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Leonardo completed the acquisition of Kopter

Leonardo announced the closing of the acquisition of Kopter Group AG (Kopter) from Lynwood (Schweiz). The purchase price, on a cash and debt free basis, consists of a $185 million fixed component plus an earn-out mechanism linked to certain milestones over the life of the programme, starting fr...

EUROCONTROL states agree a €1.1 billion deferral package to assist airlines

The EUROCONTROL Member States have agreed a financial package enabling airlines to defer the payment of up to €1.1 billion of air traffic control fees due for payment to Europe’s air traffic management industry in the coming months. As a result of COVID-19, the number of flights operat...

Aero Norway $1.5 million investment in state-of-the-art high speed grinder

Aero Norway has invested $1.5 million in a new state-of-the-art high speed grinder sustaining its position as a leading full service engine MRO. The purchase of this specialist machine will ensure stable and efficient turn-around times are maintained and that the services Aero Norway’s customers are being offered remain at the forefront of engine MRO technology capabilities. The...

CAE announces measures to protect its financial position: COVID-19

CAE announced that it has taken a series of flexible measures to protect its financial position in response to the COVID-19 crisis and mitigate the impact on its employees. The measures include temporarily suspending its common share dividend and share repurchase plan, as well temporarily laying off 2,600 of its 10,500 employees and placing another 900 employees on a reduced work week. CAE also an...

European Union must act now - aviation industry is facing an unprecedented liquidity crisis

Aviation is a strategically important sector making a vital contribution to Europe’s overall economy and employment. In light of the unprecedented COVID-19 crisis, Europeans are no longer able to travel, the vast majority of aircraft in Europe are grounded, the sale of air tickets has come to a nearly complete stop and airports across the continent have come to a standstill. While welcomi...

Utah Rotor Pathway Program Receives $1.1 Million Grant

The Utah State Legislature recently approved a Strategic Workforce Initiative grant to Southern Utah University to support the growth of the Utah Rotor Pathway Program, a government-industry-education partnership preparing Utah students for high-growth occupations while serving regional industry workforce needs. The grant totals $386,000 per year for three years, for a total of $1,158,000....

Avia Solutions Group has finalized the acquisition of Bluebird Nordic

On the 24th of January 2020, Avia Solutions Group signed an agreement with BB Holding EHF for the full acquisition of Bluebird Nordic, which entails a 100% stake ownership of the company’s shareholdings. On the 31st of March 2020, following the completion of all prerequisites and receipt of relevant clearances from competition authorities, the transaction was finalised. Gediminas Zie...

Actions to adapt to the current crisis: Safran

The Board of Directors of Safran (Euronext Paris: SAF) under the Chairmanship of Ross McInnes, met on March 26, 2020 to consider an action plan prepared by Executive Management in response to the impact of the Covid-19 pandemic. CEO Philippe Petitcolin commented: "In this critical period, our attention is focused on taking care of our employees and monitoring our customers and suppl...

How much air transport industry will lose due to COVID-19

IATA updated its analysis of the revenue impact of the COVID-19 pandemic on the global air transport industry. Owing to the severity of travel restrictions and the expected global recession, IATA now estimates that industry passenger revenues could plummet $252 billion or 44% below 2019’s figure. This is in a scenario in which severe travel restrictions last for up to three months, foll...

FACC confirms the results for FY 2019 and sets the course for the time after Corona

The previously reported results for the short fiscal year 2019 (1 March - 31 December) are unchanged after completion of the audit. New orders worth USD 800 million will help offset impending market corrections. The general economic situation resulting from the COVID 19 crisis cannot yet be assessed. FACC is therefore adopting a comprehensive package of measures to protect the workforce, safeguard...

Fitch affirms Aeroflot's long-term credit rating

Fitch Ratings has affirmed PJSC Aeroflot’s long-term issuer default rating at “BB” as part of its annual review of the airline’s credit ratings. The outlook has changed from “stable” to “negative”. Fitch noted that the change in the outlook is due to the impact of COVID-19 on the Company's metrics “in 2020, which is consistent with a sim...

Norwegian fulfils criteria for initial NOK 300 million in guarantee from the Norwegian Government

Reference is made to the press release by the Norwegian Government on 19 March 2020 regarding the financial measures to support the Norwegian airline industry and the subsequent stock exchange notice from Norwegian Air Shuttle ASA (the “Company” or “Norwegian”). Norwegian is pleased to announce that two Nordic banks have obtained credit committee approval to provide a gu...

In a difficult economic environment Lufthansa Group achieves adjusted EBIT of 2 billion euros

Corona crisis: Drastic cuts in Lufthansa Group flight operations / numerous special relief flights planned and carried out Due to entry restrictions in many countries and a collapse in demand, the Lufthansa Group was forced to make drastic cutbacks in its flight operations. Air Dolomiti conducted its last flight for the time being yesterday, 18 March. Today the last regular scheduled flight of...

DB Schenker invests as Volocopter extends Series C Round to € 87 million

DB Schenker and Volocopter announced an investment by the global logistics service provider into the pioneer of Urban Air Mobility as Volocopter extends its Series C funding to now total € 87 million. Besides DB Schenker, Mitsui Sumitomo Insurance Group, TransLink Capital join the round as new investors, existing investor Lukasz Gadowski and btov also invested. The funding will go t...

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Boeing forecasts sufficient capital for aviation finance

Boeing projects global and diversified funding will continue to flow into the aircraft financing sector as the aviation sector navigates the global pandemic and vaccine deployment continues to ac...

flypop signs multiple aircraft A330-300 lease deal with Avolon

flypop announced that is has signed a multiple aircraft A330-300 lease deal with Avolon, the world’s third largest aircraft lessor. Based in Ireland, Avolon provides lease and lease managem...