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Thursday, June 3rd, 2021

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Air Asia X all set for restructuring after receiving Group shareholder approval

Long-haul Malaysian carrier Air Asia X is all set for restructuring having secured the approval of the shareholders of its parent company Air Asia Group. At an extraordinary general meeting, the survival of the Group’s affiliate was secured through the approval of all resolutions, including a rights issue and share subscription for new investors in order to raise MYR 500 million.

"These approvals have been obtained simultaneously with final negotiations being held with creditors," it said, adding that with advisers New York-based Seabury Capital it had been "in active and productive" talks with lessors and others.

In October 2020 Air Asia X had proposed restructuring its then debt of MYR 64.15 billion into a principal amount of MYR 200 million, with the remainder being waived, while in February this year Malaysian courts granted the carrier leave to convene separate meetings with its different groups of creditors within six months, to vote on its scheme. In March, the courts also granted AirAsia X a three-month order against any proceedings that may be filed against it, which could have slowed down its restructuring.

Last year Airbus joined more than a dozen creditors to challenge the debt restructuring plan, advising the court that it stood to lose more than US$5 billion worth of orders if the proposal went through. (US$1.00 = MYR 4.12 at time of publication.)

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British Airways to trial IATA travel pass

British Airways will begin trialing digital travel solution, IATA Travel Pass, on flights from Heathrow to Geneva and Zurich in Switzerland, from June 1.

The app can be downloaded onto a mobile device directly from the app store. Once downloaded, customers will create a secure account and will be presented with the entry requirements for their destination. British Airways’ customers can then book a Covid-19 test with an approved provider and the results will be automatically uploaded into the app by the laboratory.

The app then checks that a customer meets the entry requirements for their destination and will then notify the customer to let them know that they are ready to travel. The airline’s parent company, International Airlines Group (IAG), has been working closely with IATA to co-develop the app that is now being successfully piloted by other global airlines, including British Airways’ sister airline Iberia.

British Airways is also currently trialing digital travel app, VeriFLY, on routes to the U.S., France, Ireland, Barbados, Bahamas and Canada, as well as all inbound international flights. Once a customer has had their travel documentation certified through the app, they will be able to check-in through either ba.com or the British Airways app and download their boarding pass before arriving at the airport.

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GE Aviation breaks ground for new manufacturing operations

GE Aviation has broken ground on its new lean engine component manufacturing facility for both civil, military aviation, and aero derivative applications. The facility will be built on 53 acres in the Miami Valley Research Park in Ohio.

The 280,000 ft² facility is expected to be completed by the first quarter of 2022 and fully operational by the end of 2022. The new facility will optimize manufacturing operations and advanced technology development into one facility, combining operations from seven buildings into one. GE currently has approximately 400 hourly and salaried employees who will be located at the new facility.

GE Aviation’s new facility will focus on new technology development as well as new product introduction. The facility will develop and manufacture gas turbine engine components and mechanical systems for a variety of industries, including aviation, space, defense, and oil and gas.

Recaro Aircraft Seating appoints Sunitha Vegerla as new General Manager of Recaro Aircraft Seating Americas

Recaro Aircraft Seating (Recaro) has appointed Sunitha Vegerla as its new General Manager of Recaro Aircraft Seating Americas in Fort Worth, Texas, effective June 1, 2021. Vegerla is the Director of Quality and Process Management and a member of the Americas executive leadership team.

After three years in the role, current General Manager René Dankwerth will be transitioning into a new position as EVP Competence Center Composites at Recaro headquarters in Schwaebisch Hall, Germany. During his time as General Manager, Dankwerth ramped up the facility’s production capabilities to double the sales volume in 2018-2019, while maintaining on-time delivery to customers.

Vegerla has been with the seating company for nearly two decades and is responsible for helping build the program management department in the Americas. Originally from India, Vegerla holds a bachelor’s degree in engineering from Andhra University in India and a master’s degree in engineering technology from the University of North Texas.

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Three months of successful operation for new DC Aviation wheel shop

Three months ago, DC Aviation has put its new state-of-the-art wheel shop into operation at the maintenance center at Stuttgart Airport. The new wheel shop offers customers an even more comprehensive range of services for the repair and maintenance of main and nose landing gear wheels. From now on maintenance services can also be performed on wheels of larger business jets. Since 2017 DC Aviation has held its C14 approval for the repair and maintenance of main and nose landing gear wheels. Services in this area are currently being performed for the Cessna Citation XLS+, Bombardier Challenger 300/604/605/850, Bombardier Global Series and Gulfstream G650 models. Due to demand, work is already underway to further expand the wheel shop. For example, in the future DC Aviation would like to offer work on Cessna CJ series wheels, and service the wheels of Gulfstream G500, G600 and G700 jets.

For this purpose, DC Aviation has significantly expanded the space capacity of its previous wheel shop and has invested in state-of-the-art equipment. The floor of the new 77 m2 area was sealed with high-gloss epoxy resin. The modern equipment includes two bead breakers for loosening the tires on smaller and larger wheels, a hydraulic lift for ergonomic and effective work on wheels, a rim washing machine, along with a sandblasting cabin to prepare wheels for crack testing.

DC Aviation can now reflect on the first few weeks of the new Wheel Shop, which have been exciting and highly positive. After completing training employees were able to use the newly acquired equipment and service new customers. DC Aviation is pleased that it has been able to expand its service portfolio and are extremely pleased by the positive reaction of customers and the increased demand created by this new opportunity for maintenance work.

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IBC Advanced Alloys announces CA$1.0 million non-brokered private placement

IBC Advanced Alloys (IBC) has announced that it intends to offer, on a non-brokered private placement basis, up to 5,000,000 units of the company at a price of Ca$0.20 per unit for gross proceeds to the company of up to CA$1.0 million. There is no minimum offering amount.

Each unit will consist of one common share of IBC and one common share purchase warrant.  Each warrant will entitle the holder to acquire one common share of the company at a price of C$0.23 at any time prior to the date which is two years following completion of the offering.

It is anticipated that the private placement will close on or before June 18, 2021, and is subject to the completion of formal documentation, receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange, and other customary conditions.

AFG Aviation Ireland completes acquisition of CFM56-5B4 engine

AFG Aviation Ireland, a wholly owned subsidiary of Aircraft Finance Germany GmbH, has completed the acquisition of one CFM56-5B4 engine bearing ESN 569638, from Aircastle.

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