Charter and Fractional » Fractional

News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.

December 4, 2012 - 3:25pm

Piaggio Avanti fractional provider Avantair closed on $2.8 million in new funding yesterday via the issuance of senior secured convertible notes. The notes have a three-year term and an interest rate of 2 percent. In addition, the company restructured its existing aircraft financing arrangements with Midsouth Services, reducing its monthly lease payments by more than $1.8 million during the next 15 months and extending the maturities on two aircraft.

December 3, 2012 - 4:40am

Clearwater, Fla.-based fractional provider Avantair restarted operations on November 9, following a nearly three-week voluntary grounding of its approximately 60 Piaggio Avantis. The voluntary grounding was precipitated by a July 28 incident in which an Avantair-operated Avanti shed an elevator in flight and flew two subsequent legs before the crew noticed that the control surface was missing. “The Piaggio continued to fly normally for a few reasons, including its dual elevators, forward canards and high wings,” according to Avantair CEO Steve Santo.

November 29, 2012 - 3:50pm

Bombardier Aerospace delivered NetJets’ first “signature series” Global 6000 at a special ceremony today in Montreal at Bombardier’s Global Completion Centre. “Today NetJets has unquestionably become part of the Bombardier Business Aircraft family,” said Bombardier Business Aircraft president Steve Ridolfi.

November 13, 2012 - 3:20pm

St. Petersburg, Fla.-based fractional provider Avantair restarted operations on Friday following a nearly three-week voluntary grounding of its approximately 60 Piaggio Avantis. “We’re back and flying, and are covering all our trips now,” Avantair CEO Steve Santo told AIN yesterday.

November 8, 2012 - 3:04pm

NetJets opened a new exclusive-use facility for its customers at Atlanta DeKalb-Peachtree Airport yesterday. The fractional aircraft provider has signed a long-term lease with Atlantic Aviation for the 2,800-sq-ft facility, which includes customer and crew lounges, a conference and business center and flight-planning facilities. According to NetJets, DeKalb-Peachtree is one of its most popular domestic destinations, with approximately 4,000 NetJets flights coming in and out of the airport annually.

November 2, 2012 - 3:50am
NetJets Europe Global 6000 interior.

NetJets Europe is betting on large-cabin, long-range operations as demand for light to midsize jets remains flat and is preparing to receive its first Bombardier Global 6000. Delivery is scheduled to take place by year-end, with commercial operations starting February 1.

November 2, 2012 - 3:50am

NetJets Europe is betting on large-cabin, long-range operations as demand for light to midsize jets remains flat and is preparing to receive its first Bombardier Global 6000. Delivery is scheduled to take place by year-end, with commercial operations starting February 1.

October 29, 2012 - 6:40pm
NetJets chairman and CEO Jordan Hansell and Bombardier Business Aircraft president Steve Ridolfi

NetJets unveiled its new Bombardier Global 6000 at the NBAA show static display on Sunday. The fractional ownership giant has spent 18 months developing the Signature Series cabin interior for the large cabin aircraft and will also roll out the new design to other new members of its fleet, including the Challenger 605 and 300 models.

October 29, 2012 - 3:15pm

NetJets unveiled its new Bombardier Global 6000 at the NBAA show static display last night. The fractional ownership giant has spent 18 months developing the Signature Series cabin interior for the large-cabin aircraft and will also roll out the new design to other new members of its fleet, including the Challenger 300 and 605. The aircraft is part of the 50-ship firm order for Global business jets placed by NetJets in March last year, along with options for 70 more.

October 29, 2012 - 3:00pm

Fractional provider Avantair continues to stand down operations and has retained safety expert Nick Sabatini to help complete a thorough examination of its fleet of about 60 Piaggio Avantis, including a comprehensive review of records and supporting maintenance documentation. It has also furloughed all of its pilots and operations staff.

 
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