In the business aviation industry, signs of a recovery remain mixed at best. There is some good news, but for the most part the industry seems still to be wondering if there is a bottom.
Aviation International News » September 2009
Pilatus Aircraft is shortening working hours for 350 of its employees from September 1 in response to order cancellations for its PC-12 NG single-engine turboprop. According to the Swiss manufacturer, the move will reduce the overall number of annual paid hours by about 15 percent and the company does not plan to lay off staff.
Robert Pinkas, Tab Keplinger and Brantley Capital Management (BCM) have been charged “with securities fraud for overvaluing assets in an investment portfolio they manage to generate higher investment advisory fees,” according to the Securities and Exchange Commission (SEC).
The long-simmering feud between the FAA and the National Air Traffic Controllers Association (Natca) over wages and working conditions was apparently resolved late last month. Union members will have 45 days to ratify the many issues agreed upon through mediation, but five issues decided by arbitrators, including compensation, are not subject to ratification.
The City of Roseville Employees’ Retirement System has filed a class-action complaint alleging that investors in Textron shares were misled by statements about backlogs at Cessna Aircraft. The complaint alleges, “Textron was accepting orders for business
To streamline its approvals for very light jets (VLJs), the FAA issued a notice of proposed rulemaking (NPRM) on August 17 to amend the applicable certification standards for Part 23 jet-powered airplanes. The agency said the NPRM is necessary to eliminate the current workload of processing exemptions, special conditions and equivalent levels of safety findings necessary to certify VLJs under Part 23.
Blue Sky Avgroup, which filed a lawsuit against kit aircraft manufacturer Epic Air on June 5, amended its suit to add Epic sister companies Aircraft Completion Services and Aircraft Investor Resources; founder and 42-percent owner Richard Schrameck; Jeff Sanders, who owned 47 percent of the companies; and Michael Shealy, owner of 11 percent of the three companies.
Bombardier has confirmed that ExecuJet Aviation no longer holds exclusive sales representation for its new business aircraft.
After no other bids emerged for the assets of Albuquerque, N.M.-based Eclipse Aviation, a federal bankruptcy judge on August 20 approved the $40 million offer from Eclipse Aerospace for the former builder of Eclipse 500 very light jets.
Before new fractional company Jet Republic declared insolvency late last month, lawyers for the firm were seeking to lift a legal injunction secured by established provider NetJets Europe that prevented it from hiring NetJets employees. A court in Portugal granted the injunction in July 2008, before Jet Republic was officially launched.