Tag: federal (Page 5 of 12)

Delta Launches $6.5 Billion Debt Deal Backed by Frequent Flyer Program

September 14, 2020 / WIL BALDWIN

CHICAGO, Sept 14 (Reuters) – Delta Air Lines said on Monday it is seeking to raise $6.5 billion through new bonds and loans backed by its SkyMiles loyalty program, further bolstering liquidity to weather a drastic downturn in travel demand due to the COVID-19 pandemic.

The airline said it would use the loyalty program as collateral to secure the new loans and issuance, as it continues to burn through about $27 million in cash each day.

U.S. airlines have cut costs and raised debt to survive what they call an unprecedented industry crisis. The situation is not expected to improve until there is a meaningful recovery in demand.

With its latest financing deal, Delta will not pursue a $4.6 billion federal loan available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, officials said, even as it continues to lobby for a second round of federal payroll grants.

Atlanta-based Delta is among U.S. airlines to have tapped funds under a $25 billion made available primarily in grants under the CARES Act to cover employees’ payroll through September, but not a separate $25 billion package in secured loans.

The loan program has attractive financing terms but restricts executive compensation and share buybacks.

The airline has said it could furlough nearly 2,000 pilots in October without more federal aid, but believes it can avoid any flight attendant furloughs through the winter thanks to strong demand for voluntary departures or leaves.

Delta had $15.7 billion in liquidity at the end of June, which it said equaled about 19 months of financial runway at a daily burn rate of $27 million.

It still has unencumbered assets worth $6 billion to $7 billion, primarily in the form of spare aircraft parts and engines, if needed, officials said.

Delta did not disclose the value of the loyalty program or the terms of the new financing, which mirrors a debt deal by United Airlines in June backed by its $20 billion MileagePlus program.

Delta’s shares, which have lost about 46% this year, closed at $31.70 on Friday.

(Reporting by Tracy Rucinski; Editing by Ana Nicolaci da Costa)

Alstom Delivers Guadalajara Urban Transportation Network Line 3

September 14, 2020 / WIL BALDWIN

– Inauguration of a landmark mobility project for the State of Jalisco in Mexico

Alstom has officially delivered Line 3 of Guadalajara urban transportation network, a new line expected to carry around 230,000 passengers daily. The line covers nearly 21 kilometres, covering 18 stations through the cities Zapopan, Guadalajara and Tlaquepaque. It will be operated by the local operator SITEUR (Sistema del Tren Eléctrico Urbano – Urban Electric Train System).

In 2014, Alstom was selected by the federal Secretaría de Comunicaciones y Transportes (SCT – Communication and Transportation Ministry) to provide an integrated system for the Guadalajara network extension. The project, representing a nearly €330 million investment (with €240 million for Alstom), will enhance mobility services for residents across the State of Jalisco, providing significant social and economic benefits.

“Line 3 is designed to be 100% accessible to all, with spaces for people with disabilities inside the cars and dedicated infrastructure at all stations. The line is an example of a modern, inclusive transport system that offers passengers a reliable, safe and comfortable travel experience while remaining environmentally sustainable,” said Maite Ramos, Managing Director of Alstom Mexico.

“We congratulate everyone involved in the inauguration of this very important project for Jalisco. Without a doubt, it will greatly benefit all the State’s residents, changing the way they travel and improving their lifestyle. Alstom’s efficient work to carry out this project saw the company’s experience and commitment contribute to improving the quality of life of residents and proposing complete safety in their travel,” said Manuel Gomez Parra, General Director of Railway and Multimodal Development of the SCT.

The 2014 contract included the supply of 18 Metropolis trains, communication systems, the high-voltage and traction substations, and traffic control systems based on Urbalis 400, Alstom’s CBTC system. The trains are equipped with air conditioning, video surveillance, and passenger information systems.

With these projects, Alstom reaffirms its commitment to continue to lead the way to greener and smarter mobility around the world, developing and commercializing integrated systems that provide the sustainable foundation for the future of transportation.

