Melbourne, Florida, December 18, 2023 – Eve Air Mobility (NYSE: EVEX) held its Customer Advisory Board meeting last week at its headquarters in Melbourne, Florida. Customers and partners from 12 companies and nearly every continent came together to discuss the aircraft, operations, ecosystem readiness and services and solutions.
Eve’s Customer Advisory Board includes a wide variety of operators including fixed-wing and rotorcraft operators and lessors, all with the objective of co-creating the Urban Air Mobility (UAM) ecosystem. The discussions included optional items and vehicle configuration and passenger cabin experience. In addition, attendees also received a program and product update from Eve´s leadership.
Eve also took the opportunity to highlight its worldwide sales and support network which includes a broad customer support infrastructure. Eve’s customers will also benefit from Embraer’s global service and support network which includes 10 existing services centers and 66 third-party service centers around the world.
Forward-Looking Statements
This press release may 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.
SEATTLE, March 29, 2021 — Boeing [NYSE: BA] and Southwest Airlines [NYSE: LUV] today announced the carrier will continue to build its business around the 737 MAX family with a new order for 100 airplanes and 155 options across two models. The deal comes after a multi-year fleet evaluation by Southwest and means that Boeing and its suppliers could build more than 600 new 737 MAX jets for the airline through 2031.
Southwest had been exploring options to modernize the largest component of its fleet: the 737-700 that serves the airline’s needs for a 140-150 seat airplane. With the new agreement, the airline reaffirmed the 737-7 as its preferred replacement and growth airplane. The jet will complement the 737-8, which serves Southwest’s needs for a 175-seat model. Both 737 MAX family members will reduce fuel use and carbon emissions by at least 14% compared to the airplanes they replace, helping to improve operating costs and environmental performance. Southwest said the solution allows it to maintain the operational efficiencies of an all-Boeing 737 fleet to support its low-cost, point-to-point route network.
The new purchase agreement takes Southwest’s order book to 200 737-7s and 180 737-8s, more than 30 of which have already been delivered. Southwest will also have 270 options for either of the two models, taking the carrier’s direct-buy commitment to more than 600 airplanes. The airline also plans additional 737 MAX jets through third-party lessors.
As part of the agreement, Southwest will also expand its use of Boeing’s digital solutions to support its 737 MAX fleet, including Airplane Health Management, Maintenance Performance Toolbox and digital navigation charting tools. Boeing will also provide system software upgrades and new wireless communications-enabling equipment to support Southwest’s operations.
OSLO (Reuters) – Norwegian Air <NAS.OL> shareholders backed its financial survival plan on Monday, with more than 95% of votes cast supporting the conversion of nearly $1 billion of debt into equity and raising more cash from its owners.
Approval of the scheme is a vital part of the struggling airline’s plan to tap government credit guarantees as it seeks to overcome the coronavirus crisis, which has compounded its already deep financial problems.
Airlines around the world have been hit hard by the impact on travel of the pandemic, with many forced to turn to governments for state aid to avoid bankruptcy.
The airline, which at the end of last year had amassed debts of around $8 billion, said ahead of the meeting that it had won “strong support” from aircraft lessors for its plan.
With 95% of its fleet grounded due to the coronavirus pandemic, Norwegian Air has said it could run out of cash by mid-May unless shareholders supported the plan.
On Sunday it said bondholders had signed up to the plan, which was narrowly rejected in a vote on Thursday.
Norwegian Air said lessors are now willing to convert at least $730 million of debt into equity, up from $550 million earlier, and talks are ongoing for possible further conversion.
“With the significant contributions from lessors and bondholders, the company expects to convert more than 10 billion crowns ($958 million) in debt to equity,” it said.
Based on the results from the shareholders’ meeting, the company will now proceed with the conversion of bonds and lease debt to shares, as well as the public offering of up to 400 million ($38.4 million) from the sale of new stock, it said.
The debt conversion and share sale will allow Norwegian Air to tap government guarantees of up to 2.7 billion crowns, which hinge on a reduction in leverage, on top of 300 million crowns it has already received.
The plan will hand majority ownership to the airline’s creditors and could leave current shareholders with just 5.2%.
The loan could keep Norwegian Air going until the end of 2020, although further cash may be needed as it eyes a gradual ramp-up next year and normalisation in 2022, albeit with a reduced fleet.
Norwegian Air is only paying invoices vital to maintaining minimum operations, such as salaries for staff still employed and critical IT infrastructure. It has put payments for ground handling, debt and leases on hold.
