Tag: long (Page 14 of 17)

Avianca Advances Plan to Manage Outstanding Liabilities

July 22, 2019 / WIL BALDWIN

BOGOTA, Colombia, July 22, 2019 /PRNewswire/ — Avianca Holdings S.A. (NYSE: AVH) today announced that, in connection with its previously announced re-profiling plan for its capital structure, the company has temporarily deferred payments on certain long-term leases and on payment of principal on certain loan obligations. Avianca Holdings has engaged in discussions with its main strategic lenders and other creditors to establish terms that will preserve current liquidity levels and enable Avianca Holdings to advance its re-profiling plan, which is aimed at strengthening the company’s financial position. Over the last two weeks, members of Avianca Holdings’ senior management team have met with more than 50 of Avianca Holdings’ strategic lenders and other creditors with the objective of reaching an agreement on the terms and conditions of the proposed deferrals. Importantly, obligations related to Avianca Holdings’ day-to-day operations remain current, and such operations, including flight schedules and other ordinary course operations, will remain unaffected.

Avianca Holdings affirms that it is current on all existing interest obligations and that Avianca Holdings actively seeks to arrive at a mutually satisfactory agreement with its strategic lenders and other creditors for a short-term deferral of principal amortization payments, as well as extensions of its credit facilities. Avianca Holdings intends to resume scheduled principal payments once these agreements have been successfully reached, as Avianca Holdings’ proposal is for all creditors to be paid in full, including principal and interest.

In connection with its re-profiling program, Avianca Holdings today made a separate announcement regarding an exchange offer for its outstanding 8.375% Senior Notes due 2020. Avianca Holdings is current on its interest obligations with respect to its outstanding senior notes and is not otherwise in default on its outstanding 2020 Senior Notes.

Avianca Holdings has the full support in this decision of its Board of Directors. Since May 24, 2019, Kingsland Holdings, through its ownership of ordinary shares of Avianca Holdings and authority to vote the ordinary shares of Avianca Holdings owned by BRW Aviation LLC, has effective control of Avianca Holdings. As previously announced, United Airlines and Kingsland Holdings have indicated that they would be willing to offer new financing to Avianca, if required and requested, of up to $250 million, provided that certain commitments are assumed by other interested parties.

With the announced temporary suspension of principal payments, as well as the previously announced proposed financing by United Airlines and Kingsland Holdings, and the continued implementation of Avianca Holdings’ 2021 transformation plan, Avianca Holdings expects to strengthen its cash balances in the near future, at which time, Avianca Holdings will resume normal payment of its obligations. Furthermore, Avianca Holdings has stated that the outstanding 2019 Colombian Peso-denominated corporate bond issued by Aerovías del Continente Americano – Avianca S.A. is not part of the deferral program and that such bond will be paid in accordance with its terms.

About Avianca Holdings
Avianca is the commercial brand that identifies the passenger, cargo transportation airlines and on ground services integrated in the Company with a team of more than 21,000 employees. The terms “Avianca Holdings” or “the Company” refer to the consolidated entity. The original source-language text of this announcement is the official, authoritative version, Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.

FreightCar America Closing its Roanoke Manufacturing Facility

July 22, 2019 / WIL BALDWIN

Closure represents next step in the Company’s long-term cost and footprint reduction strategies
When complete in early 2020, the Company is expected to save $5 million per year in fixed costs

CHICAGO, July 22, 2019 (GLOBE NEWSWIRE) — FreightCar America, Inc. (RAIL) announced today that it has started the process to permanently close its Roanoke, Virginia manufacturing facility. The Company will retain the necessary workforce to build cars at the facility through November.

“The closure of our Roanoke facility is another next step in our ‘Back to Basics’ strategy as we continue to streamline our manufacturing footprint and match it to our future product offering,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “Reducing our fixed costs and achieving world-class output from our much larger Shoals facility have always been core pillars of our turnaround strategy.”

Meyer added, “We have spent the last two years building our talent, processes and overall capabilities at Shoals and the plant is now in a position to accept the Roanoke models and volume. This action, when complete in the first half of 2020, is expected to save approximately $5 million per year.”

Meyer concluded, “Our people at Roanoke have consistently performed above all expectations. We are extremely thankful for everything they have given the Company.”

