UAL Corporation boosts liquidity by approximately $1.2 billion

UAL Corporation completed the amendment of its co-branded card marketing services agreement with Chase Bank, as well as amended its credit card processing agreement with Chase/Paymentech L.L.C. These agreements boost United’s liquidity by approximately $1.2 billion, including $1.0 billion in the short term and an additional $200 million over the next two years. Under the terms of the agreement, United has received an additional $600 million from Chase in consideration for the advance purchase of frequent flyer miles and for extending the agreement. As part of the transaction, United has granted a security interest in various assets, including specified intangible Read more

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AMR Corporation raises $300 million through equity sale

AMR Corporation has raised approximately $300 million through the sale of 27.1 million shares of AMR common stock. Net proceeds to AMR were $294 million. The shares of common stock were issued pursuant to AMR’s shelf registration statement, and a prospectus supplement relating to the common stock was filed with the Securities and Exchange Commission on Aug. 22, 2008. Proceeds from the issuance, which AMR intends to use for general corporate purposes, are included in the Company’s expected total cash balance of approximately $4.9 billion, including a restricted balance of approximately $455 million, at the end of the third quarter Read more

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Learjet terminates development agreement with Grob Aerospace

Bombardier Aerospace announced it is assuming complete responsibility for the detail design and manufacturing of all primary and secondary structures for the all-new Bombardier Learjet 85 midsize business jet. Learjet has terminated its development agreement with Grob Aerospace AG of Switzerland.

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P&WC establishes new parts distribution centre in Sydney, Australia

Pratt & Whitney Canada has established a new parts distribution centre (PDC) in Sydney, Australia to speed delivery times to customers in the Australia and New Zealand regions. P&WC’s new PDC in Australia will complement a PDC opened in Singapore last year, and in Amsterdam in late 2006. It will house a range of spare parts, including new parts, exchange accessories and line-replaceable units for all P&WC engine models. The PDCs are operated by Pratt & Whitney Component Solutions (P&WCS). Parts ordered by phone or email through P&WCS will be dispatched from the closest PDC warehouse.

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SAFRAN and Creuzet renew collaboration for five years

SAFRAN and Creuzet have confirmed the renewal of their collaboration agreement for a period of five years, reflecting their commitment to continuing a fruitful partnership. Working in partnership, the two companies will launch new technology studies, such as the development of leading-edge airfoils for fan blades. Their agreement also confirms the continued collaboration through 2013 between the Creuzet group company Creuzet A

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AAR reports record first quarter results

AAR reported fiscal 2009 first quarter net sales of $359.9 million and income from continuing operations of $18.7 million. Sales grew 18% from $306.0 million in last year’s first quarter, and income from continuing operations increased 23% from $15.3 million in the prior year. Sales to defense customers increased 32% and sales to commercial customers increased 10%, year over year. Excluding the Aircraft Sales and Leasing segment, sales growth to commercial customers was 23%.

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Montenegro Airlines buys first E-Jet from Embraer

Embraer announced the sale of the first EMBRAER 195 jet to Montenegro Airlines. The agreement with the airline from the Republic of Montenegro also includes purchase rights for two more aircraft of the same model. The value of the deal, at list price, is $39.5 million, and could total $118.5 million, if all of the purchase rights are exercised. The EMBRAER 195 for Montenegro Airlines will comfortably seat 116 passengers in a single-class layout and delivery is expected in 2009. The company plans to use the new airplane for key markets on the European continent, including routes to cities like Read more

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