The Oslo Bourse said it had halted trade in Norwegian Air’s shares until the outcome of the vote is presented.
(Reporting by Terje Solsvik; Editing by Christian Schmollinger, Jason Neely and Alexander Smith)
FILE PHOTO: A Norwegian Air plane is refuelled at Oslo Gardermoen airport
Leading turboprop manufacturer’s Board of Directors approves the launch of brand new STOL version
Juan-les-Pins, 9 October 2019 – ATR, the world number one regional aircraft manufacturer, confirms it has received authorisation from its board of directors for the launch of the ATR 42-600S. With the ‘S’ representing STOL (Short Take-Off and Landing), this new version of the ATR 42-600 offers take-off and landing capabilities on runways as short as 800m with 40 passengers on board in standard flight conditions (*). This makes the ATR 42-600S the best performing aircraft in this segment.
To-date, ATR has recorded 20 commitments from operators and lessors for this ATR 42-600S variant. This includes Elix Aviation Capital as the launch lessor and Air Tahiti as the launch operator, as announced on the occasion of the Paris Air Show 2019.
The 42-600S is a brand new addition to the company’s aircraft family, alongside the founding members ATR 42-600 and ATR 72-600, and the forthcoming ATR 72-600F cargo variant. The ATR 42-600S’ certification, is expected for the second half of 2022, with the first delivery expected immediately after.
ATR Chief Executive Officer Stefano Bortoli, commented: “Adding the ATR 42-600S to our family makes total sense and paves the way for the company’s future. There is a huge potential for 50-seater aircraft and the ATR 42-600S could help airlines widen their horizons, as it can reach up to around 500 new airports across the globe. This is clear illustration of our dedication in helping more people and more remote communities benefit from being part of a connected world and in a sustainable way.”
The principal modifications for the 42-600S will concern the introduction of a larger rudder, which allows increased control of the aircraft at lower speeds. The new version will continue to use the same engine as both the ATR 42 and 72. The ATR 42-600S will, however, allow pilots to be able to select between the ATR 42 and 72 engine ratings, meaning the aircraft can use increased power for performing STOL operations, or elect to operate more efficiently with less power on longer runways. The ATR 42-600S will also be able to symmetrically deploy its spoilers to improve braking efficiency on landing. It will also come with an autobrake system which will ensure that the full braking power occurs immediately upon landing.
With this new version, ATR forecasts to expand the addressable market by 25%, targeting new routes and the 30-seater STOL segment. There is a strong interest from airlines for a new 50-seater product capable of operating in more constraint conditions. Close to 500 airports have a runway comprised between 800-1,000m and could welcome the ATR 42-600S. The launch of this aircraft will benefit both passengers and airlines thanks to the increased regional connectivity that it will bring.
*15°C airfield temperature, sea level, dry paved runway and a route of 200NM.
NEW YORK, Aug. 29, 2019 (GLOBE NEWSWIRE) — Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (APO); Athene Holding Ltd. (ATH); and GE Capital, the financial services arm of GE (GE), today announced that they have entered into a definitive agreement for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GE Capital’s Aviation Services (GECAS) unit. In connection with this transaction, Apollo will acquire the PK AirFinance aircraft lending platform and Athene will acquire PK AirFinance’s existing portfolio of loans.
PK AirFinance is a leading aircraft lending business that serves airlines, aircraft traders, lessors, investors and financial institutions globally with loans to borrowers in more than 40 countries. Financial details of the transaction were not disclosed, although the $3.6 billion of PK AirFinance financing receivables that were held for sale in the second quarter of 2019 are being sold at a premium to book value in this transaction.
Alec Burger, GE Capital President & CEO, said, “Apollo’s vast lending experience, complementary platforms, and exceptional track record across diversified assets and geographies make it the ideal partner to accelerate PK AirFinance’s growth. This sale is aligned to GE Capital’s overall strategy to become smaller and simpler, and our commitment to reduce our assets by $10 billion in 2019 is now more than halfway complete. We continue to focus on shrinking GE Capital’s balance sheet, achieving a debt-to-equity ratio of less than 4x by 2020, and supporting GE Industrial growth through our remaining GECAS, Energy Financial Services, and Industrial Finance businesses.”
Jim Belardi, CEO of Athene, said, “This transaction provides us with a unique opportunity to acquire a large, diversified portfolio of high-quality loans with attractive risk-adjusted returns. In addition, this deal is another great example of the unique benefits of our strategic relationship with Apollo and its commitment to building direct origination platforms in support of the continued growth of our business.”
