Business aircraft flying was generally flat last month, decreasing year-over-year by just 1 percent, according to TraqPak data released on Tuesday by aviation services company Argus.
Southern England-based business aircraft sales, charter and management firm ConnectJets has been awarded the UK dealership for the Piaggio Aero Avanti II. As such, it is now the dealer for the twin turboprop in the UK, Ireland, the Channel Islands and the Isle of Man. ConnectJets said it will soon announce a partner so it can launch a shared-ownership program later this year for Avanti II clients throughout the UK and aforementioned self-governing Crown dependencies.
Palm Beach, Fla.-based Piaggio America–the North American representative for Piaggio Aero, the Italian company that manufactures the Avanti twin turboprop–will create an “OEM-trained team with the support of additional specialists furnished from Italy” to offer restoration services to fractional share owners of Avantis grounded by the bankruptcy of Avantair, Piaggio America president and CEO John Bingham told AIN yesterday.
Business aircraft flying increased by 1.4 percent year-over-year last month, thanks to a surge in activity at Part 135 charter operators, according to TraqPak data released today by aviation services company Argus.
The future of Avantair, the operator of Piaggio Avanti fractional ownership, Axis Lease and Edge Card flight access programs, was hanging in the balance at press time as the Clearwater, Fla.-based company urgently sought restructuring options following its June 26 cessation of operations.
As prospects dim for Avantair, the Clearwater, Fla.-based Piaggio Avanti turboprop fractional ownership program, concerns about its future are taking a back seat to questions about how owners will recover their aircraft. Among recent developments:
The eleventh-hour proposal to restructure Avantair, the Clearwater, Fla.-based Piaggio Avanti turboprop fractional ownership program, is on hold amid owner resistance.
On Wednesday, Avantair sent out its “go-forward plan” for “NewCo,” the working name for a reborn Avantair, that would first seek to “restructure and stabilize the business” as a mostly East Coast-only fractional provider. Under the plan, the company’s debts would be wiped out, though the plan does not specify how that will be accomplished.
Fractional provider Avantair shut down today and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing.
Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair shut down yesterday and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to an 8-K SEC filing. Employees were also notified that “the company will not be in a position to fund payroll on June 28,” meaning they will not be paid for time worked since June 8.