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LATEST NEWS

Tuesday, August 18th, 2020

Despite 190 earlier layoffs, Rolls-Royce Virginia plant to close with loss of 280 further jobs

Located in central Virginia, Rolls-Royce has announced the forthcoming closure of its Prince George County aircraft parts factory, scheduled for mid-2021.

Like many businesses connected to the commercial aerospace industry, the Rolls-Royce plant has been heavily hit by the downturn in demand for travel during the COVID-19 pandemic and had already laid off 190 workers back in June.

“The COVID-19 pandemic has caused a historic collapse in civil aviation which will take several years to recover. As a result, we’ve had to make difficult, but necessary, decisions to protect the future of our business,” Rolls-Royce North America spokesman Don Campbell said in a statement.

Situated near Richmond, the plant was opened in 2011 with the help of a state-provided US$57 million incentive package, and was intended for the testing and assembling of components for corporate jets. However, with the announcement of the plant’s creation four years earlier in 2007, the subsequent 2008 recession saw Rolls-Royce change its plans.

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Finnair considers issuance of new capital securities

Finnair is considering the issuance of new euro-denominated capital securities (New Capital Securities). The potential issue is expected to take place in the near future subject to market conditions. The maximum principal amount of the potential issue is €200 million.

At the same time, the company announces that it invites the holders of its outstanding €200 million 7.875 per cent capital securities issued in 2015 to tender the capital securities for cash on the terms and conditions set out in the Tender Offer Memorandum dated August 18, 2020.

Pursuant to the tender offer, the company proposes to accept for purchase any and all of the Capital Securities, although the company reserves the right, in its sole discretion, to accept or reject any capital securities offered for purchase.

Whether the Company will accept for purchase any Capital Securities validly tendered is subject to, without limitation, the pricing of the issue of the New Capital Securities. The purchase price of the Capital Securities is EUR 100,000 per EUR 100,000 in principal amount of the Capital Securities. Accrued and unpaid interest will be paid in respect of all Capital Securities validly tendered and delivered and accepted for purchase.

The offer period closes at 4:00 p.m. Helsinki time (EEST) on August 26, 2020. The Tender Offer results will be announced as soon as possible and in no case later than August 27, 2020. Subject to satisfaction of the New Issue Condition, the settlement date is expected to be September 3, 2020.

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Pro Star Aviation partners with Elliott Technologies

Pro Star Aviation, an innovative aerospace modification center, announced
its partnership with Elliott Technologies as a new distributor for Prizm Lighting Technologies, expanding its offerings for the business jet market.

Prizm LED cabin lighting is a full-color spectrum mood lighting solution that can be controlled through a mobile app or existing cabin lighting controls. Designed for light to large business jets offers 10 user presets and is fully customizable for upwash, downwash, accent lighting cup holders, and more.

“Elliott Technologies designed a cabin lighting system that is cost-effective and offers our customers the latest technology. Installation of the Prizm Cabin lighting is made easy because the system is design by Aircraft experts
for aircraft experts.” stated Jeff Shaw, Director Business Development. “We continuously work with key OEMs to offer our customers the latest technologies. Prizm LED cabin Lighting replaces older fluorescent or LED
lighting that is costly to maintain.”

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Ryanair cuts capacity in September and October by almost 20%

Ryanair will reduce its flight capacity by 20% during the months of September and October as forward bookings have notably weakened over the last 10 days, given continuing uncertainty over recent Covid case rates in some EU countries.

Ryanair confirmed that most of these cuts would be frequency reductions rather than route closures, and they will be heavily focused on those countries such as Spain, France and Sweden, where rising recent Covid case rates have led to increased travel restrictions, and Ireland which continues to impose a uniquely restrictive Green List, which imposes 14 day quarantines on visitors from most other EU countries.

Volga-Dnepr Group takes delivery of Boeing 777 Freighter

A Boeing 777 Freighter has joined the Volga-Dnepr Group fleet of 24 Boeing freighters on August 17, departing Paine Field in Everett, Washington. The fuel-efficient twin-engine freighter will begin operations with AirBridgeCargo, a subsidiary of Volga-Dnepr.

AirBridgeCargo will operate the airplane via a sale-leaseback agreement with Dubai Aerospace Enterprise (DAE). Volga-Dnepr Group is among the world's largest Boeing freighter operators, flying 17 747 freighters and five 737 freighters, including 13 747-8F, four 747-400ERF, two 737-800BCF and three 737-400SF.

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Swissport wins Qatar Airways Cargo business in Amsterdam, Manchester and Birmingham

Swissport and Qatar Airways Cargo renewed their agreement covering airport ground services and cargo handling at Schiphol Airport in Amsterdam, Netherlands. The contract includes ramp handling and air cargo warehousing as well as handling of general cargo, pharmaceuticals, dangerous goods and temperature-sensitive goods. The contract is valid until the end of 2025. The renewed agreement provides Swissport with a substantial baseload of cargo tons per year at Amsterdam airport, where – thanks to direct ramp access – it offers fast and secure transfers of cargo shipments to and from aircraft through the Swissport warehouse.

Via its Manchester and Birmingham warehouses, Swissport can also link Qatar Airways Cargo to regional airports across the U.K. utilizing its road feeder services to Aberdeen, Belfast, Bristol, East Midlands, Glasgow and Newcastle, which are not served directly. These new five-year contracts, commencing September 1, 2020, further strengthen the longstanding relationship between Swissport and Qatar Airways Cargo.

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Cambridge Airport becomes first southern base for Apollo Air Services

Cambridge City Airport has become the first southern base for Apollo Air Services, a leading U.K. VIP helicopter charter service.

Apollo already has four bases in the north, in Carlisle, Leeds, St Andrews, Cardiff. The new addition of Cambridge will make the company better placed to meet the growing demand for helicopter travel and service the south of the UK including London, the South Coast and European cities, such as Paris and Brussels.

Cambridge Airport and Apollo Air Services have both experienced a sharp increase – more than 40% - in enquiries for private charter flights compared to 2019 since lockdown eased, with half of these enquiries from first time customers.

Cambridge is a small regional airport just minutes from the centre of the historic city, with fast and convenient links to London and the south and east of the country.
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Tamar Jorssen
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Email: tamar.jorssen@avitrader.com
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Tamar