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| Financing, Insurance and Taxes |
New jet financing firm is created
May 23, 2007
Guggenheim Partners and UBS have formed Guggenheim Aero Finance, a corporate jet financing company that will combine worldwide reach with a streamlined approval process to offer aircraft financing solutions to individual and corporate buyers of new and pre-owned corporate jets.The business will be led by two seasoned aviation executives, managing directors...
moreGestair to invest $115 million in its fleet
May 23, 2007
Gestair Private Aviation has announced a $115 million investment over the next four years to further expand its 30-aircraft fleet. The Spanish-based company is also planning a new main- tenance hangar. Also anticipated is FBO network expansion and company acquisitions abroad.During 2007 to 2010, parent company Gestair Group will restructure its...
moreIsle of Man registry a ‘M-ONEY’ shelter
May 23, 2007
A new European aircraft registry designed specifically for corporate jets–which promises a high level of service and competitive rates–has a range of M-prefixed registration options to offer as well.Its availability opens up a whole range of naming options. M-YJET and M-ONEY are among at least 18 already spoken for, but M-YBBJ (for the discerning Boeing...
moreVLJ insurance firms focus on pilot training
April 01, 2007
As deliveries of very light jets (VLJs) begin, concerns that they might be difficult to insure have almost evaporated. Manufacturers have had the chance to brief underwriters in depth about their models’ designs, performance characteristics and systems. As underwriters’ understanding of VLJs has improved, the companies have become reasonably comfortable...
moreDOT IG Supports Current FAA Funding Method
March 13, 2007
The Inspector General of the DOT says that as long as Congress continues to mandate funding the FAA out of general tax funds, aviation taxes can fully pay for ATC modernization efforts. AOPA believes this position is “verification from the federal government” of its financial analysis of the FAA’s current funding structure. “The analysis determined that the...
moreRotor market attracts Bank of America bucks
March 02, 2007
World banking giant Bank of America (Booth No. 700), a long-time player in fixed-wing financing, announced yesterday its entrance into the rotorcraft market. Although the bank has financed helicopters on an individual basis in the past, this marks the company’s first attempt at luring a broad spectrum of new clients.In an attempt to enter the market in full...
moreCalifornia Bank Targets Aircraft Buyers
December 01, 2006
Mission Oaks National Bank in Temecula, Calif., hopes to become the lender of choice for pilots shopping for general aviation airplanes and, in some cases, helicopters in the western U.S. from New Mexico to Washington, as well as Nevada and Arizona, and occasionally other states. The bank will consider loans on aircraft valued up to $3.5 million. Veteran...
moreGAO Sees User-fee Option for Funding ATC
October 05, 2006
While the debate continues over how best to fund the next-generation air transportation system, the Government Accountability Office (GAO) is of the opinion that “given the diverse nature of the FAA’s activities, a combination of alternative [funding] options may offer the most promise for linking revenues and costs.” In a study released last week, the GAO...
moreAviation Finance
October 01, 2006
Lenders remain bullish, but the bears are circling
moreNav Canada Wants Excise Taxes Cut
September 01, 2006
Canada’s private, user-fee-based ATC system–Nav Canada–believes that general aviation operators are double-charged for use of Canada’s aviation infrastructure and that fuel excise taxes should be reduced. In a recent letter sent to the minister of finance, Nav Canada president and CEO John Crichton noted that airline passenger taxes were eliminated after...
moreUser Fee Changes at Nav Canada
September 01, 2006
Effective September 1, Nav Canada, the nation’s ATC services provider, is withdrawing its average 2-percent service charge implemented on Aug. 1, 2003. Meanwhile, a new daily charge of $10 per day for aircraft with 6,600 pounds mtow or less when operating at seven specific airports goes into effect March 1, 2008.
moreMcKinney Aerospace closes up shop
September 01, 2006
McKinney Aerospace, apparently struggling with financial problems, closed its doors in July, putting some 70 employees out of work. The refurbishment and avionics upgrade provider had been a resident at Collin County Regional Airport north of Dallas since opening its doors.
The company was purchased by Aeros Aviation partners Andrew Eros and Randy Haler...
moreTeething EASA confronts budget woes
July 18, 2006
The almost three-year-old European Aviation Safety Agency (EASA) wants to keep on a fast growth curve, despite its acknowledged teething problems. The main problem–funding–is being addressed through a major increase in certification fees. Over the next two years, the agency is preparing to extend its responsibilities to cover aircraft operations, flight...
moreN.Y. Senate passes tax exemption bill
July 01, 2006
New York’s state Senate passed legislation (S.3655) sponsored by Sen. Bill Larkin (R-Croton-on-Hudson) to provide a sales and use tax exemption on general aviation airplanes to be operated under Part 91 and purchased in the state. The exemption, if passed by the state’s Assembly and signed by the governor, would go into effect on December 1. “This bill...
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