When the ICAO Assembly meets in Montreal late this month, the International Business Aircraft Council (IBAC) will propose standardization of international regulations governing fractional ownership operations. At present, the U.S.
Charter and Fractional » Fractional
News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.
When the economic bottom slipped from under the business aviation industry in 2001, those in the fractional ownership market were unsure where it would leave them. Recession was a new experience for those in the fractional market, which had come into its own in the mid-1990s, after the recession of the late 1980s and early 1990s.
Net sales for Flight Options increased in the fourth quarter of last year compared with the same period in 2005, but the fractional provider recorded an operating loss. Nevertheless, parent Raytheon stands by its fractional provider. “Flight Options essentially met or exceeded all the operational objectives that we had in place,” said Raytheon CFO Dave Wajsgras.
Avantair is offering a limited-time incentive to new buyers of Piaggio Avanti fractional shares. Customers who sign on the dotted line before March 20 are eligible to win a college basketball championship game day package consisting of round-trip travel aboard an Avanti and four tickets to the big game in Atlanta on April 2.
Eclipse Aviation’s fourth conforming flight-test aircraft, N505EA, which experienced a gear-up landing on September 4 at Albuquerque International Sunport, will be repaired and back in the air by the end of October, according to a company spokesman. The two pilots on board were not injured during the accident, which Eclipse said was caused by pilot error.
Fractional ownership provider NetJets Europe has launched a dedicated operation for the Scottish market. The new NetJets Scotland service will offer flights from 17 Scottish airports, including the Royal Air Force bases at Lossiemouth, Leuchars (close to the exclusive St. Andrews golf course) and Kinloss. It will also provide access to the country’s mountainous Highlands region, as well as to the Orkney, Shetland and Hebrides Islands.
After nine months of intense bargaining, NetJets’ unionized pilots (represented by the International Brotherhood of Teamsters) and management reached a tentative agreement (TA) on Saturday. The move comes four years after the pilots’ contract became amendable in October 2001.
Cleveland-based fractional provider Flight Options yesterday announced three new buyer-incentive programs. Until December 16, buyers of a 3/32nd share (75 hours of annual usage) in a new Hawker 400XP will get an extra 25 occupied hours per year (a total of 100 hours) with no additional capital outlay. According to Flight Options, this equates to a savings of nearly $200,000.
Three of the five pilots for Cleveland-based fractional aircraft operator Flight Options who are trying to organize pilots under International Brotherhood of Teamsters Local 1108 (the same union that represents NetJets fractional pilots) told AIN that they soon expect to have enough organizing cards to call a vote.
Net sales for Flight Options increased in the fourth quarter of last year compared with the same period in 2005, but the fractional provider recorded an operating loss quarter-over-quarter. Nevertheless, parent Raytheon stands by the company. “Flight Options essentially met or exceeded all the operational objectives that we had in place,” said Raytheon CFO Dave Wajsgras.