Alstom has been present in Mexico since 1968, with the development of the first metro line in Mexico City. Since then, it has been an important ally for the development of mobility and urban connectivity, as well as the economic growth of the states of the country where it operates. For 52 years, Alstom has pioneered the introduction of metros and its maintenance in Mexico City, Monterrey and Guadalajara. In addition, the company has developed signalling systems and maintenance services for trains and infrastructure for the main railway companies in the country.

Wasserstoff-Zug Copyright: ÖBB/Marek Knopp

Alstom Hydrogen Train Enters Regular Passenger Service in Austria

September 13, 2020 / WIL BALDWIN

In Vienna, a new era in passenger rail starts today. Until the end of November, a hydrogen train will run for the first time in regular passenger service for ÖBB, the Austrian Federal Railways. The Coradia iLint, built by Alstom in Salzgitter, Germany, uses on-board fuel cells to convert hydrogen and oxygen into electricity, thus reducing operating emissions to zero.

Following successful test operation in Northern Germany between 2018 and 2020, the Coradia iLint train will now demonstrate its worth in Austria over three months during which it will transport passengers on geographically challenging routes.

“With its use in regular passenger operations for ÖBB, our innovation train Coradia iLint has reached the next milestone,” said Dr. Jörg Nikutta, Alstom’s CEO in Germany and Austria, at the launch event in Vienna. “The train’s emission-free drive technology offers a climate-friendly alternative to conventional diesel trains, especially on non-electrified lines. I am particularly pleased that ÖBB, a strong and long-term partner in the European mobility market, is convinced of our technology and its advantages.”

“We clearly see ourselves as pioneers in testing hydrogen technology on rail. As the largest climate protection company in Austria, we are actively shaping the mobility of the future with technological alternatives,” emphasizes Andreas Matthä, CEO of ÖBB-Holding AG on the occasion of the premiere of the hydrogen train.

The operational success of Alstom’s fuel cell train started in September 2018, when two pre-series vehicles began regular passenger service in Lower Saxony, Germany. After 1.5 years of trial operation and more than 180,000 kilometres covered, the way was cleared for the delivery of 14 series trains beginning in 2022. Now, the Austrian ÖBB will test the Coradia iLint on regional railway lines in the country’s south, where they could replace diesel trains. Passengers can look forward to a low-noise train with a top speed of 140 km/h and zero emissions.

Garmin Announce Certification of G1000 NXi Upgrade in Piper Meridian

August 20, 2020 / WIL BALDWIN

Garmin International Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), today announced Federal Aviation Administration (FAA) certification and availability of the G1000 NXi upgrade for G1000-equipped Piper Meridian aircraft. The G1000 NXi integrated flight deck upgrade is available immediately for these aircraft through select Garmin dealers and features several new enhancements such as SurfaceWatch, visual approaches, geographical map overlay within the HSI and more.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200819005056/en/

State-of-the-art processors support faster map rendering and smoother panning throughout the G1000 NXi displays. The flight displays also initialize in seconds so pilots have immediate access to frequencies, flight plan data and more, saving valuable time in the cockpit. The G1000 NXi integrated flight deck also incorporates contemporary animations and LED back-lighting, offering increased display brightness and clarity, reduced power consumption and improved dimming performance.

– The G1000 NXi integrated flight deck boasts a comprehensive feature set with new and advanced capabilities. Unique features included as part of the G1000 NXi upgrade for the Piper Meridian include:SurfaceWatch runway monitoring technology, which provides visual and aural cues to help prevent pilots from taking off or landing on a taxiway, on a runway that is too short or on the wrong runway based on performance data entered during preflight.

– Visual approaches offer pilots enhanced guidance in visual flight conditions based on a three-degree glideslope from the threshold of the runway. Pilots can set customized minimums, select vectors or straight-in for the final approach intercept and fly a visual approach coupled with the autopilot.

