DUBLIN, Ireland – Fly Leasing Limited (NYSE: FLY), a global leader in aircraft leasing, today announced it has closed a new $180 million Term Loan (the “2020 Term Loan”). The interest rate on the five-year term loan is LIBOR plus 6.00% with a 1.00% LIBOR floor. The financing was issued at an original issue discount of 4.5%. The 2020 Term Loan will be secured by 11 narrowbody aircraft owned by FLY and its subsidiaries, four of which are unencumbered and seven of which are currently financed in FLY’s 2012 Term Loan. The proceeds will be used for general corporate purposes.
“FLY is enhancing its liquidity position with the successful completion of a new $180 million term loan that attracted strong demand from a robust group of institutional lenders,” said Colm Barrington, CEO of FLY. “FLY does not have any aircraft orders or other foreseeable capital commitments. Additionally, FLY only has three aircraft remaining to be remarketed in 2020, representing 2.4% of net book value.”
Following completion of the financing of the collateral pool under the 2020 Term Loan and the anticipated transfers of certain unencumbered aircraft into the 2012 Term Loan, FLY will have a total of nine unencumbered narrowbody aircraft with a net book value of $204 million.
Airbus Corporate Jets (ACJ) has won the first A321LR order for two aircraft from Lufthansa Technik, highlighting the market appeal and versatility of the A320neo Family. The aircraft will be multi-role capable and can be equipped for various types of missions, such as troop transport, different MedEvac role setups (medical evacuation) and will be operated by the German Air Force (Luftwaffe). Lufthansa Technik has now placed a total order of five Airbus aircraft on behalf of the German Government: three ACJ350-900s and two A321LRs. The A321LRs will be able to fly up to 163 passengers, up to 6 intensive care patients and up to 12 medium care patients, depending on the installed configuration, with a maximum range of 4,200nm/7,800km or 9.5 flight hours.
The A321LR is a member of the A320neo Family with over 7,400 orders by more than 110 customers. It delivers 30 per cent fuel savings and nearly 50 per cent reduction in noise footprint compared to previous generation competitor aircraft. With a range of up to 4,000nm (7,400km), with 206 passengers, the A321LR is the unrivalled long-range route opener, featuring true transatlantic capability and premium wide-body comfort in a single-aisle aircraft cabin.
Featuring the most spacious cabins of any business jet, while being similar in size to competing large-cabin aircraft, the ACJ320neo Family also delivers similar operating costs. The ACJ320neo Family can do this because its lower maintenance and training overheads – part of its airliner heritage – deliver a similar total cost when combined with fuel and navigation and landing charges.
Some 12,000 Airbus aircraft are in service worldwide, supported by a globe-spanning network of spares and training centres, giving corporate jet customers unmatched support in the field. Airbus corporate jet customers also benefit from services tailored to their particular needs, such as the “one call handles all” corporate jet customer care centre (C4you), and customised maintenance programmes.
Combined with the inherent reliability that comes from aircraft designed to fly many times a day, the ACJ320neo Family is both dependable and available when customers need it.
Airbus corporate jets are part of the world’s most modern aircraft family, which delivers, as standard, features which either cost more, or are unavailable, in competitors. These features include the protection and simplicity of fly-by-wire controls, the benefits of Category 3B autoland, and time and cost-saving centralised maintenance on all systems.
Around 200 Airbus corporate jets are in service on every continent, including Antarctica, highlighting their versatility in challenging environments.
Airbus Corporate Helicopters (ACH) has won a new order for its latest ACH160 helicopter, announced just days after the H160 achieved certification.
This new order, placed by an experienced Italian operator for use on private and corporate flights mainly inside Italy, means the ACH160 has been ordered by customers in eight countries across North America, Latin America, Europe, China and South-East Asia.
The client, an existing ACH twin-engined helicopter operator, has specified a customised interior configured for six passengers.
The ACH160 is the premium version of the new H160 helicopter which was certified by EASA on 1 July ready for deliveries to private and business customers commencing later this year. It is the latest member of the ACH family and the most technologically advanced helicopter in its class.
As well as its range of stylish interiors including bespoke solutions, the ACH160 offers a smooth and quiet ride allied to the Helionix advanced digital avionics system ensuring carefree handling and the highest level of safety.
Frederic Lemos, Head of ACH, said: “This new order from a highly knowledgeable ACH customer is yet more evidence of the strong welcome being received by the ACH160 in this demanding sector even at a notably challenging time for the helicopter market.”
The full ACH helicopter range consists of the ACH125, ACH130, ACH135, ACH145, ACH160 and ACH175 variants of Airbus Helicopters’ comprehensive and market-leading family of light and medium models. A range of premium-design aircraft completions, including bespoke designs, is available for all models.
