ITP acquires Alstom Aerospace

Industria de Turbo Propulsores, S. A. (ITP) has agreed to acquire Alstom Aerospace, a company dedicated to engineering services and the design and manufacture of turbo-machinery and aeronautical software. Alstom Aerospace is a division of Alstom Ltd, an affiliate in which Alstom S.A. holds a 100% stake. The acquisition was carried out through ITP Engines UK.

Email Post to a Friend Email Post to a Friend

Petters Aviation and its subsidiaries file for chapter 11

Petters Aviation and its subsidiaries, including MN Airlines LC, d.b.a. Sun Country Airlines filed for protection under Chapter 11 of the United States Bankruptcy Code. Sun Country Airlines will continue to operate and fly its regular flight schedule. Stan Gadek, Chairman and Chief Executive Officer of Sun Country said,

Email Post to a Friend Email Post to a Friend

Woodward completes MPC acquisition

Woodward Governor Company completed the acquisition of MPC Products Corporation. Woodward announced the signing of a definitive stock purchase agreement on August 19, 2008. MPC is an industry leader in the manufacture of high-performance electromechanical motion control systems primarily for aerospace applications. The main product lines include high performance electric motors and sensors, analog and digital control electronics, rotary and linear actuation systems, and flight deck and fly-by-wire systems for commercial and military aerospace programs.

Email Post to a Friend Email Post to a Friend

UAL Corporation to boost liquidity by $275 million

UAL Corporation reported financing transactions that will add approximately $275 million of cash prior to year end. The company has completed a $125 million aircraft financing agreement, receiving approximately $60 million on September 30th, and will receive the remaining approximately $65 million by mid October. United has also executed agreements and agreements in principle (subject to reaching final documentation and other conditions) to sell certain assets for approximately $140 million. The company received approximately $30 million from these assets in the third quarter and expects to receive approximately $110 million in the fourth quarter. In addition, United intends to substitute Read more

Email Post to a Friend Email Post to a Friend

Frontier Airlines files monthly operating report for August 2008

Frontier Airlines its monthly operating report for August 2008. Frontier reported an operating profit of $3.3 million and a consolidated net loss of $5.6 million. Frontier’s results included the following items: $6.5 million in reorganization items, which included a $4.7 million loss on a sale-leaseback transaction and $1.8 million in professional fees, a mark-to-market non-cash loss of $0.5 million on fuel hedging contracts, a loss on early extinguishment of debt of $0.3 million. These charges were offset by a reversal of severance accrual of $0.5 million

Email Post to a Friend Email Post to a Friend

Delta, Northwest stockholders approve merger

Delta Air Lines and Northwest Airlines announced that their respective stockholders have overwhelmingly approved the pending merger between the two companies. Delta stockholders approved the issuance of 1.25 shares of Delta common stock for each outstanding share of Northwest stock to be distributed upon closing of the merger, expected later this year. The proposal was approved by approximately 99% of the votes cast by Delta stockholders. More than 98% of the votes cast by Northwest stockholders were voted in favor of the merger.

Email Post to a Friend Email Post to a Friend

Boeing to acquire Tapestry Solutions

The Boeing Company announced an agreement to acquire Tapestry Solutions, a San Diego-based company specializing in services and software systems that improve the tracking and distribution of equipment, spare parts and personnel for the U.S. Department of Defense and other government and non-government agencies. Tapestry Solutions’ tools, such as the Joint Distribution Logistics Model and Battle Command Support Sustainment System, are U.S. Army standards that increase asset visibility, optimize distribution and enable dynamic logistics planning. Boeing Integrated Defense Systems (IDS) President and CEO Jim Albaugh said the acquisition should accelerate the growth of the company’s service and support business.

Email Post to a Friend Email Post to a Friend

MTU Aero Engines to launch new cost-reduction initiative

MTU Aero Engines has launched a new cost-reduction initiative intended to save 50 million euros annually, the bulk of it already in 2010. This follows an announcement MTU CEO Egon Behle made at the Analyst and Investor Day the company held in Munich on Sept. 26th. Behle reaffirmed the company’s 2008 forecast and expects MTU to remain on its profitable growth track even in a troubled market environment. The new cost reduction program, named Challenge 2010, is designed to enhance MTU’s competitive position and prepare the company for a difficult market. By 2010, the initiative is expected to initially yield Read more

Email Post to a Friend Email Post to a Friend

Gulfstream International announces closing of new debt financing

Gulfstream International Group has consummated two debt financings recently announced, bringing in net cash proceeds of approximately $5.1 million. The terms of these financings are detailed in the Company’s Form 8-K filed on September 18, 2008.

Email Post to a Friend Email Post to a Friend