– Geographical map overlay within the HSI supports the display of NEXRAD, Flight Information Service-Broadcast (FIS-B) weather, weather radar, SafeTaxiairport diagrams, traffic¹, terrain and more.

– Flight Stream 510 and Connext technology enables Database Concierge, the wireless transfer of aviation databases from the Garmin Pilot™ app on a mobile device to the G1000 NXi integrated flight deck. Flight Stream 510 also supports two-way flight plan transfer, the sharing of traffic, weather, GPS information and back-up attitude information.

– The G1000 NXi system supports the display of various Automatic Dependent Surveillance-Broadcast (ADS-B) In benefits via the GTX 345R transponder.

– Pilots can optionally overlay European Visual Reporting Points (VRPs) on the moving map, as VRPs are standard within the navigation database.

– Display of sectional charts, as well as IFR low/high enroute charts are available on the MFD.

– Smart Airspace highlights the airspace nearest the aircraft’s current altitude and de-emphasizes non-pertinent airspace.

– COM frequencies are decoded and displayed on the PFD for easier interpretation.

– Decoded Terminal Aerodrome Forecasts (TAFs) can be viewed on the MFD.

– Split-screen functionality allows pilots to view flight plans, charts and more simultaneously.

– An optional audio panel upgrade offers advanced features such as 3D Audio, auto squelch and Bluetooth connectivity.

The G1000 NXi integrated flight deck upgrade for existing G1000-equipped Piper Meridian aircraft is available immediately through select Garmin dealers. Meridian owners and operators can easily upgrade to the G1000 NXi with minimal aircraft down time and disruption of the panel as the displays preserve the same footprint and connectors, so panel modifications are not required. The upgraded components of the G1000 NXi also come with a two-year warranty, which is supported by Garmin’s award-winning avionics product support team.

Siemens Mobility Awarded Billion-Euro Order for Deutsche Bahn High-Speed Trains

August 10, 2020 / WIL BALDWIN

Beginning in 2022, DB will expand its mainline fleet with 30 new high-speed trains. Deutsche Bahn has awarded the billion-euro order to Siemens Mobility. DB called for tenders at the end of 2019 when the federal government announced it would be reducing the value-added tax on mainline rail tickets as of the beginning of 2020.

The trains will initially run on routes between the state of North Rhine-Westphalia and Munich via the high-speed Cologne-Rhine-Main line. The new trains will increase DB’s daily passenger capacity on these mainline routes by 13,000 seats.

Dr. Richard Lutz, CEO of Deutsche Bahn AG said: “Today marks a big step for a strong and environmentally friendly rail system: DB is investing in new trains at a record level. Our fleet will be getting state-of-the-art additions with the new ICE trains, and our passengers will benefit from more seats, greater comfort and higher speeds by the end of 2022. The entire DB fleet will grow by 20 percent over the coming years. Even though demand has sharply declined due to the corona pandemic, everything speaks in favor of climate-friendly rail transport for the longer term. That’s why we’re committed to growth!”

Andreas Scheuer, Germany’s Federal Minister for Transportation and Digital Infrastructure, commented: “The new, ultra-modern ICE trains make rail travel even more attractive – also because high-performance high-speed trains, along with modern rail infrastructure, are a key prerequisite for increasing the frequency of nation-wide rail service. With this move, rail is increasingly becoming a climate-friendly alternative for long-distance travel. The order is also a strong economic stimulus and therefore a positive signal for many employees in the rail industry and their families. With an order of this size, we are securing thousands of jobs and strengthening innovations made in Germany.”

“We are helping Deutsche Bahn implement its master plan for transforming Germany’s transport sector. The goal is to massively reduce CO2 emissions while at the same time attracting more people to public transport,” said Roland Busch, Deputy CEO andMember of the Managing Board of Siemens AG. “Siemens and DB have long enjoyed a highly successful partnership. The most important requirement for the ICE order was to get the new trains on the rails very quickly. We can do exactly that by relying on our proven Velaro platform.”