Boeing [NYSE: BA] completed its first COVID-19 transport mission, using a 737-700 aircraft from its corporate fleet to bring personal protective equipment (PPE) from China to the United States. Working in partnership with FIRST® Robotics Founder Dean Kamen, the company transported 540,000 medical-grade face masks that will be delivered to healthcare professionals battling COVID-19 in New Hampshire.
Kamen, who has a longstanding relationship with Boeing through FIRST Robotics, is also a founder of DEKA Research and Development Corporation. He worked with DEKA to secure the face masks from manufacturers in China and turned to Boeing to facilitate their transport. DEKA is the importer of record for the delivery and provided the masks to New Hampshire for distribution to healthcare professionals in the state.
“Another life-saving delivery of PPE has arrived in New Hampshire,” said Governor Chris Sununu. “Thanks to Dean Kamen for facilitating this deal, and to Boeing for donating the cost of this mission transport. The state will deliver these masks to the greatest areas of need across New Hampshire so those on the frontline have the necessary resources to fight COVID-19.”
“Boeing has been a long-time partner of FIRST Robotics and I’m proud that I can again partner with the Boeing team to meet the needs of our frontline healthcare professionals fighting COVID-19,” said Kamen. “Now more than ever, help from companies like Boeing is critical so we can continue to make sure protective equipment gets to the people who need it most.”
Boeing continues to support local communities and the heroic healthcare professionals working tirelessly to stop the spread of COVID-19. Additional airlift transport missions with the Boeing Dreamlifter and ecoDemonstrator are planned in the future. Boeing is coordinating closely with U.S. government officials on how to best assist areas with the greatest need.
“I want to personally thank Governor Sununu, the entire New Hampshire congressional delegation and Dean Kamen for their leadership in helping secure and distribute this much-needed personal protective equipment for our frontline healthcare workers and first responders here in New Hampshire,” said Dave Calhoun, Boeing president and CEO. “We are honored to have conducted today’s airlift mission and we look forward to providing continued support in the fight against this pandemic.”
A Boeing-owned aircraft loads 540,000 medical-grade masks in China destined to New Hampshire. (Boeing photo)
(Reuters) – The coronavirus outbreak has virtually shut down corporate Australia and New Zealand, forcing companies to throw out their strategic plans and resulting in thousands of layoffs or staff suspensions.
Listed companies in both the countries have already laid off or began considering laying off more than 100,000 people, temporarily or permanently, highlighting the toll on livelihoods as virtual shutdowns take hold.
Ultimately, economists forecast the crisis will more than double unemployment to more than 11%, the highest in three decades.
AIRLINES
* Qantas Airways to place 20,000 workers on leave until at least the end of May.
* Virgin Australia to stand down 8,000 employees until the end of May.
* Air New Zealand to lay off nearly a third of its employees, about 3,500, in the coming months, and said that was a “conservative” assumption.
CASINOS
* Star Entertainment Group says 90% of its workforce, or 9,000 people, will be placed on leave due to mandated casino closures.
* Crown Resorts Ltd stood down about 95% or more than 11,500 of its employees on a full or temporary basis as gaming and other non-essential services at its resorts in Melbourne and Perth were suspended.
* SkyCity Entertainment Group has laid off or furloughed at least 1,100 of its staff across Australia and New Zealand.
RETAIL
* Department store operator Myer Holdings will temporarily lay off 10,000 of its staff without pay.
* Kathmandu Holdings Ltd, the outdoor apparel retailer that owns Rip Curl, said most of its global stores were closed and almost all its staff in Australia will be stood down for four weeks without pay. It has around 4,000 employees globally.
* Home ware retailer Smiths City Group Ltd stands down almost all of its 465 employees on 80% of their salary.
* Retail Food Group will stand down or reduce the working hours of the majority of its 500 employees.
* Premier Investments, owner of Smiggle, Just Jeans and chains, is standing down 9,000 employees, most without pay
* Jeweller Michael Hill International is putting staff on leave in Australia, New Zealand and Canada. The company employs about 2,500.
* Fashion retailer Mosaic Brands is standing down 6,800 due to store closures.
* Footwear retailer Accent Group stands down all its retail employees and most support staff for four weeks without pay. The company reportedly employs 5,700.
HOSPITALITY
* Pub and hotel operator Redcape Hotel Group will cut most permanent staff. It employs 800.
* ALH Group, the pubs and hotels group majority-owned by Woolworths, will stand down about 8,000 staff.
