Tuesday, July 26, 2011
AviTrader Daily Aviation News Alert
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February 12, 2016 · 163 Views
In October 2015 Bombardier agreed to offering the Quebec government a 49.5% stake in a limited partnership, specifically attached to the company’s C Series, in return for a bailout investment of US$1 billion. The financial problems at the time related to the considerable delays and cost overruns for the project, together with a long-term slump in aircraft sales. The result culminated in Bombardier taking a US$3.2 billion impairment charge in the third quarter 2015, leading to a US$4.9 billion loss for that period.
However, Bombardier’s financial positioning has improved little, and further financial injection is being sought. While it was initially hoped that finance would come from the Canadian federal government, Quebec has now stepped in and indicated that if funding is not forthcoming from that direction within the next two weeks, they will be prepared to make a second payment to Bombardier. According to Jacques Daoust, who was only appointed Minister for Transport two weeks ago, “We’re in talks with Bombardier, we’re watching what is happening with the federal government very closely. If as of March 31, the federal government isn’t present, the Government of Quebec will have a decision to make. But we’ve always supported Bombardier. It’s a jewel of our economy, and we will continue.” As Industry Minister, Daoust was responsible for setting up the provincial investment from Quebec.
It is understood that the funds being discussed are of the same magnitude as the original bail out figure. Navdeep Bains, the Federal Innovation, Science and Economic Development Minister is apparently “very receptive” to the prospect of providing assistance to Bombardier, while Stefanie Power, a spokeswoman for Bains’ department, confirmed in a written statement that talks are ongoing: “The federal government is engaged in a dialogue with Bombardier to better understand the company’s situation and priorities and is working towards a timely decision. There has to be a strong business case for making a federal investment. Any assistance would have to be in the best interest of all Canadians.”
Currently, Bombardier is over two years late and approximately US$2 billion over budget with the C Series. The aircraft can seat 108 to 160 people, a step up in size from Bombardier’s signature regional aircraft, and has been designed to target the Boeing-Airbus duopoly on single-aisle commercial aircraft.
July 25, 2011 · 51 Views
DVB Bank reported the successful closing of two separate finance facilities with Guggenheim Aviation Partners (Guggenheim) for two A330-200 aircraft on lease to Jet Airways (India) and three B777-200ER aircraft on lease to American Airlines.
The finance facility for the two A330-200 aircraft on lease to Jet Airways closed in late March. Both aircraft were delivered new to Jet Airways in 2008 and were subject to a sale/leaseback with Guggenheim’s managed fund. The finance facility for three B777-200ER aircraft on lease to American Airlines closed in early June. The aircraft were originally delivered to American from 2000 to 2002 and were also subject to a sale/leaseback earlier this year with the Guggenheim fund. DVB Bank provided a back leveraging of this acquisition by the Guggenheim fund.
July 25, 2011 · 43 Views
Avio looks to the future and, as a tangible sign of its thrust for innovation, adopts a new logo. The Group, a leader in propulsion systems, is involved in increasingly challenging industrial projects, such as the next generation aeroengines, expansion in the Chinese market and the Vega satellite launcher, to mention but a few. The new logo chosen for the renewal of its identity reflects the Company’s strong forward-looking attitude while providing a link to its extraordinary past.
July 25, 2011 · 65 Views
B/E Aerospace reported that second quarter 2011 revenues of $608.9 million increased $125.0 million as compared with the same period of the prior year. Second quarter 2011 results reflect the acquisitions of TSI Group, Satair A/S’s aerospace fastener distribution business and LaSalle Lighting (recent acquisitions). Revenue growth for the second quarter of 2011, excluding recent acquisitions from both periods, was approximately 12.8%. Second quarter 2011 operating earnings of $106.7 million increased 35.4% on the aforementioned 25.8% increase in revenues. Operating margin was 17.5% and expanded 120 basis points as compared with the prior year period. Operating earnings growth and operating margin expansion were driven by the higher sales volume, improved revenue mix and ongoing operational efficiency initiatives. Second quarter 2011 net earnings were $54.8 million.
July 25, 2011 · 65 Views
Southern Air and Saudi Arabian Airlines have signed a definitive agreement under which Southern Air will operate one Boeing 747 freighter on behalf of Saudi Airlines Cargo on an ACMI basis (aircraft, crew, maintenance and insurance). The aircraft will begin to be operated for Saudi Airlines Cargo in July 2011 and will be painted in its livery.
July 25, 2011 · 88 Views
Embraer has received Type Certification (TC) from Australia’s Civil Aviation Safety Authority (CASA), for the Phenom 300 light jet to operate in the country. Frst certified in December 2009 by Brazil’s National Civil Aviation Agency (Agência Nacional de Aviação Civil – ANAC) and the U.S. Federal Aviation Administration (FAA), the Phenom 300 is now accepted in almost 40 countries including Indonesia, Austria, Denmark, France, Morocco, the United Kingdom, South Africa and the United Arab Emirates, amongst others.
July 25, 2011 · 53 Views
Embraer Defense and Security has selected the V2500-E5 engine, manufactured by International Aero Engines AG (IAE), to equip the KC-390 military transport jet. The first deliveries of the V2500-E5 engines for the KC-390 prototypes are scheduled for 2013, and the flight tests for 2014. The aircraft should go into service in 2015.
July 25, 2011 · 46 Views
Rockwell Collins unveiled the industry’s first touch-control primary flight displays for business jets and turboprop aircraft, which will be available on future applications of the company’s Pro Line Fusion avionics system. The announcement was made at the 59th Annual Experimental Aircraft Association (EAA) AirVenture in Oshkosh.
“These displays demonstrate our focus on empowering pilots with natural head-up, eyes-forward interfaces,” said Colin Mahoney, vice president of Sales and Marketing for Rockwell Collins. “Touch-controlled, icon-based controls on the main displays help keep pilots’ attention focused up and forward for safer and more efficient flying.”
July 25, 2011 · 115 Views
Messier-Bugatti-Dowty (Safran group) reported the extension of its supply relationship with Airbus for the nose and main landing gears of the single aisle program to include the contract award of the A320neo family. As the incumbent landing gear supplier for the A320 family, Messier-Bugatti-Dowty will progressively offer enhancements to current single aisle landing gears starting in 2014, in order to ensure a seamless transition into A320neo family deliveries, scheduled for entry in service in 2015. Direct benefits to operators include greater reliability and an extended service interval of 12 years between overhauls.
To date, Messier-Bugatti-Dowty has delivered 4,800 landing gears for the A320 family. The company’s global industrial network delivers 38 shipsets per month to Airbus Final Assembly Lines in Toulouse, Hamburg and in China. Messier-Bugatti-Dowty supplies landing gear to all Airbus families in service or in development, including the entire A330/A340 family, A380 nose landing gear and A350-800/900 main landing gears.