James Zelter, Co-President of Apollo, said, “We are very excited to be acquiring the PK AirFinance platform which, under GE’s outstanding stewardship, has become one of the world’s leading aircraft lending businesses, and is highly complementary to our existing aircraft leasing capabilities. This transaction also demonstrates our ongoing commitment to meet the investment needs of Athene and our clients, and is consistent with our objective to continue to expand Apollo’s capabilities to directly originate high quality assets.”
PK AirFinance’s team of investment professionals, who primarily focus on originations and syndications as well as underwriting and portfolio management, will transfer to Apollo upon completion of the transaction.
Per Waldelof, president of PK AirFinance, said, “We have a great team of experts with tremendous execution capabilities and a proven ability to deliver results. We are confident that this transaction will ensure the continued stability of our business. We are excited for the opportunity to continue to serve our customers and the industry as part of the team at Apollo.”
The completion of the acquisition is subject to customary conditions and is expected to close during the fourth quarter of 2019. Citi and Goldman Sachs & Co. LLC provided financial advice and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Clifford Chance LLP provided legal advice to GE Capital. Citi, RBC Capital Markets, and Mizuho provided debt financing for the transaction, and RBC Capital Markets served as financial advisor to Apollo.
NEW DELHI/BENGALURU (Reuters) – India’s SpiceJet Ltd could benefit from cash-strapped Jet Airways being forced to ground planes, and the low-cost carrier is in talks with lessors to lease some of those aircraft, a person with direct knowledge of the matter told Reuters.
Shares of SpiceJet rose as much as 7.2 percent on Wednesday in their biggest percentage gain since Dec. 18 as investors bet the airline could take advantage of Jet Airways’ woes.
SpiceJet last week was forced to ground its 12 Boeing Co 737 MAX 8 planes by India’s aviation watchdog, following safety concerns after the Ethiopian Airlines plane crash that killed 157 people.
SpiceJet and Jet Airways are the only carriers in India that operate this type of aircraft and have a total of about 400 on order. The airlines also operate the previous model, the 737-800 among other Boeing planes.
The 737-800 makes up the majority of the Jet Airways fleet, and the airline is now operating only 41 aircraft, the Directorate General of Civil Aviation (DGCA) said on Tuesday.
That means around two-thirds of its fleet is grounded for non-payment to lessors, maintenance or other reasons.
“Lessors are panicking as they haven’t been paid and if Jet goes for insolvency, their planes will be stuck in India, so many of them are chasing SpiceJet,” said the person quoted earlier.
The person said SpiceJet needs at least twelve 737s to cover the grounded MAX planes and it is negotiating for more. Jet Airways pilots are also queuing up to join the budget airline.
Jet Airways’ lessors have offered 50 aircraft to SpiceJet, according to a report by news wire IANS.
SpiceJet and Jet Airways did not immediately respond to a request for comment.
Jet Airways shares dropped about 7 percent on Wednesday as its financial crisis deepened, with the Indian government calling for an emergency meeting and pilots threatening to go on strike over unpaid salaries.
The government has asked state-run banks to rescue Jet Airways without pushing it into bankruptcy, two people within the administration have told Reuters, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election.
The 25-year-old airline has defaulted on loans after racking up over $1 billion in debt, and owes money to banks, suppliers, pilots and lessors – some of whom have started terminating their lease deals with the carrier.
This has forced Jet Airways to cancel hundreds of flights, leaving passengers stranded and angry. The number of Jet Airways flights has fallen by 80 percent from a year ago, according to the DGCA.
(By Aditi Shah and Tanvi Mehta, Additional reporting by Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips and Shreejay Sinha)
FILE PHOTO: A Jet Airways passenger aircraft takes off from the airport in Ahmedabad, August 12, 2013. REUTERS/Amit Dave/File Photo
Feb
21 (Reuters) – India’s Jet Airways Ltd has approved a rescue deal by
the lenders of the carrier reeling under a net debt of 72.99 billion
rupees ($1.02 billion), but doubts linger over whether the bailout would
help it clear dues on time.
The resolution plan will make Jet’s lenders its largest shareholders and fix a near 85 billion rupee funding gap.
Jet has been steadily losing market share to its rival and low-cost carrier IndiGo, which is owned by InterGlobe Aviation Ltd.
The airline has also seen its share price suffer as it navigated through several negotiations with its lenders and shareholders.
