Daily2018-02-20
Follow-Us-Facebook
Follow Linkedin
Follow Twitter

LATEST NEWS

Thursday, July 2nd, 2020

Aeromexico files for Chapter 11 bankruptcy

With Latin American (LaTam) governments refusing to bail out their struggling airlines, Aeromexico has become the latest LatAm carrier to file for Chapter 11 bankruptcy as the effect of the Covid-19 pandemic continue to wreak havoc with the travel industry.

Aeromexico has made it clear that the bankruptcy filing was totally “voluntary” and that to all intents and purposes it would carry on with its current plans. This included quadrupling the number of international flights and doubling the number of domestic ones in August as restrictions on travelling are lifted. The Mexican carrier has confirmed that tickets, reservations, electronic vouchers and Premier Points will remain valid.

Aeromexico is following in the footsteps of Chile’s LATAM Airlines Group and Columbia’s Avianca Holdings, both of which filed for Chapter 11 restructuring in May, though Aeromexico is looking to find preferential financing as part of the restructuring deal, also known as debtor-in-possession financing. There is a fair level of concern being shown that if more LatAm carriers fold, a lack off competition will lead to a hike in ticket prices.

U.S. carrier Delta Air Lines holds a 49% stake in Aeromexico and a 20% stake in LATAM, so the bankruptcy process could well result in a substantial reduction in the value of both its investments.

BAG_04

Airbus' H160 helicopter receives EASA approval

Airbus Helicopters’ multi-role twin engine H160 helicopter has been granted its type certificate by the European Union Aviation Safety Agency (EASA), marking a new chapter for the program. The company is expecting FAA certification to follow shortly prior to first delivery to an undisclosed US customer later this year.

“The successful completion of the H160 Type Certificate is the result of several years of tremendous work and efforts accomplished jointly by the involved technical teams of the Agency and Airbus Helicopters in a remarkable fruitful cooperation spirit,” EASA Certification Director Rachel Daeschler said. “It is the result of thorough design and testing efforts, to ensure the highest safety standards are reached. The design of the H160 makes it suitable for a wide range of versatile missions. It is also one of the most environmentally friendly with respect to fuel consumption and one of the quietest helicopters of its class.

Meggitt expands aviation repair capabilities in Asia

Meggitt, an international company specialising in high performance components and subsystems for the aerospace, defence and selected energy markets, has received authority approval to repair over 80 new part numbers at its newly expanded Services & Support centre of excellence in Singapore. The purpose-built site serves as the regional hub for aerospace aftermarket in Asia.

At 42,000 ft², the facility has doubled in size to incorporate fire detectors, cable assemblies, actuators, sensors, valves and heat exchangers, adding several new capabilities to the current portfolio.

Meggitt’s Services & Support division established its site at Seletar Aerospace Park, Singapore, in 2012, and this latest expansion was driven by the significant growth in content Meggitt has secured on next generation aircraft platforms including the A350XWB, A320neo, Boeing 737MAX and both GTF and Leap engines.

SET_01

GA Telesis Engine Services opens new state-of-the-art aircraft engine hospital shop

GA Telesis Engine Services OY (GATES), the engine heavy maintenance unit of global aviation integrator GA Telesis, has established its dedicated aircraft engine hospital shop, focusing on specialized aircraft engine repairs requiring limited or targeted maintenance.

The Special Procedures Aero-Engine Hospital (SPAH) will be one of the few in the world with integrated test cell facilities capable of testing engines of up to 100,000 lbs of thrust. SPAH will focus solely on repairs that will allow the company to provide a streamlined approach, real-time engine evaluations, and troubleshooting. Furthermore, SPAH will include a mobile response team that will concentrate on engine field maintenance and on-wing support.

SPAH will be operating as an independent business unit at the GATES facility in Helsinki and will be led by Aarno Hakanen, Head of SPAH. “Aarno brings 30 years of experience in engine maintenance with him. This, along with our highly experienced team of mechanics, planners, and engineers, will enable SPAH to provide our customers with Intelligent, tailor-made solutions," says Carsten Holm, Chief Operating Officer at GATES. “We experienced an increased demand in the market for a dedicated repair shop in Europe, offering slots that focus solely on minor repairs, test cell runs, and end of lease inspections. Launching this new product allows us to provide both the Airline and the Leasing communities a unique, cost-effective service with reduced turnaround time."

SPAH will initially target the GE CF6-80C2B, CFM56-5B and CFM56-7B product lines. Over the next 18 months, the company plans to add the IAE V2500-A5, P&W PW4000-94/100, GE CF6-80E1, and CF34-8/10 engine lines to its capabilities

SFR_02

IAI CEO is stepping down

The CEO of Israel Aerospace Industries, Major-General (Ret.) Nimrod Sheffer, has announced on July 1, 2020, that he is stepping down following two years as the company’s CEO and six months as VP of strategic planning.