By 2026, 421 ICE trains with 220,000 seats will be operating on Germany’s rail system. In addition to the 30 new ICE trains just ordered, there is an option for an additional 60 trains.

The new ICE trains will be manufactured at Siemens locations in North Rhine- Westphalia, Bavaria and Austria. Technically, the train is based on the proven platform of the ICE 3. The new trains will have 440 seats and a top speed of 320 km/h. They will offer passengers greater comfort and convenience with features like frequency- transparent windows for stable mobile phone reception and space for transporting bicycles.

Garmin Autoland Achieves EASA and FAA Certification on Daher TBM 940

August 6, 2020 / WIL BALDWIN

Garmin International Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), today announced European Aviation Safety Agency (EASA) and Federal Aviation Administration (FAA) certification of Autoland in the Daher TBM 940. The Garmin Autoland system is available as part of the G3000™ integrated flight deck and is capable of taking control and landing the aircraft without human intervention¹ in the event the pilot is unable to fly.

In the event of an emergency, the pilot or passengers on board the aircraft can activate Autoland to land the aircraft with a simple press of a dedicated button. Autoland can also activate automatically if the system determines it’s necessary. Once activated, the system calculates a flight plan to the most suitable airport, while avoiding terrain and adverse weather, initiates an approach to the runway and automatically lands the aircraft – without pilot or passenger intervention.

Autoland takes into account a breadth of information and criteria during an activation, including a wide range of performance, operational and environmental factors. The availability of a GPS approach with lateral and vertical guidance to the runway is also required when the system is considering various airports and runways. Even further, the system will automatically communicate with air traffic control (ATC), advising controllers and pilots operating near the aircraft of its location and its intentions.

Throughout an Autoland activation, the G3000 integrated flight deck provides passenger-centric visual and verbal communications in plain language so passengers in the aircraft know what to expect. The flight displays show the aircraft’s location on a map alongside information such as the destination airport, estimated time of arrival, distance to the destination airport and fuel remaining. Airspeed, altitude and aircraft heading are also labeled in an easy-to-understand format. Passengers also have the option to communicate with ATC by following simple instructions on the display using the touchscreen interface on the flight deck.

The Garmin Autothrottle system is used to automatically manage aircraft speed, engine performance and engine power so the aircraft can climb, descend or maintain altitude as needed during an Autoland activation. On approach to land, the system initiates a controlled descent to the airport. If the aircraft needs additional time to descend or slow down during the approach, the Autoland system initiates a standard holding procedure. When aligned with the runway, the landing gear and flaps are automatically extended and the aircraft continues its descent. On the runway, automatic braking is applied while tracking the runway centerline to bring the aircraft to a full stop. Engine shutdown is also automated so occupants can safely exit the aircraft.

At any time, a pilot can easily deactivate an Autoland activation. With a single press of the “AP” autopilot key on the autopilot controller or the autopilot disconnect button on the controls, an Autoland activation can be canceled. The flight display shows a message that confirms Autoland has been deactivated and in the event of an accidental deactivation, the system shows passengers how to reactivate Autoland if needed.

Cargo Airline Cashing in on Junk-Bond Boom

August 4, 2020 / WIL BALDWIN

At a little-known cargo airline that handles shipments for United Parcel Service Inc. and Amazon.com Inc., business is booming.

With passenger carriers forced to cut most of their freight capacity during the pandemic, seven-year-old Western Global Airlines LLC has picked up new orders amid a surge in online shopping.

Now, it’s benefiting from another big tailwind: the credit rally sparked by the Federal Reserve’s unprecedented backstop.

The Estero, Florida-based carrier is borrowing hundreds of millions of dollars from the junk-bond market to fund a stock program that will give it a sizable tax break, hand the founders a large payout and potentially keep its workforce union-free.

