With the exception of the heavy jet category, charter flight demand seems to be tailing off at the end of the Northern Hemisphere summer vacation season. The latest forward-looking demand index from online charter portal Avinode shows demand dipping for light and midsize jets over the next 30 days.
Charter and Fractional » Fractional
News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.
Directional Aviation Capital (DAC)–the company headed by Kenn Ricci that owns Flight Options, Sentient Jet, Nextant Aerospace and Constant Aviation, among others–announced today that it is buying fractional provider Flexjet from Bombardier for $185 million. The transaction is expected to close by year-end, pending U.S. government approvals. All Flexjet employees will be retained, Ricci noted.
The trustee overseeing Avantair’s involuntary bankruptcy is seeking a halt to a class-action lawsuit brought against the company on behalf of former employees alleging Fair Labor Standards Act violations for failure to pay for work performed or provide proper termination notification.
Directional Aviation Capital (DAC)–the company headed by Kenn Ricci that owns Flight Options, Sentient Jet, Nextant Aerospace and Constant Aviation–announced this morning that it is buying fractional provider Flexjet from Bombardier for $185 million. The transaction is expected to close by year-end, pending U.S. government approvals.
Owners of fractional shares in Piaggio Avanti twin turboprops operated by Avantair are trying to take possession of their aircraft in the wake of the August 16 court hearing that put the Clearwater, Fla.-based company into involuntary bankruptcy.
The assets of Clearwater Fla.-based Avantair will be sold and the company liquidated after it failed to meet an August 13 deadline to contest an involuntary Chapter 7 filing in the Florida Middle District U.S. Bankruptcy Court in Tampa. Judge Catherine McEwen signed an order during a hearing on August 16 authorizing the case to proceed under Chapter 7.
On Tuesday, the judge overseeing the Avantair bankruptcy case approved a motion for trustee Beth Ann Scharrer to begin examinations of Avantair CEO Steve Santo, CFO Bret Holmes, president David Haslett, associate general counsel Tom Palmiero, executive vice president Kevin McKamey and executive vice president of finance and operations Stephen Wagman “to obtain any and all documents in [their] possession related to the assets, liabilities and business operations of [Avantair].”
Clearwater Fla.-based Avantair’s assets will be sold off and the company liquidated after it failed to meet a deadline last week to contest an involuntary Chapter 7 filing in the Florida Middle District U.S. Bankruptcy Court in Tampa. Judge Catherine McEwen signed an order on Friday converting the case to full Chapter 7 status and gave former fractional provider Avantair until this Friday to provide the court with a list of creditors, co-debtors and unexpired leases. The court has also given Avantair’s creditors until December 18 to file a claim.
On Tour Logistics (OTL), a tour transportation and logistics management company catering to the entertainment industry, has partnered with Bombardier Flexjet. Through Flexjet and Jet Solutions, On Tour Logistics will provide clientele with private travel on Flexjet’s Learjets and Challengers, expanding the coverage of current OTL alliance member Averitt Air. “The remarkable flexibility to fly home quickly and safely from almost anywhere is priceless. We could not be more pleased that Flexjet has chosen us as a partner,” said OTL vice president for logistics Steve Gregory.
In response to fleet growth and an uptick in its business, fractional provider Bombardier Flexjet has resumed hiring pilots after ceasing such activity, and then subsequently furloughing pilots, during the Great Recession. It recalled all of its furloughed pilots earlier this year. “We are thrilled to be expanding our dedicated pilot team…and anticipate hiring in the double digits this year and beyond,” said Flexjet vice president of operations Jason Weiss.