The Company will offer select employees the opportunity to relocate to other parts of the business.

About FreightCar America

FreightCar America, Inc. manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars and coal cars. It is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com

BAE Wins $45 Million Extended Range Cannon Contract

July 16, 2019 / WIL BALDWIN

The U.S. Army has awarded BAE Systems a $45 million contract for the Extended Range Cannon Artillery (ERCA) Increment 1 prototype with the purpose of increasing the range and rate of fire on current and future M109A7 self-propelled howitzers.

The development of ERCA is in collaboration with the Army’s Combat Capabilities Development Command (CCDC) Armaments Center.

This prototype phase will address capability gaps in the Army’s indirect fire systems and improve the rate and range of fire with the development of power distribution software and hardware integration solutions. ERCA will be integrated onto the M109A7 and will require the M109A7’s current 39-caliber turret to be replaced with a 58-caliber, 30-foot long gun barrel with the objective of creating firepower double the current range.

“ERCA is a significant technological step forward for the Army’s artillery portfolio,” said Scott Davis, vice president or programs, BAE Systems’ Combat Vehicles business. “We were selected based on our years of experience in the development of self-propelled howitzer systems. Long-range precision fire is a top priority for the Army, and we are pleased to be a partner in efforts to equip soldiers with the latest technology.”

The development program aims to provide the warfighter with extended range while maintaining the weight found in current systems to minimize performance impacts on the chassis. Under separate contracts, BAE Systems is also developing precision guidance kits with anti-jamming capabilities (PGK-AJ) that can operate in the challenging ERCA firing environment. PGK-AJ is compatible with existing and new long-range rounds for multiple firing platforms, including the M109 self-propelled howitzer.

BAE Systems is currently producing the M109A7 configuration for the Army in the low-rate initial production phase.

Development work on ERCA Self Propelled Howitzer will take place at the Army’s Picatinny Arsenal and BAE Systems’ facilities in York, Pennsylvania; Sterling Heights, Michigan and Minneapolis, Minnesota.

Air Lease Delivers New Airbus A320-200neo to Atlantic Airways

July 15, 2019 / WIL BALDWIN

LOS ANGELES, July 15, 2019 – Today Air Lease Corporation (NYSE: AL; “ALC”) announced the delivery of one new Airbus A320-200neo aircraft on long-term lease to Atlantic Airways, the national airline of the Faroe Islands. Powered by CFM International LEAP-1A26 engines, this aircraft is the first of two A320-200neos confirmed to deliver to the airline from ALC’s order book with Airbus. The second A320-200neo is scheduled to deliver to Atlantic Airways in Spring 2020.

“ALC is pleased to announce the delivery to Atlantic Airways of its first A320-200 neo and is excited to be part of the fleet transformation at the airline,” said Grant Levy, Executive Vice President of Air Lease Corporation. “The A320-200neo will significantly enhance Atlantic Airways’ fleet operations by not only supporting the airline’s existing route structure but also allow the airline to grow its route network in Europe and North America.”

Atlantic Airways’ Chief Executive Officer, Jóhanna á Bergi said, “We are very pleased to receive our first Airbus A320-200neo. This will enhance passenger experience and Atlantic Airways’ operations as national carrier, air bridge and life line.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

Azores Airlines Takes Delivery of its First A321LR

July 10, 2019 / WIL BALDWIN

Azores Airlines, the Azores archipelago-based carrier, has taken delivery of its first of three A321LRs to be leased from Air Lease Corporation “ALC”; NYSE: AL, becoming the latest operator of the long-range single-aisle aircraft.

Powered by CFM International’s LEAP-1A engines, the Azores Airlines’ A321LR comprises 190 seats in a two-class configuration (16 Business class seats and 174 seats in Economy) offering premium wide-body comfort in a single-aisle aircraft cabin and with single-aisle operating costs. With this new A321LR, the Portuguese operator will continue its strategy of growth and network expansion to European destinations as well as transatlantic routes between the Azores and North America.

The A321LR is a long-range (LR) version of the best-selling A320neo Family and provides airlines with the flexibility to fly long-range operations of up to 4,000 nm (7,400 km) and to tap into new long-haul markets, which were not previously accessible with single-aisle aircraft.

