and the Caribbean’s first ultra-low-cost airline, Arajet S.A., and its growing fleet of LEAP powered B737 MAX aircraft.
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Erik Fernando de Souza, Purchasing Manager, Modern Logistics, commented: "We are delighted to extend our support contract with AJW. We originally chose AJW because of its breadth and technical expertise as well as high response levels via 24/7 AOG service. Also important is the fair market value for the parts that we lease. Modern Logistics is the pre-eminent cargo operator in Brazil, serving a key market where dangerous and special goods need to be transported by air due to infrastructure gaps."
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VoltAero has completed the first tranche in its Series B financing, with Italy’s TESI becoming a strategic investor and industrial partner. The new funding round, which includes a €32 million capital raise, will cover certification and production launch of the first member in its electric-hybrid aircraft family, the Cassio 330.
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“TESI’s decision to become both a strategic investor and an industrial partner is a clear sign of VoltAero’s technology and business model credibility as we take this important step closer to reality for the Cassio-airplane family with the Series B funding round,” said Jean Botti, VoltAero’s CEO & Chief Technology Officer.
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The Series B round marks the third funding phase for VoltAero, positioning it for industrialisation of the Cassio 330, which entered the certification process with Europe’s EASA airworthiness authority in October 2021 – the first member of its Cassio aircraft family powered by the company’s proprietary electric-hybrid propulsion system.
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TESI (Tecnologie E Servizi Innovativi S.r.l.) will produce the airframe for VoltAero’s no. 1 Cassio 330 prototype, which is targeted to make its maiden flight in 2023. Cassio 330 is the five-seat version, with a combined electric-hybrid propulsive power of 330 kilowatts.
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IBC Advanced Alloys, a leading beryllium and copper advanced alloys company, is now supplying beryllium-aluminium (BeAl) alloy components under contract to L3Harris Technologies, for use in an undisclosed aerospace application.
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IBC’s work in supplying BeAl components to L3Harris is in the early stages and the Company expects that it could lead to significant material amounts of sales of IBC products in the future.
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IBC’s Engineered Materials Division produces custom-designed, investment cast beryllium-aluminium alloy components at its facility in Wilmington, Mass., for a variety of customers in the defence, aerospace and commercial sectors. IBC’s ability to manufacture near-net-shape BeAl products from its proprietary investment casting technology allows it to make these products faster, more efficiently, less expensively and with less produced waste. In national defence applications, this has helped to save U.S. tax dollars in the procurement of defence systems that require BeAl components.
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Atitech has announced that its EASA.IT 145.0026 certification has been extended to include Alitalia capabilities for line maintenance, base maintenance and shops.
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Also the EASA CAMO PART M (IT.CAMO.1005) has been extended to include Alitalia CAMO PART M capabilities, in addition to the Airbus A320F, the A330F, the Boeing B777 and the Embraer ERJ family.
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Other certifications like POA Part 21 Sub Part G, DOA Part 21 Sub Part J and EASA Part 147 will be extended in the coming weeks.
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With this incorporation Atitech will add to its five hangars with 20 lines in Naples, additional four hangars in FCO with six lines for NB and five for WB plus one hangar for painting WB.
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Shops for airframe related components (ARC), availability of an autoclave for component composite repair, batteries, galley equipment, W&B, pneumatic, some avionics etc. are part of the new perimeter.
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Referring to the line maintenance the first step is to take-over the Italian stations for EASA customers in FCO, TRS, FLR, OLB, AHO, SUF, REG. The second step will be to take over all Italian stations as soon as the certifications from non-EU countries to support the relevant customers will be granted.
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The last step will be to take over the outstation outside Italy as soon as the relevant certifications will be granted and branches settled.
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The strategy of Atitech's President and CEO Lettieri is to extend the capabilities to components and engines in order to support customers with full services in one stop solution.
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WestJet Cargo and SmartKargo have announced the successful launch of their state-of-the-art air cargo management platform. The partnership will provide a comprehensive digital solution that will transform and strengthen WestJet Cargo’s business and user experience for customers, in advance of the upcoming arrival of its dedicated freighters.
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SmartKargo is a leading Cloud provider of air cargo solutions that extend markets for global airlines, with innovative technology and superior capabilities that include business intelligence, real-time information and machine learning. The solution interfaces seamlessly with the airline's other systems, as well as third-party providers via Application Programming Interfaces--for fast integration and deployment. While the arrival of WestJet Cargo freighters will be announced very soon, the launch of SmartKargo marks a new milestone in the cargo development of the Canadian carrier.
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Canada Jetlines Operations (Canada Jetlines) the new, all-Canadian leisure airline, has released that the United States Department of Transportation has granted economic authority to serve the U.S. This exemption is effective immediately and will be replaced by a permanent foreign air carrier permit. Canada Jetlines requires Federal Aviation Administration (FAA) approvals before it can start operating to the United States and expects this process to be completed before the end of the year.
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The announcement follows Canada Jetlines’ confirmation of a new route out of its travel hub at Toronto Pearson International Airport (YYZ) with direct service to Vancouver International Airport (YVR), starting December 2022. The new route aims at providing more accessible travel within Canada, connecting the lower mainland and southern Ontario, operating twice weekly with frequency increasing before the new year.
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"We are looking forward to expand our international network, as the U.S. is a top market for Canadian travellers” stated Eddy Doyle, President & CEO Canada Jetlines. “With the winter months fast approaching, we know sun destinations will be a priority for leisure travel and we intend to announce our first international destination later this month.”
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