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Monday, February 4th, 2019
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With current debts of approximately US$1.14 billion resulting mainly from fierce competition, high oil prices and the depreciation of the rupee, India’s Jet Airways has agreed to the majority of
terms laid down by Gulf carrier Etihad Airways (Etihad) in a much-needed financial bail-out and company ownership restructuring. Currently, Etihad holds a 24% stake in the airline which will increase to 40%, while current 51% majority shareholder Naresh Goyal will reduce his stake to 22% and step down from the board.
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Jet Airways holds approximately one-sixth of the burgeoning Indian aviation market but owes money to banks, aircraft vendors and lessors, some of whom are threatening to repossess a number of aircraft. However, the stricken carrier is hoping to obtain shareholder approval in February to convert existing debt into equity while also allowing lenders to nominate directors to its board.
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State Bank of India (SBI) is one of the principal lenders, but as yet has not confirmed how much of a stake it was prepared to take in the carrier if the equity swop is approved by shareholders.
Combined, it is expected that lenders would end up with a 30% stake in Jet Airways through debt conversion.
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According to Reuters, Jet Airways is also struggling with payment to pilots, though it had agreed to pay an outstanding 25 percent of salary for October and 75 percent for November by January, with
the remainder cleared in tranches by April. The pilots’ union is hoping to meet with management next week to discuss the issue of outstanding wages.
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The airline's directors are expected to discuss the legal formalities of the deal and other details at a board meeting on February 14. If Jet Airlines agrees to the terms, Etihad will immediately pump in US$35 million.
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Egyptair Cargo has ferried its second passenger-to-freighter converted A330-200 (MSN709) from Dresden/Germany to Cairo/Egypt. The 13 year old aircraft went through its conversion at Elbe Flugzeugwerke GmbH (EFW), during the 2nd half of 2018. Ground tests and acceptance procedures have been successfully finished until January 31st 2019.
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With use of its new freighter aircraft Egyptair Cargo is supposed to replace its previous A300-600P2F freighter generation and to upgrade & modernize its cargo capabilities using the A330-200P2F’s enhanced range, volume and payload characteristics.
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This event marks the slot-in for the 3rd aircraft of this kind: In parallel to MSN709’s final cleaning and hand-over procedures its sister aircraft MSN610 has already gone through paint stripping and systems removal.
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AAR subsidiary Airinmar has signed an agreement with one of the leading low-cost carriers in Europe to augment its warranty management capability.
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Airinmar will operate as an extension of the airline’s warranty team to identify, record and claim heavy/line maintenance warranty entitlements; lend expertise to assess service bulletins for additional warranty, when applicable; and maximize warranty recovery, including free of charge material and labour credits.
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In collaboration with the airline, warranty and guarantee entitlements associated with aircraft engines will be recovered and projects will be run to analyse expendable equipment usage, review subcontract maintenance events and implement quarantines.
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Norwegian has started the rollout of new and improved inflight Wi-Fi connectivity onboard the airline’s Boeing 737-800 fleet.
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Norwegian was the first airline to offer passengers free in-flight Wi-Fi on all European flights in 2011. In 2018 it took delivery of its first Boeing 787-9 Dreamliner equipped with inflight Wi-Fi.
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On February 3, Norwegian has launched an upgraded Wi-Fi experience on its Boeing 737-800 aircraft as part of improving the customer experience. Norwegian operates Boeing 737-800 aircraft on intra-European routes, routes connecting Europe with North Africa, Middle East and on flights between the USA and French Caribbean.
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Norwegian will gradually rollout the new Premium Wi-Fi service across its Boeing 737-800 fleet and expects to complete the rollout in mid- February 2019.
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Orders for CFM International’s two product lines have achieved near-record levels in 2018, with the company booking orders for a total of 3,337 engines, including 126 CFM56 engines (commercial, military and spares) and 3,211 LEAP engines (including commitments and spares).