The A321LR will join the Azores Airlines’ Airbus fleet of five single-aisle aircraft comprising three A320ceo and two A321neo jetliners in service since last year. This new member of the fleet will provide Azores Airlines with more operational flexibility while leveraging on aircraft commonality.

The A320neo and its derivatives are the world’s best-selling single-aisle aircraft family with over 6,500 orders from more than 100 customers. It has pioneered and incorporated the latest technologies, including new generation engines and the industry’s reference cabin design, delivering 20% fuel cost per seat savings alone. The A320neo also offers significant environmental benefits with nearly a 50% reduction in noise footprint compared to previous generation aircraft.

@_AzoresAirlines #Airbus #A321LR

Bamboo Airways Wants To Fly A380’s To The US

June 28, 2019 / WIL BALDWIN

You can file this one under… “what on earth?”

Bamboo Airways: Vietnam’s newest airline

Bamboo Airways is a new Vietnamese airline that commenced operations at the beginning of 2019. The airline currently has a fleet of about 10 Airbus A320 family aircraft, and has a further 76 planes on order, including 46 A321neo’s and 30 787-9’s.

Click the link below for the full story!

https://onemileatatime.com/bamboo-airways-a380/

Turkish Airlines Expands With First Boeing 787-9 Dreamliner

June 27, 2019 / WIL BALDWIN

Carrier to fly super-efficient, long-range 787-9 on new non-stop international routes

SEATTLE, June 26, 2019 – Boeing [NYSE:BA] today delivered the first 787-9 Dreamliner for Turkish Airlines, which plans to use the airplane’s fuel efficiency, range, reliability and size to operate new non-stop international routes such as Bali, Bogota-Panama, Washington and Atlanta.

“Turkish Airlines has been committed to continuously expanding its range of services on and off-ground as it grows in reach and flies to more international destinations than any other carrier in the world. With this goal in mind, we’re thrilled to reach new horizons with the addition of the 787-9 Dreamliner to our fleet flying from our new home, Istanbul Airport,” said M. İlker Aycı, Turkish Airlines’ Chairman of the Board and the Executive Committee. “The aircraft’s advanced technology, fuel efficiency, and passenger-centric cabin design will all help us remain the first choice for travellers and provide our loyal flyers across the globe with a best-in-class experience for years to come.”

More than 80 customers around the world have ordered more than 1,400 Dreamliners since the program’s introduction, making it the fastest-selling widebody jet in history. The 787 Dreamliner allows airlines to reduce fuel use and emissions by 20 to 25 percent and serve far-away destinations. The combination of fuel efficiency and long range has helped airlines flying the 787 family of airplanes save more than 36 billion pounds (16 billion kilograms) of fuel and open more than 235 non-stop routes.

As part of the 787 Dreamliner family, the 787-9 is powered by a suite of new technologies and a revolutionary design. It can fly 7,635 nautical miles (14,140 km) in addition to carrying more cargo and allowing airlines to profitably grow routes. The airplane allows operators to achieve better fuel efficiency per seat compared to the previous airplanes in its class.

Turkish Airlines’ Dreamliner has seating capacity for 300 passengers, including 270 economy class seats and 30 business class seats. The carrier’s 787 includes long haul economy class seats and business class monuments produced in Turkey by Turkish suppliers.

“Turkish Airlines’ growth has been remarkable in recent years, both in expanding flight options and supporting Turkey’s aviation industry. We are honored that Turkish Airlines is embarking on its next chapter of expansion with the 787 Dreamliner,” said Ihssane Mounir, senior vice president of Commercial Sales and Marketing for The Boeing Company. “We are confident that the Dreamliner’s unmatched fuel efficiency, performance and passenger-pleasing comforts will contribute to the airline’s reputation as a five-star airline.”

About Boeing

Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. The company supports commercial and government customers in more than 150 countries. Boeing employs more than 150,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth. www.boeing.com

About Turkish Airlines

Based in Istanbul, Turkish Airlines carried 75,2 million passengers last year. The national flag carrier of Turkey currently operates direct flights to 311 destinations in 124 countries, as the only airline that flies to more countries and international destinations in the world. Turkish Cargo, the successful sub-brand of Turkish Airlines, is the world’s fastest-growing air cargo carrier considering the cargo volumes, new flight destinations, and expanding cargo fleet. It serves customers in more than 300 destinations including 88 dedicated direct cargo flights in over 120 countries.