Oct 18 – Report says Indian conglomerate Tata Group is in talks to buy stake in Jet. Jet calls report “speculative”
Oct 30 – U.S.-based Delta Air Lines Inc expresses interest to buy Jet stake from promoter Naresh Goyal and Etihad Airways
Nov 5 – Report says Tata aims to buy the 51 percent stake in the airline owned by Naresh Goyal, and Etihad Airways’ 24 percent stake, and merge Jet with Vistara
Nov 12 – Jet posts third straight quarterly loss
Nov 13 – Tata Sons begins due diligence to buy Jet, reports say
Nov 15 – Shares surge nearly 25 percent following reports that the debt-laden airline was nearing a rescue deal with Tata Sons; another report says the Indian government asked Tata to explore buying Jet
Nov 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made
Nov 22 – Independent director Ranjan Mathai resigns, citing rising pressure from other commitments
Dec 3 – Jet says it will stop providing free meals to most domestic economy class passengers from January
Dec 5 – Jet and Etihad Airways have been holding rescue talks with Jet’s bankers, sources tell Reuters
Dec 6 – Jet tells its pilot union it will clear all salary dues by April, a source tells Reuters
Dec 14 – Goyal’s penchant for control has come up as a major obstacle as the airline tries to negotiate a rescue deal, several people who have worked closely with him or known him over the years tell Reuters
Jan 2, 2019 – The airline says it has delayed payment to a consortium of Indian banks, led by SBI; ICRA cuts rating again
Jan 10 – Jet proposes to creditors that it will catch up with debt payments in arrears by September, and from April will meet debt payments as they come due, according to a document seen by Reuters
Jan 11 – Some aircraft lessors were prompted to explore taking back aircraft from Jet, people familiar with the matter told Reuters. Etihad is not “in any position to sink new equity into Jet at this juncture”, says a person familiar with Etihad’s position.
Jan 14 – Report states Goyal is likely to step down from the board and give up majority control
Jan 16 – TV channel reports that Etihad offered to buy Jet shares at a 49 percent discount and immediately release $35 million.
Jan 17 – Top creditor SBI says Jet’s lenders are considering a plan to resolve its debt issues, amid further reports that Goyal is willing to invest 7 billion rupees in the airline and pledge all his shares but wants to retain a 25 percent stake.
Jan 24 – India capital markets regulator says it has no “view” on relaxing norms for a Jet bailout
Jan 25 – Etihad appoints Alvarez & Marsal to conduct due diligence on Jet, sources tell Reuters
Jan 30 – Jet denies its aircraft had been grounded by GE Capital Aviation Services
Feb 1 – Jet agrees to most conditions set by Etihad Airways for a lifeline, a report says
Feb 8 – Airline grounds four aircraft after failing to make payments to lessors
Feb 14 – Jet’s board approves a rescue deal which will make its lenders its largest shareholders and fix a near 85 billion rupee funding gap
Feb 15 – Jet is seeking an $840 million bailout from shareholders and a state-backed fund, Business Television India reports
Feb 21 – International lessors have grounded more Jet Airways planes prior to potentially moving them out of India, as scepticism builds whether a state-led bailout of the carrier can clear their dues on time, sources tell Reuters
($1 = 71.2325 Indian rupees)
(Compiled by Arnab Paul and Chris Thomas in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)
SAO PAULO, Jan 22 (Reuters) – Avianca Brasil, which filed for bankruptcy protection in December, is looking for a cash injection and has hired Brazilian consulting firm Galeazzi & Associados to help in talks with investors and creditors, the airline said.
Galeazzi’s executives are already visiting the carrier’s creditors to discuss options, a source said, asking for anonymity to disclose private talks. Reuters first reported the news of the Galeazzi hire, citing sources.
Avianca shareholders are discussing a potential cash injection with different investors, including hedge fund Elliott Management Corp, two sources said. Any investment now would need to happen within the bankruptcy protection process, likely in the form of debtor-in-possession financing.
Elliott and Galeazzi did not immediately reply to requests for comment.
Any capital injection or loan would need authorization from the bankruptcy judge.
Avianca is battling two of its main aircraft lessors, Aircastle Ltd and General Electric Co’s unit GE Capital Aviation Services, who have tried so far unsuccessfully to ground or repossess 40 percent of its fleet.
Avianca also said in the statement it continues to operate normally.
The escalating legal battle has added to the uncertainty surrounding Avianca Brasil’s ability to maintain its current flight schedule.
(Reporting by Tatiana Bautzer Editing by Susan Thomas and Alistair Bell)