TRAVEL AGENTS
* Flight Centre is cutting or putting on leave a third of its 20,000 staff.
* Helloworld Travel lays off 275 people and temporarily stands two-thirds of its 1,800 workforce until the end of May.
HEALTH AND EXERCISE
* Viva Leisure lays off more than 90% of its 2,200 workforce.
* Dental group Abano Healthcare will stand down majority of its 2,300 employees at its operations in Australia and New Zealand.
HIRING:
On the other hand, some companies are hiring under the new circumstances.
* Australia’s biggest supermarket chain Woolworths to hire 20,000 in the next month. Some of the new hires will be those re-deployed from its the pubs and hotels business, ALH Group. Woolworths also plans to offer short-term roles to 5,000 Qantas employees put on leave.
* Coles has added 7,000 people to its ranks, and said it plans to hire another 5,000 to meet increasing demand at its supermarkets and liquor stores.
* Australia’s biggest telecom company Telstra will freeze a 6,000-employee cull and hire 1,000 due to growing volumes at call centres.
* BHP Group, the world’s biggest miner, says it will hire 1,500 temporary workers, some to be offered permanent roles after six months.
(Reporting by Nikhil Kurian Nainan and Anushka Trivedi in Bengaluru; Editing by Byron Kaye, Shounak Dasgupta and Sherry Jacob-Phillips)
Due to increased uncertainty surrounding the duration and scale of the Covid-19 outbreak, Air New Zealand has today announced that it will be withdrawing the full year 2020 earnings guidance it issued to the market on 24 February 2020 and reconfirmed at its interim results announcement on 27 February 2020.
Air New Zealand has taken numerous steps to mitigate the impact of reduced demand resulting from Covid-19, including reducing capacity on its Asia, Tasman and Domestic networks, redeploying its fuel efficient 787 Dreamliner fleet to drive operational efficiencies and using tactical pricing to stimulate demand on the impacted sectors. However, the airline now believes that the financial impact is likely to be more significant than previously estimated and with the situation evolving at such a rapid pace, the airline is not in a position to provide an earnings outlook to the market at this time. An update on earnings expectations will be provided when appropriate.
Over the course of the past week the airline has seen additional softness in demand with a decline in bookings across its network. The further spread of Covid-19 to countries outside of China, including New Zealand, has driven a downward shift in demand.
Chief Executive Officer Greg Foran says that it is increasingly clear that Covid-19 has created an unprecedented situation and it is difficult to predict future demand patterns.
“We have been continuously monitoring bookings and in recent days have seen a further decline which coincides with media coverage of the spread of Covid-19 to most countries on our network as well as here in New Zealand,” says Mr Foran.
In response the airline has implemented further capacity reductions to its network, which include extending the suspension of its Shanghai service through to the end of April, and additional consolidation of services across the Tasman, Pacific Islands and Domestic network in March and April.
As a result of these actions, Air New Zealand has reduced total capacity into Asia by 26 percent, and total overall network capacity by approximately 10 percent since the outbreak of Covid-19 started.
Like the vast majority of its industry peers, the airline is also pursuing a range of mitigations in response to the swift decline of demand. These include the deferral of non-urgent capital spend and non-critical business activity across operational and corporate functions.
Chief Executive Officer Greg Foran has voluntarily offered to reduce his base pay of $1.65 million by approximately 15% ($250,000) with the support of the Board, and Air New Zealand’s Executive team will extend their salary freeze that has been in place since May 2019. On top of this, the airline has implemented a hiring freeze for all roles that are non-critical and will offer operational staff the option to take unpaid leave in addition to managing annual leave balances.
“Air New Zealand is a strong and resilient business operated by a world-class team with deep experience having navigated prior shocks to our business and industry. While we have already made swift adjustments to our operations, we are prepared to take further actions to address the ongoing demand impact of Covid-19,” says Mr Foran.
Summary of Air New Zealand’s response since the Covid-19 outbreak
Overall capacity reductions of approximately 10% across the network, including: – Asia capacity reduction of 26% through June, including extension of Shanghai route suspension through April – Tasman capacity reductions of 7% through June – Pacific Islands capacity reductions of 6% through June – Reductions across the Domestic network of approximately 4%, with a 10% to 15% reduction in March and April
Various labour initiatives including a voluntary reduction in CEO pay, a hiring freeze for all non-critical roles and voluntary unpaid leave for operational staff
Deferral of non-urgent capital spend and any non-critical business activity
Aston Martin (ARGGY) just can’t help but outdo itself. From its entry in Le Mans, to building James Bond cars that actually work, to Aston Martin-themed motorcycles, and even embracing the manual gearbox after everyone else abandoned it—it seems that the British luxury marque is always looking to do the unexpected.
