Peter Bull, an aviation industry veteran and risk and asset management expert, has joined the advisory board at helicopter leasing firm Milestone Aviation Group. Milestone chairman and CEO Richard Santulli said Bull’s input will strengthen and enhance the company, since asset and risk management are the “backbone of our business and central to what we do.” Bull has held a range of senior positions in aircraft maintenance, leasing, asset management, risk consulting and continuing airworthiness.
Financing, Insurance and Taxes » Aviation Financing
Issues regarding financing of aircraft.
As the global economy in general, and business aviation in particular, begins to stabilize, so the squeeze on aircraft financing is beginning to relax, albeit with an element of conservatism. That was the message from speakers at the fifth Business Aviation in Latin America summit held yesterday at LABACE. A range of financial issues was covered during the summit.
Helicopter leasing firm Milestone Aviation Group announced today that it has attracted new financing worth between $600- and $750 million to fund “growth initiatives and acquisitions.” Since its founding by Richard Santulli three years ago, Milestone has acquired more than 100 aircraft worth $1.5 billion, placed orders and taken options for more new aircraft worth $2.2 billion and closed leases with 22 operators in 20 countries. Most of Milestone’s clients service the growing offshore oil and gas sector. The new financing comes from a consortium of global financial institutions.
The International Bureau of Aviation (IBA) predicts the global business jet fleet will grow by almost 60 percent between now and 2025, rising from 19,700 to 30,750 aircraft.
Aruba recently introduced new rules covering the use of designated inspectors by the Caribbean island’s Department of Civil Aviation. The new regulation allows inspectors, who can be located anywhere in the world, to be used by the country’s aircraft registry in procedures including airworthiness inspections, crew licensing, approval of operator manuals and flight simulator compliance.
Sukhoi Civil Aircraft (Hall 2a B198) and Russia’s Ilyushin Finance Company (IFC) signed a so-called heads of agreement outlining the terms of delivery of 20 Sukhoi SSJ100s here at the Paris Air Show on Monday. IFC envisions leasing 15 of the airplanes in basic configuration for Southeast Asian and Middle Eastern customers. IFC also plans to buy five other long-range versions of the jet, designated the SSJ100-95LR. The Parties agreed that the deliveries would start in 2015.
BOC Aviation (Hall 5, Stand D262) has grown from just another player in the aircraft leasing business to a prominent brand, and the world’s fifth largest aircraft lessor. Started in 1993 as Singapore Aircraft Leasing (Sale), it was acquired by Bank of China in December 2006 for $3.25 billion. In July 2007, its name was changed to BOC Aviation.
Airbus’s A380 yesterday received a highly welcome boost from Doric Lease, which placed a memorandum of understanding (MoU) for the purchase of 20 of the superjumbos at the Paris Air Show.
There has hardly been a better time to be a buyer of aviation insurance, as all signs point to a buyer’s market. Several factors are driving lower rates in this insurance segment, including fewer airline accidents, lower overall insurance claims, the economy, more underwriters entering the market, increased adoption of safety management systems and more sophisticated aircraft. AIN talked to David McKay, president and CEO of insurer USAIG, to get a better sense of this market. USAIG and McKay are here at the Paris Air Show supporting long-time customer Bombardier.
Ilyushin Finance Company (IFC) has won the approval of its shareholders and governmental bodies for recently signed deals on 50 Irkut МС-21s, 32 Bombardier CSeries and 20 Sukhoi Superjet 100s. “All three programs have been approved,” IFC general manager and co-owner Alexander Roubtsov told AIN.