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Financial

Astronics announces one-for-four stock distribution

Astronics Corporation announced a one-for-four distribution of Class B Stock to holders of both Common and Class B Stock. Stockholders will receive one share of Class B Stock for every four shares of Common and Class B Stock held on the record date of October 6, 2008. Fractional shares will be paid in cash. The

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AMR Corporation completes sale of American Beacon Advisors

AMR Corporation, the parent company of American Airlines, has completed the sale of American Beacon Advisors, its wholly owned asset-management subsidiary, to Lighthouse Holdings, which is owned by investment funds affiliated with Pharos Capital Group, LLC and TPG Capital, L.P., two leading private equity firms. AMR received a total consideration of $480 million. While primarily

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Gulfstream International Group enters into agreement for new debt financing

Gulfstream International Group has entered into an agreement to sell to an institutional investor $5.10 million in face amount of secured original issue discount debentures (the “Senior Debentures”). In addition, Gulfstream will issue to the Investor a warrant to purchase 578,870 shares of Gulfstream common stock, exercisable at nominal value. The Investor has the right

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Lufthansa takes strategic equity share in Brussels Airlines

Lufthansa takes a strategic equity share in Brussels Airlines Acquisition of 45% for 65 million euros / Acquisition of remaining 55% intended Brussels Airlines is embarking on a new future with Lufthansa: Lufthansa Chairman Wolfgang Mayrhuber and SN Airholding Chairman Eitienne Davignon have signed an agreement, which initially envisages a strategic stake in SN Airholding

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XL Airways grounds aircraft after filing for insolvency

Britain’s third largest tour operator faced bankruptcy as a result of soaring fuel costs and the credit crunch. XL Leisure Group Plc, XL Airways UK Limited, Excel Aviation Limited, Explorer House Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom Flights (Aviation) Limited, The Really Great Holiday Company plc, Medlife Hotels Limited, Travel City Flights Limited,

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Alaska cuts 10% of its jobs

Alaska Airlines said it is reducing capacity 8% compared to a year ago, effective with its winter schedule starting Nov. 9 and continuing into 2009. The reduction in capacity represents 15% fewer departures. As a result, Alaska Airlines is reducing its work force by 9 to 10%. “The one-two punch of record oil prices and

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Magellan expands funding base for growing business

The Magellan Group released that ACG Investment Capital Partners, a joint venture between the Aviation Capital Group and FB Transportation Capital LLC, has made an investment in the Magellan Group. The additional capital combined with the relationship with two premier firms in the aviation industry will enable Magellan to continue the strong growth achieved since

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Boeing completes acquisition of Insitu

The Boeing Company has completed its acquisition of Insitu Inc., a pioneer in the unmanned air systems (UAS) market and leader in the design, development and manufacture of high-performance, low-cost UAS used for intelligence, surveillance and reconnaissance. Insitu, located in Bingen, Wash., designs, develops and manufactures UAS for commercial and military applications. This acquisition, first

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