For its next trick, Aston Martin announced a team-up with airplane and helicopter maker Airbus to unveil the ACH130 Aston Martin Edition, a stylish helicopter embellished with four different interior and exterior designs provided by Aston Martin.
Exterior options include Stirling Green, Xenon Grey, Ultramarine Black, and a color simply dubbed Arizona. For the cabin, buyers get to choose between Oxford Tan, Cormorant, Ivory, and Pure Black. Matching leather and Pure Black ultra-suede makes up the rest of the interior. Aston Martin badging is embossed on the leather headrests to further distinguish this special edition for the standard ACH130.
FORT WORTH, Texas — American Airlines was named to Newsweek’s 2020 list of America’s Most Responsible Companies, appearing among the top 100 companies in the publication’s inaugural ranking. American ranked highest among U.S. airlines included on the list.
“We believe our company’s focus is in the right place when we’re doing more than moving people from destination to destination — we’re taking great care of those people on their journeys, and we’re conducting our business in a responsible and sustainable way,” said Steve Johnson, Executive Vice President of Corporate Affairs for American. “Our team members work hard every day to put that purpose into practice as they interact with their colleagues, our customers and the communities we serve, and we know our company is stronger for it. We’re proud to see their efforts recognized through our inclusion on this list.”
American’s approach to corporate responsibility is guided by three strategic objectives: to make culture a competitive advantage, to create a world-class customer experience and to build the airline to thrive forever. The company’s commitment to corporate responsibility is detailed in its latest Corporate Responsibility Report.
Newsweek’s list was developed from an analysis of publicly available key performance indicators in the areas of environmental, social and corporate governance, in addition to an independent survey.
De Havilland Aircraft of Canada Ltd said it had obtained 34 more orders and purchase agreements for its Dash 8-400 plane at last months Dubai Airshow, as it revives the recently acquired turboprop business from Bombardier Inc.
Aurora, a subsidiary of Aeroflot-Rossiyskiye Avialinii PAO , signed a letter of intent to purchase up to five Dash 8-400 aircraft, while the Republic of Ghana agreed to buy six aircraft during the Dubai Airshow, which ran between Nov. 17-21.
ACIA Aero Capital Ltd also signed a conditional purchase agreement to buy three Dash 8-400 aircraft, the company said in a separate statement.
Longview Aviation Capital closed its deal for the Q400 turboprop aircraft program from Canada’s Bombardier this year and revived its previous model name – Dash 8 – under a restored corporate brand of De Havilland Aircraft of Canada.
On Monday, De Havilland landed an order for 20 Dash 8-400 turboprops from lessor Palma Holding at the ongoing Dubai Airshow.
(Reporting by Dominic Roshan K.L. in Bengaluru; Editing by Rashmi Aich)
– Conrad Chun, a nine-year Boeing employee, named vice president of Communications for Boeing Commercial Airplanes
CHICAGO, Nov. 12, 2019 /PRNewswire/ — Boeing [NYSE:BA] today announced the appointment of Conrad Chun as vice president of Communications for Boeing Commercial Airplanes, effective immediately.
Chun most recently served as vice president of Communications for Boeing Global Services where he was responsible for media relations, employee and executive communications, digital communications, government and customer relations, and product and services marketing communications in support of Boeing’s fastest-growing business unit.
Previously, Chun served as director of Communications for Global Services & Support and Boeing Military Aircraft, both of which were divisions of Boeing Defense, Space & Security.
In his new role, Chun will continue reporting to Anne Toulouse, senior vice president of Communications, and Stan Deal, president and CEO of Boeing Commercial Airplanes.
“Stan and I are confident in Conrad’s abilities to help us prepare to safely return the 737 MAX to service and continue to drive progress across our commercial airplanes business,” Toulouse said.
Chun joined Boeing in 2010 after retiring from the U.S. Navy as a captain with 24 years of service. Chun is a graduate of the U.S. Naval Academy. He holds a bachelor’s degree in economics and a master’s degree in information systems from the Naval Postgraduate School. Chun currently serves as chairman of the board of directors for the Military Spouse Corporate Career Network (MSCCN), a nonprofit organization that focuses on job-placement solutions for military-affiliated spouses and caregivers to war-wounded veterans.
Chun succeeds Linda Mills, who announced she will be leaving the company.
“We thank Linda for her many contributions and wish her all the best in the future,” Toulouse said.
Alexa Marrero, current director of Communications Operations for Boeing Global Services, will serve as interim head of Communications for Boeing Global Services until a permanent replacement is selected.
Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As the top U.S. exporter, 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.