Click the link below to read the full story!

https://finance.yahoo.com/news/cargo-airline-cashing-junk-bond-231010892.html

Airbus Five-Blade H145 Receives EASA Type Certification

June 29, 2020 / WIL BALDWIN

Ready for customer deliveries later this year
Raising the bar in performance, comfort, simplicity and connectivity

Airbus Helicopters’ five-bladed H145 has been certified by the European Union Aviation Safety Agency (EASA), clearing the way for customer deliveries towards the end of summer 2020. The certification covers the full range of capabilities, including single-pilot and instrument flight rules (IFR) and single engine operations (Cat.A/VTOL), along with night vision goggles capability.

“Our new five bladed H145 is an excellent example of our quest for continuous improvement and providing incremental innovation that responds to our customers’ requirements”, said Bruno Even, Airbus Helicopters CEO. “This helicopter combines value-added features with the robustness and the reliability of a tried-and-tested bestseller, making it very competitive in the light twin-engine market.”

The new version of Airbus’ best-selling H145 light twin-engine helicopter was unveiled at Heli-Expo 2019 in Atlanta, GA, with launch customers announced for almost every market segment. Prior to the successful high-altitude test campaign in South America, where the aircraft set its skids down on the Aconcagua, the highest mountain in the Southern hemisphere, the new H145 performed several test campaigns including in Spain at medium altitudes and Finland for cold weather.

This latest upgrade of the H145 family adds a new, innovative five-bladed rotor to the multi-mission H145, increasing the useful load of the helicopter by 150 kg (330 lb). The simplicity of the new bearingless main rotor design will also ease maintenance operations, further improving the benchmark serviceability and reliability of the H145, while improving ride comfort for both passengers and crew. Certification by the Federal Aviation Administration will follow later this year. The certification for the military version of the five-bladed H145 will be granted in 2021.

Powered by two Safran Arriel 2E engines, the H145 is equipped with full authority digital engine control (FADEC) and the Helionix digital avionics suite. It includes a high performance 4-axis autopilot, increasing safety and reducing pilot workload. Its particularly low acoustic footprint makes the H145 the quietest helicopter in its class.

Amtrak Receives $63 Million from FRA for Northeast Corridor Infrastructure Improvements

May 29, 2020 / WIL BALDWIN

State of Good Repair grant financing will help fund projects in New Jersey and Maryland

The Federal Railroad Administration (FRA) has awarded two Northeast Corridor (NEC) grants to Amtrak as part of its $302.6 million in the State of Good Repair grants to help repair and rehabilitate railroad infrastructure and other assets across the country for 12 projects in nine states. Totaling more than $63 million, the two grants will help fund the Portal North Bridge Project and the Winans to Bridge Improvement project.

“Improving infrastructure in this country is vital to strengthening the economy and providing a safer, more reliable travel experience as we look towards recovery,” said Amtrak President and CEO Bill Flynn. “We thank the FRA, and our state and NEC partners for their invaluable support in awarding us these grants.”

A total of $55.1 million of the State of Good Repair grant issued by the Federal Railroad Administration was awarded towards the Portal North Bridge Project to replace the century old two-track swing bridge in Kearny, New Jersey with a fixed span. Serving as a critical link for intercity and commuter customers traveling to or from New York City, the current bridge was used by 450 daily trains with passengers making more than 200,000 daily trips on Amtrak’s intercity and New Jersey Transit’s commuter rail services in 2019.

The new bridge is designed as a 2.44-mile modern fixed structure that will eliminate the failures associated with aging infrastructure that causes delays across the NEC. A higher clearance (more than 50 feet above the Hackensack River), will eliminate the need for the bridge to open, allowing for faster operating speeds (from 60 to 90 mph), improved performance and greater reliability for an upgraded customer experience. Early construction of the new bridge began in Fall 2017 and was completed on time and on budget. NJ TRANSIT is seeking a Core Capacity grant from the Federal Transit Administration that would allow major construction to begin as soon as next year.

The Portal North Bridge Project is a key component of the Gateway Program and is identified as a regional priority in the NEC Commission’s five‐year capital plan.

