Even as the Brazilian economy appears in a slow slide downward, business aviation fractional ownership operator Avantto (Stand 6111) is watching its value grow. “People are flying about 20 percent more, and the number of flights at Avantto is growing faster than the size of our fleet,” said company president Rogério Andrade.
Charter and Fractional » Fractional
News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.
Aircraft fractional ownership is a concept that has been slow to take hold in Latin America, most likely the result of an installed business aircraft customer base too small to support such an effort. But it is growing.
One of the more established fractional ownership programs in Latin America is MexJet, a business unit of long-time Mexican aviation services provider Aerolínas Ejecutivas.
Yesterday afternoon fractional operator PlaneSense took delivery of the milestone 1,200th PC-12 at its Portsmouth, N.H. headquarters, during a ceremony hosted by PlaneSense founder and CEO George Antoniadis. Pilatus Business Aircraft president and CEO Thomas Bosshard was among the guests.
On Tuesday, Avantair asked for more time from the judge overseeing an involuntary Chapter 7 case filed against the fractional aircraft company in the U.S. Bankruptcy Court in Tampa, Fla. Avantair, which had until Tuesday to respond to the filing, argued that the “company continues to negotiate with potential sources of financing and potential plan proponents in an effort to reorganize.”
The involuntary Chapter 7 case against Avantair in the U.S. Bankruptcy Court in Tampa, Fla., is proceeding at a much faster pace than industry sources initially expected. On Thursday, just one week after the case was filed, U.S. Bankruptcy Judge Catherin McEwen held an emergency hearing to consider the filing creditors’ request for appointment of an interim bankruptcy trustee, as well as a motion to prevent removal of business records.
Fractional provider Bombardier Flexjet says it experienced 96-percent growth in new fractional and jet card sales during the first six months versus the same period last year. The company said sales of new fractional shares climbed by 112 percent, while new jet card sales gained 68 percent. “The skies continue to brighten for Flexjet,” said Flexjet president Deanna White.
On Thursday, four Texas-based creditors filed an involuntary Chapter 7 (liquidation) bankruptcy filing against Avantair in Florida’s Middle District (Tampa) U.S. Bankruptcy Court. A summons was sent to Avantair on Friday and the company has until August 16 to respond. If Avantair does not respond by then, the court may allow the bankruptcy case to proceed; if it does respond, a hearing will be set and the judge will then decide if the case has merit to proceed.
The future of Avantair, the operator of Piaggio Avanti fractional ownership, Axis Lease and Edge Card flight access programs, was hanging in the balance at press time as the Clearwater, Fla.-based company urgently sought restructuring options following its June 26 cessation of operations.
As prospects dim for Avantair, the Clearwater, Fla.-based Piaggio Avanti turboprop fractional ownership program, concerns about its future are taking a back seat to questions about how owners will recover their aircraft. Among recent developments:
On Wednesday, Avantair sent out its “go-forward plan” for “NewCo,” the working name for a reborn Avantair, that would first seek to “restructure and stabilize the business” as a mostly East Coast-only fractional provider. Under the plan, the company’s debts would be wiped out, though the plan does not specify how that will be accomplished.