Biozyme, the owner of a Hawker Beechcraft (HBC) Premier IA, has filed an objection with the bankruptcy court handling the Hawker Beechcraft proceedings, questioning the manufacturer’s plan to suspend warranty coverage as part of its efforts to exit bankruptcy.
According to figures released today by business aviation data company Amstat, the long hoped-for “broad based business aircraft resale market recovery still remains elusive.” While inventories of pre-owned business aircraft continued to contract and transaction activity continues to increase on a year-over-year basis, the rate of improvement slowed in the third quarter, it said.
Japan’s Sumitomo Mitsui Bank (SMBC) beat more than 30 other bidders to complete the acquisition of RBS Aviation Capital on October 15, demonstrating the growing importance of leasing in new-airliner acquisitions. The bank’s new SMBC Aviation division intends to merge two other leasing companies owned by its shareholders to challenge for the number-three position in the leasing sector, controlling some 331 aircraft.
Judge Patrick Brady of the Massachusetts Superior Court in Norfolk County last month denied the arguments in a lawsuit by Boston Air Charter (BAC) challenging the rulings made by the town of Norwood and its airport commission.
GE Capital Aviation Service signed a memorandum of understanding (MoU) yesterday at the Farnborough Airshow with CFM International to participate in the engine manufacturer’s new product offering for leasing companies, called Portable Maintenance for Lessors (PML). The final agreement should be complete by year-end, the companies said.
Engine Lease Finance (ELFC) has become the first CFM International (CFMI) spare-engine lessor to use the manufacturer’s portable maintenance for lessors (PML) program under a memorandum of understanding that could be formally ratified by year’s end.
A legal case that could hold serious ramifications for the aircraft financing and leasing industry met its end with a blow against the lenders when the U.S. Supreme Court refused to hear an appeal.
Encouraged by last year’s successful effort to secure three European lessors for 10 Air Nostrum CRJ1000s, Bombardier expects the trend toward more lease acquisitions of regional airliners to continue. For the Canadian airframer, attracting lessors will prove vital to the success of the new C Series as well, and perhaps most notably in China, where aircraft leasing remains a relatively new option.
The International Monetary Fund’s April 18 warning that Europe’s banks could lose some $2.6 trillion over the next 18 months lent weight to concerns of a continuing aircraft finance drought recently voiced by airline treasurers and finance bosses.
Cleveland-based Constant Aviation has named Jay Randall to the position of Great Lakes regional sales manager. Randall joined the company from Dallas Airmotive, where he was responsible for the sale of engine maintenance services specializing in the PT6A, JT15D, Spey and Tay for the Northeast and Great Lakes territory. Before that Randall was a maintenance manager for the Flight Options sales and acquisitions department. He will be responsible for selling maintenance, avionics, interior, parts and modifications/refurbishments in the Great Lakes region.