Additionally, as part of a separate project, Amtrak, in partnership with Maryland Department of Transportation, Maryland Transit Administration (MDOT MTA), is also slated to receive $8 million to rehabilitate and upgrade a five‐mile section of track that is part of the Amtrak‐owned NEC mainline near Baltimore.

The project will restore Track A to 90 mph speeds, up from 60 mph, to shorten trip times, improve ride quality, and provide operational flexibility. The work will include upgrades from Winans to Bridge interlockings, replacing timber ties with concrete, installing heavier rail and laying new ballast. Bridge interlocking is located at the north end of West Baltimore Station and Winans is at the south end of Halethorpe Station. These upgrades will enable high‐speed operations on all four tracks on this segment.

The project will also enable service to be maintained while tracks are taken out of service to allow support for construction elements of the B&P Tunnel Replacement project. This work is included in the Northeast Corridor Commission’s five‐year capital plan as a regional priority. To learn more about these and other critical infrastructure projects Amtrak is working on, visit nec.amtrak.com/readytobuild/.

Other grant awards include Amtrak shared joint applications with Connecticut DOT for the WALK Bridge Replacement in Norwalk, Connecticut and Substation 41 Reconstruction in Kearny, NJ as led by NJ TRANSIT as well as other NEC related projects in New York and Pennsylvania. In addition, grants were awarded to various projects in California, Illinois, Michigan and North Carolina that provide benefits to Amtrak and its Long Distance and/or State-Supported customers.

Economic Stabilization Fund Approves Lufthansa Package

May 27, 2020 / WIL BALDWIN

Deutsche Lufthansa AG has been informed by the Economic Stabilization Fund (WSF) of the Federal Republic of Germany that the WSF has approved the stabilization package for the company. The Executive Board also supports the package.

The package provides for stabilization measures and loans of up to EUR 9 billion.

The WSF will make silent participations of up to 5.7 billion euros in total in the assets of Deutsche Lufthansa AG. Of this amount, approximately EUR 4.7 billion is classified as equity in accordance with the provisions of the German Commercial Code (HGB) and IFRS. In this amount, the silent participation is unlimited in time and can be terminated by the company on a quarterly basis in whole or in part. In accordance with the agreed concept, the remuneration on the silent participations is 4% for the years 2020 and 2021, and rises in the following years to 9.5% in 2027.

Furthermore, the WSF will subscribe to shares by way of a capital increase in order to build up a 20% stake in the share capital of Deutsche Lufthansa AG. The subscription price will be 2.56 Euro per share, so that the cash contribution will amount to about 300 million Euro. The WSF may also increase its stake to 25% plus one share in the event of a takeover of the company.

In addition, in the event of non-payment of remuneration by the Company, a further portion of the silent participation is to be convertible into a further shareholding of 5% of the share capital at the earliest from 2024 and 2026 respectively. The second conversion option, however, only applies to the extent that the WSF has not previously increased its shareholding in connection with the above-mentioned takeover case. Conversion should also be possible for dilution protection. Subject to the full repayment of the silent participations by the company and a minimum sale price of EUR 2.56 per share plus an annual interest of 12%, the WSF undertakes, however, to sell its shareholding in full at the market price by 31 December 2023.

Finally, the stabilization measures are supplemented by a syndicated credit facility of up to EUR 3 billion with the participation of KfW and private banks with a term of three years. This facility is still subject to the approval of relevant bodies.

The expected conditions relate in particular to the waiver of future dividend payments and restrictions on management remuneration. In addition, two seats on the Supervisory Board are to be filled in agreement with the German government, one of which is to become a member of the Audit Committee. Except in the event of a takeover, the WSF undertakes not to exercise its voting rights at the Annual General Meeting in connection with the usual resolutions of ordinary Annual General Meetings.

The stabilization package still requires the final approval of the Management Board and the Supervisory Board of the company. Both bodies will come together shortly to adopt resolutions on the stabilization package. The capital measures are subject to the approval of an extraordinary general meeting.

Finally, the stabilization package is subject to the approval of the European Commission and any competition-related conditions.

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