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NetJets Suffers Loss in 2009, Sees Profitable 2010
March 02, 2010
NetJets lost $711 million last year and is so debt-laden that without parent-company Berkshire Hathaway’s guarantee of this debt, “NetJets would have been out of business,” Berkshire Hathaway chairman Warren Buffett said in his annual letter to shareholders on Saturday. In 2008, the fractional aircraft provider recorded $213 million in pre-tax earnings....
moreAircraft Charter Demand Continues Steady Climb
March 02, 2010
The U.S. executive charter market enjoyed a markedly stronger month in February than during the same month a year earlier, according to the latest data from online charter booking portal CharterX. Midsize jets showed the strongest recovery, with a 25.9-percent year-over-year increase, to 15,509 flight hours. Heavy jets recovered by 12.3 percent, to 8,610...
moreVistaJet and Flexjet Join Forces
March 01, 2010
Executive charter group VistaJet is joining forces with fractional provider Bombardier Flexjet to provide seamless access to each company’s respective service area. VistaJet’s fleet of Bombardier Learjets, Challengers and Global Expresses operates largely in Europe, the Middle East and Asia. Flexjet’s Learjets and Challengers will provide flights within...
moreRoyal Jet Steps Up Private Flights to Iraq
March 01, 2010
Abu Dhabi-based charter operator Royal Jet is taking increasing numbers of bookings for flights into Iraq. Since the 2003 invasion of the country by the U.S. and its allies, the operator has made more than 100 flights into Iraq, including private charters and emergency medical evacuations. Following the 2003 conflict, Royal Jet was the first commercial...
more$20M Verdict Against XtraJet Overturned
March 01, 2010
A judge in the 2nd District Court of Appeals in Los Angeles overturned an earlier $20 million judgment against defunct charter operator XtraJet, saying, “The amount awarded to the plaintiffs was so great that it shocks the conscience.” The claim against XtraJet and its former owner, Jeffrey Borer, stemmed from the secret taping of pop singer Michael Jackson...
moreAvinode Upgrades Charter Search Engine
March 01, 2010
Online charter portal Avinode upgraded its new aircraft charter search engine, making it easier for charter brokers and operators to put together the most cost-efficient routes by allowing them to search more effectively for real-time aircraft availability and pricing. It can also show complex sets of charter flight options, even for operators with multiple...
morePlatinum Jet Trial Postponed until May
March 01, 2010
The trial of Michael and Paul Brassington, John Kimberling, Brien McKenzie and pilot Francis Vieira, executives and employees of now defunct Platinum Jet Management, has been rescheduled for May 11 to give both sides more time to prepare. Company cofounder Andre Budhan and director of charters Joseph Singh previously pleaded guilty to charges of conspiracy...
moreFlight Options, Pilots Reach Agreement
March 01, 2010
International Brotherhood of Teamsters Local 1108, the union for Flight Options’ 500 pilots, early last month reached a tentative agreement for a first contract with the Cleveland-based fractional provider. The agreement comes some four years after the union came on the property and, if ratified, will end years of sometimes acrimonious negotiations....
moreCessna Takes Full Ownership of CitationAir
February 23, 2010
Cessna Aircraft yesterday completed its acquisition of business aviation flight services provider CitationAir. With the move, CitationAir becomes a wholly owned subsidiary of Cessna but maintains its separate operation. The original company–called CitationShares until the name was changed this past October–was started in 2000 as a 50-50 joint venture...
moreDelta AirElite Acquires Segrave Aviation
February 23, 2010
Delta Air Lines subsidiary Delta AirElite Business Jets acquired Kinston, N.C.-based Segrave Aviation last month. Delta AirElite operates the Hawker 400XP and 800, Learjet 60, Challenger 604, GIV and G550; Segrave already operates essentially the same equipment, bringing the combined managed fleet to 45 aircraft and 200 employees.
moreAabar Boosts Its Investment in XOJet
February 22, 2010
Abu Dhabi-based investment firm Aabar Investments is investing a further $20 million in charter provider XOJet. The move came just four months after XOJet secured $470 million in additional funding from a group led by TPG, a Fort Worth-based private equity firm, and Aabar. Meanwhile, Aabar and XOjet said they plan to form a joint venture in the UAE to...
moreAvantair Soars in Frax Market
February 22, 2010
Fractional provider Avantair reported revenues of $35.8 million for its Fiscal Year 2010 second quarter ending December 31. It recorded operating income of $1.4 million versus an operating loss of $628,000 in the year-ago period, and earnings before interest, income taxes, depreciation and amortization stood at $2.8 million. The company said it saw...
moreFractionals stumbled in brutal 2009
February 22, 2010
Data on the U.S. fractional share industry show that last year was extremely challenging for the big four fractional operators–NetJets, Flexjet, Flight Options and CitationAir–and for smaller but healthier Avantair. Near the end of last year, in a financial results statement, Hawker Beechcraft revealed that cancellations of orders by NetJets “represent...
moreAvantair Soars in Difficult Fractional Aircraft Market
February 16, 2010
Fractional provider Avantair reported revenues of $35.8 million for its fiscal year 2010 second quarter, which ended December 31. It recorded operating income of $1.4 million, versus an operating loss of $628,000 in the year-ago period, and earnings before interest, income taxes, depreciation and amortization stood at $2.8 million. Company CEO Steven Santo...
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