Sheffer has joined IAI as VP of Strategic Planning two and a half years ago after 36 years of military service as a combat pilot in the air force. In his last capacity in IDF, he served as head of the Planning Division.

During his term as IAI CEO, Sheffer has introduced a series of reforms and transformations and has drafted a growth strategy and a business plan which yielded excellent business results for IAI in the past six quarters.

Embraer to invest in Tempest Security Intelligence

Embraer has signed a contract for a capital investment in Tempest Security Intelligence, resulting in a majority interest in the company.

The largest cybersecurity company in Brazil, Tempest, positions itself as a provider of complete solutions for business protection in the digital world. With offices in Recife, São Paulo, and London, it serves more than 300 clients in Brazil, Latin America, and Europe.

Founded in Recife in 2000, Tempest is one of the companies to receive an investment from the Aerospace Investment Fund (Fundo de Investimento em Participações Aeroespacial - FIP) created by BNDES, FINEP, São Paulo Development Agency (DESENVOLVE SP) and Embraer, the goal of which is to strengthen the aerospace, aeronautical, defense, and security production chain. Through the Aerospace Fund, Embraer has enjoyed indirect participation in Tempest since 2016.

Brazil has the second-highest rate of cyber crime in the world, second only to Russia. As a consequence, Brazilian companies lose up to US$ 10 billion a year to cyber crime, which includes financial theft, as well as that of intellectual property and confidential information.

ROY_03

DAE provides first-half 2020 business update

Dubai Aerospace Enterprise (DAE) has released the following updates on business activity, liquidity and customer deferral requests:

DAE’s owned, managed and mandated-to-manage fleet stayed stable at 400+ aircraft. During the first half of 2020, DAE sold or novated 17 aircraft, acquired five aircraft, transitioned or extended leases on 23 aircraft, and negotiated 41 lease extensions subject to documentation. Since the onset of the pandemic, DAE has transitioned 11 aircraft with 18 ferry flights to and from nine countries. Portfolio lease utilization remained high and is above 99%. The managed aircraft portfolio grew to 73 aircraft.

DAE ended the first half of 2020 with total available liquidity of US$2.8 billion which comprised of approximately US$600 million of unrestricted cash and US$2.2 billion of long-term committed available lines of credit. The company repurchased US$187 million of its own bonds in the first-half 2020. Over the next 12 months, DAE has only one bond maturity of US$430 million in August 2020.

DAE continues to receive rent deferral requests; to date the company has granted 29 rent deferral requests totaling aggregate rent of approximately 12% of annual reported revenue. The company is currently evaluating an additional 28 rent deferral requests totaling aggregate rent of approximately 6% of annual reported revenue and expects to provide additional assistance to its clients and also expects arrears to climb as clients continue to refine their operating models.

ACR_03

Air bp hits 250,000 fueling milestone with Airfield Automation technology

Air bp, the international aviation fuel products and services supplier, has passed a milestone of 250,000 fuelings using its Airfield Automation digital technology. The landmark fueling took place in Adelaide, Australia, when the business supplied Jet A-1 (with fuel system icing inhibitor) to The Royal Flying Doctor Service (RFDS).

Since launching in May 2018, Airfield Automation has been rolled out to 145 Air bp network-locations in 18 countries on four continents. Since the start of the year, new sites have also gone live in Norway, Sweden and the UK.

Before many aircraft were grounded due to the Covid-19 pandemic, Air bp was completing around 1,000 fuelings per day globally with some 20% using Airfield Automation. Designed to enhance safety, reliability and compliance in airport fueling operations, Air bp’s technology has been well received by operators who have reported increased speed and efficiency in fueling. Customers have noted improved turnaround times and enhanced accuracy in fueling.
AviTrader_Weekly_Headline_News_Cover_2020-06-29

click here to download the latest PDF edition

AviTrader_Monthly_MRO_e-Magazine_Cover_2020-06

click here to download the latest PDF edition

click here to subscribe to our other free publications

AIRCRAFT & ENGINE MARKETPLACE

click here to view in PDF aircraft and engines available for sale and lease

Follow Twitter
Follow Linkedin
Follow-Us-Facebook
Interested in advertising with AviTrader?

Tamar Jorssen
Vice President Sales & Business Development
Email: tamar.jorssen@avitrader.com
North America Toll-Free: +1 (833) 258 8543
Outside North America: +1 (788) 213 8543
Tamar