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Since receiving the first orders in 2011, CFM has garnered more than 17,275 total LEAP installed and spare engine orders and commitments (excluding options) to date at a value of more than US$250 billion at list price. 2018 marked the production transition from CFM56 engines to the LEAP product line. CFM delivered 1,044 CFM56 installed, spare, and military engines and 1,118 LEAP engines, which is more than double the 2017 LEAP rate. As the ramp-up continues, CFM is on track to deliver 1,800+ LEAP engines in 2019 and will reach more than 2,000 engines per year by 2020.
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Effective January 15, the former Head of Strategic Purchasing, Dr. Georg Fanta, has taken over the role of the new spokesman for the management of the Product Division (PD) Component Services. Georg Fanta succeeds Harald Gloy, who has moved to Lufthansa Cargo as Executive Board member.
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Dietmar Focke, former Managing Director of Lufthansa Technik Budapest, has assumed the role of spokesman in the management of PD Engines on February 1. In the Engine Division he succeeds Bernhard Krueger-Sprengel, who is now responsible for the Lufthansa Group's Technical Fleet Management.
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Trenchard Aviation Group has secured dual accreditations, EASA and GCAA, for its Dubai facility located in the DAFZA Free Zone at Dubai International Airport.
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The facility is operated by Aero Technics, one of Trenchard Aviation Group’s four complementary businesses, and is one of the UAE’s leading EASA Part 21G Production and EASA Part 145 Maintenance, Repair & Overhaul organisations. Products and services provided include repair and overhaul of: Oxygen Cylinders, Emergency Evacuation Slides, Fire Extinguishers and Galley Inserts as well as Passenger and Crew Seats, including the cutting and sewing of soft furnishings. In addition, the facility is an authorised repair centre covering the whole of the Middle East
region.
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Southeast Aerospace, an Aerospace solutions company, has won an exclusive contract to provide the Department of Justice with Airborne Imaging Systems.
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The contract is a five year Indefinite Delivery Indefinite Quantity for installation and integration worth US$15 million dollars. The Airborne Imaging Systems will provide the Department of Justice a modern and reliable solution to support their mission.
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Emirates and China Southern Airlines have signed a Memorandum of Understanding (MoU) to progress a comprehensive reciprocal codeshare agreement, which is set to open up new destinations for passengers travelling between China and the Middle East and Africa. The partnership with the Guangzhou-based carrier also allows Emirates’ passengers to enjoy seamless connectivity on domestic flights within China, adding eight new destinations to its global network. The Chinese cities covered by the codeshare agreement include Fuzhou, Chongqing, Kunming, Qingdao, Xiamen, Chengdu, Nanjing and Xi 'an during the initial phase of the partnership, subject to necessary government approvals.
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Passengers travelling from China will have more choice and travel seamlessly with minimum connection times, when flying to destinations in Emirates’ Middle East network such as Riyadh, Jeddah, Dammam, Muscat, Kuwait and Cairo. The codeshare agreement also includes flights to African destinations such as Seychelles and Lagos, operated by Emirates.
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With the UAE’s visa-free policy for Chinese visitors, passengers can also enjoy hassle-free stopovers in Dubai, and experience what the city has to offer before flying to their final destinations. The codeshare partnership will provide customers with the simplicity of purchasing connecting flights using one reservation, and a smooth ticketing, check-in, boarding and baggage check experience during the entire journey.
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Alcoa Corporation has released that John Slaven will join the Company as Executive Vice President and Chief Strategy Officer, effective February 4.
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Slaven will be a member of Alcoa’s executive team and an officer of the Company, reporting to President and Chief Executive Officer Roy Harvey. Slaven will be responsible for supporting Alcoa’s overall strategy and will oversee the corporate and business development functions, global supply chain, and energy development.
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Before joining Alcoa, Slaven served for 13 years as Partner and Managing Director at The Boston Consulting Group (BCG). He most recently led BCG’s practices for North American Metals and Mining and Infrastructure and Public Transport.
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UPCOMING EVENTS
February 19 - 20, 2019 – Palma de Majorca, Spain
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