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LATEST NEWS
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Thursday, February 10th, 2022
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Families of the victims of the two Boeing 737 MAX crashes have had their request to declare that the government violated their legal rights when it reached a US$2.5 billion resolution of criminal charges with the American planemaker opposed by both Boeing and the US Justice Department. While the DOJ confirmed in its court filing that "the government apologizes for not meeting and conferring with these crash victims' beneficiaries before entering into" a deferred prosecution agreement with Boeing - a sort of corporate plea deal.
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The settlement in January 2021 was reached after a 21-month investigation onto the crash in Indonesia and the subsequent crash in Ethiopia which killed a total of 346 people. According to Reuters news agency, in the filing, the Department of Justice explained its decision not to take Boeing to a trial on a criminal charge of conspiring to defraud the Federal Aviation Administration, the agency that regulates Boeing and evaluated its airliners.
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"There was no doubt that Boeing had conspired to defraud the federal government when it deceived the FAA Aircraft Evaluation Group," the filing said. "The government's investigation, however, did not produce evidence that it believed would allow it to prove beyond a reasonable doubt what factors had caused the crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302," it added, referring to the two fatal flights.
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Paul Cassell, a lawyer for the families, criticized the Justice Department's position that relatives of those killed in the crashes do not qualify as "crime victims" under federal law. Paul Cassell, a lawyer for the families, was critical of the Justice Department's view that relatives of those killed in the crashes do not qualify as "crime victims" under federal law. "The Department of Justice's claim that the families are not the 'victims' of Boeing's crimes is unconscionable and unsupportable," Cassell said in a statement.
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The settlement reached with the DOJ enabled Boeing to avoid prosecution, and included a fine of US$243.6 million, compensation to airlines of US$1.77 billion and a US$500 million fund for crash victims over fraud conspiracy charges related to the plane's flawed design. The DOJ has confirmed that of the US$500 million, US$471 has been distributed to relatives of 326 of the 346 crash victims. (£1.00 = US$1.35 at time of publication).
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AeroDirect has acquired five ex-LATAM V2500-A5 engines for customer component support and to add to its lease pool of engines. Steve Berner, Vice President of Sales for AeroDirect, said: "These additional engines to our portfolio will greatly enhance our footprint in the V2500 arena which we anticipate greater demand as the industry comes out of the pandemic and the engine type is faced with airworthiness directive challenges.
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The transaction was funded through its partnership with Troob Capital Management, a New York financial firm. AeroDirect’s current partnership allows for funding additional engine acquisitions through 2024.
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Founded in 1995, AeroDirect stocks over 1.5 million quality engine, airframe and expendable parts for its 1500 active customers and suppliers. It currently has CFM56-3/5/7 and V2500 engines in its lease pool.
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Alaska Airlines has targeted a significant, multi-million-dollar renovation and expansion of its most popular lounges with plans for all-new locations at both Seattle and Portland airports in the coming years. The revitalization of two current lounges – scheduled to get underway this spring – will eventually pave the way for completely new spaces in 2025-26. The investment continues the dramatic improvements Alaska made in its lounges, which includes the opening of its 15,000-ft² flagship lounge at N Concourse in Seattle in 2019 and its new location at Terminal 2 in San Francisco last summer.
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Alaska will invest nearly US$7 million for lounge upgrades in Seattle for 2022-23 and nearly US$1.5 million for lounge upgrades in Portland for 2022.
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flydocs, a global leader and partner of choice in digital aviation records and data management, has announced the signing of a comprehensive deal with easyJet to digitize the records and asset management of its entire aircraft fleet.
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Under the ten-year deal, the European airline will utilizse flydocs’ AMOS integration, a tailored software package and digital records migration to further modernize ita operations and support aircraft transitions.
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Swaran Sidhu, Head of Fleet Technical Management at easyJet, said: “At easyJet we remain focused on finding ways to be ever more innovative and data-driven in our operation, and we are already seeing benefits from our operation resilience processes, predictive maintenance and maintenance planning. We are delighted to now be working with industry leaders flydocs, whose innovative approach to digitisation of aircraft maintenance records will support us and our fleet of over 300 aircraft across Europe, and further reinforce our efforts to this commitment.”
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K5-Aviation has taken delivery of its first ACJ330-300 aircraft from ACJ (Airbus Corporate Jets). K5-Aviation is the largest ACJ operator in Europe with four ACJ319s and one ACJ350-900 in its fleet.
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Designed for highly-demanding VIP and private markets, the ACJ330-300 delivers top-end luxury, comfort and true nonstop range to the world..
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The ACJ330-300 aircraft will feature a 243m² VIP cabin, installed by Fokker Techniek, the outfitter selected by K5-Aviation. Onboard guests can experience ultimate comfort over 8,650 nm/16,000 km or up to 18.5 hours, enough to fly nonstop from Europe to Australia.
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Iberia Maintenance has released that Marc Wittingen has been appointed MRO Commercial & Business Development Director from February 1, 2022.
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Wittingen has more than 20 years of experience in International Sales, Business Development and Strategic Partnering in commercial and defence aviation, specializing in MRO of engines, airframes and aircraft components. Since 2008, he has held several commercial senior management roles across the industry. He holds an Industrial Engineering & Management (MSc) degree from the University of Twente, in the Netherlands.
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Dubai Aerospace Enterprise (DAE) has reported its financial results for the year ended December 31, 2021.
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Operating profit for the full-year 2021 was US$514.4 million compared to US$584.0 million for the full-year 2020. During the year 2021 was a decrease in lease revenue and an increase in expenses offset by an increase in gain on disposal of aircraft.
Operating cash flows for the full-year increased by 31.7% to US$1,143.0 million, compared to US$867.9 million for the full-year 2020. Adjusted profit for the full-year 2021 was US$188.3 million compared to US$228.9 million for the full-year 2020.
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Total assets in 2021 were US$12,609.6 million, compared to US$12,742.5 million in 2020 and available liquidity was US$2,910.3 million in 2021, compared to US$2,693.0 million in 2020. The company's liquidity ratio increased to 442.7% on December 31, 2021 from 235.2% on December 31, 2020. Net Debt-to-Equity ratio was 2.54:1 times at December 31, 2021 compared to 2.57:1 times at December 31, 2020.
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Total number of aircraft in the fleet as of December 31, 2021 was 385 (December 31, 2020: 374) which consisted of 296 owned (December 31, 2020: 298), 79 managed (December 31, 2020: 66) and ten committed aircraft (December 31, 2020: ten).
During the year full-year the company purchased 18 owned aircraft (December 31, 2020: 23) and 23 managed aircraft (December 31, 2020: 15) and sold 20 owned aircraft (December 31, 2020: 14) and ten managed aircraft (December 31, 2020: 14).
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