JetBlue Sues Walmart for Trademark Infringement

June 24, 2019 / WIL BALDWIN

NEW YORK (Reuters) – JetBlue Airways Corp has sued Walmart Inc for trademark infringement, after the world’s largest retailer began using the name Jetblack for its text-based personal shopping service.

In a complaint filed on Friday night in Manhattan federal court, JetBlue called Jetblack a “transparent attempt” by Walmart to capitalize on the goodwill associated with the carrier’s trademarks.

JetBlue also said Jetblack was likely to cause “significant consumer confusion” as Walmart expands the service, and warned that Walmart intends further infringements by using additional “Jet+color” names such as Jetgold and Jetsilver.

Walmart did not immediately respond on Monday to requests for comment. The lawsuit also names Walmart’s Jet.com unit as a defendant.

Introduced in May 2018, Jetblack calls itself a “personal shopping and concierge service that combines the convenience of e-commerce with the customized attention of a personal assistant.”

Walmart launched Jetblack in part to help the Bentonville, Arkansas-based retailer expand beyond its brick-and-mortar base and compete with such services as Amazon.com Inc’s Amazon Prime, especially among consumers in urban areas.

JetBlue is based in Long Island City, New York.

The case is JetBlue Airways Corp v Jet.com Inc et al, U.S. District Court, Southern District of New York, No. 19-05879.

(Reporting by Jonathan Stempel in New York; Editing by Susan Thomas)

JetBlue sues Walmart for trademark infringement over Jetblack service
FILE PHOTO: A JetBlue aircraft comes in to land at Long Beach Airport in Long Beach

JetBlue Orders 13 Airbus A321XLR Transatlantic Aircraft

June 20, 2019 / WIL BALDWIN

JetBlue Converts 13 Aircraft in Existing Order Book to the Xtra Long Range Version of Airbus’ Newest, Fuel-Efficient Aircraft to Expand Transatlantic Options
JetBlue Also Exercises Its Option to Take 10 Additional A200-300 Aircraft – Featuring Powerful Combination of Economics and Range – Increasing Total on Order to 70

NEW YORK–(BUSINESS WIRE)– JetBlue (NASDAQ: JBLU) today announced it is converting 13 aircraft in its existing Airbus A321neo order book to the XLR version for delivery scheduled to begin in 2023. The aircraft will support JetBlue’s focus city strategy by allowing the airline to implement further expansion to additional European destinations from Boston and New York, while also providing added fuel efficiency.

“The incredible extended range of the A321XLR allows us to evaluate even more overseas destinations as we think about JetBlue’s expansion into European markets plagued by high premium fares and subpar service,” said Robin Hayes, chief executive officer, JetBlue.

The airline also announced it is exercising its option to add 10 additional A220-300 aircraft to its order with delivery beginning in 2025. Together both aircraft ensure the best financial performance of JetBlue’s fleet, while providing maximum flexibility to execute its network strategy. These aircraft are both game changers in regards to enhancing the airline’s industry-leading customer experience.

“Increasing our firm order for A220 aircraft gives us a valuable tool to support our network strategy in the Americas and continue to build our focus cities with an airplane that offers incredible economics and range,” said Hayes. “Both the XLR and the A220 ensure we remain committed to meeting financial targets with disciplined growth.”

“JetBlue has been pioneering new travel options for passengers for 20 years,” said Christian Scherer, chief commercial officer, Airbus. “By building their future fleet with more A220s and the addition of the A321XLR – the most capable, longest-range aircraft in their categories – JetBlue is signaling a continued commitment to creating new opportunities for people to travel in both comfort and efficiency.”

The A321XLR & Overseas Options

Introduced just this week at the Paris Air Show, the A321XLR is the latest evolution of the A321neo aircraft family and features an extended range of 4,700 nautical miles – some 600 nautical miles more than the A321LR aircraft. The increased flying distance is made possible with an additional rear center tank for more fuel volume. And with 30% lower fuel burn per seat than previous-generation aircraft, JetBlue can maximize the benefits of single-aisle aircraft economics.

“This next generation, low-cost single-aisle platform ensures we are building a fleet that meets and exceeds our financial targets for the next decade and beyond,” said Steve Priest, executive vice president and chief financial officer, JetBlue. “These investments allow us to advance our broader expansion plans but with disciplined, thoughtful growth.”

JetBlue remains focused on delivering earnings per share between $2.50 and $3.00 by 2020. This update to the fleet plan is part of JetBlue’s vision to continue growing its earnings per share beyond 2020.

The A321XLR also allows JetBlue to evaluate new transatlantic options as the airline explores additional destinations it may serve in Europe. The XLR opens up possibilities for service between the northeast U.S. and destinations in south, central and northern Europe.

As announced in April 2019, JetBlue intends to launch service to London from New York-JFK and Boston in 2021 using the A321LR (long range) aircraft. Today’s XLR news builds on the previously announced conversion of 13 A321neos to the A321LR aircraft.

Like London, JetBlue will explore European cities that suffer from high fares or mediocre service and those which are effectively controlled by legacy carriers and their massive joint ventures. JetBlue is developing a reimagined transatlantic version of its premium Mint product, as well as an enhanced transatlantic Core experience for the A321XLR. With both the A321LR, and now the A321XLR, the customer-favorite airline intends lower fares while raising the bar on what travelers can expect from a low-cost carrier when flying across the Atlantic.

The A220 & Continued Growth in the Americas

By exercising its option to add 10 additional A220-300 aircraft to its existing order, JetBlue will grow its total number of A220s on order to 70.

The A220’s spacious and comfortable cabin makes it the perfect fit for JetBlue, which has consistently led U.S. airlines in the onboard experience. The A220’s cabin design offers customers the best inflight experience with wider seats, spacious overhead bins and extra-large windows that offer a great view from the sky and on the ground.

The aircraft’s range and seating capacity will add flexibility to JetBlue’s network strategy as it targets growth in its focus cities, including options to schedule it for transcontinental flying. The aircraft also opens the door to new markets and routes that would have been unprofitable with JetBlue’s existing fleet.

The initial order for 60 A220 aircraft – announced in July 2018 – will be phased in as replacements for JetBlue’s existing fleet of 60 Embraer E190 aircraft.

About JetBlue Airways

JetBlue is New York’s Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 42 million customers a year to 100+ cities in the U.S., Caribbean, and Latin America with an average of more than 1,000 daily flights. For more information, please visit jetb lue.com.

Qantas Orders 10 A321XLR’s, Converts 26 Additional Aircraft

June 19, 2019 / WIL BALDWIN

SINGAPORE (Reuters) – Australia’s Qantas Airways Ltd said on Wednesday it would order 10 Airbus SE A321XLR jets and convert another 26 from a prior order to the new long-range model.

That will take its total A320neo family order to 109 planes, from 99 previously.

The A321XLR jets, to be delivered from mid-2024, have a 4,700 nautical mile range that will allow Qantas or its low-cost arm Jetstar to perform longer-range flights in narrow body jets.

“It can fly routes like Cairns-Tokyo or Melbourne-Singapore, which existing narrow-bodies can’t, and that changes the economics of lots of potential routes into Asia to make them not just physically possible but financially attractive,” Qantas Chief Executive Alan Joyce said in a statement.

Jetstar operates an A320 narrow body fleet, but Qantas uses the rival Boeing 737. Joyce said the A321XLR had plenty of potential uses across both airlines and it would decide closer to the date on where they would be deployed and if they would be used for growth or to replace older jets.

Jetstar is due to receive 18 A321LR jets from 2020 to 2022 and plans to deploy them on domestic and international routes.

The additional 10 jets are valued at more than $1 billion at Airbus list prices, although airlines typically receive substantial discounts.

Qantas said it retained flexibility around the timing and structure of the deliveries depending on market conditions.

“All fleet decisions we make are ultimately guided by our financial framework, which balances our capital expenditure and need to invest for the future with our debt levels and ongoing returns to shareholders,” Joyce said.

Qantas is expected to decide next year on a replacement for its 75 737 jets, which comprise the backbone of its domestic fleet, Joyce said in February.

Contenders include the A320neo family, the 737 MAX and Boeing’s proposed new mid-sized airplane.

(Reporting by Jamie Freed; Editing by Himani Sarkar)

Bamboo Airways: Vietnam’s newest airline

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