The U.S. Department of Transportation’s Office of Inspector General (OIG) issued a report in August warning that the FAA’s process for awarding airport project grants is not meeting requirements of the American Recovery and Reinvestment Act (ARRA). The act was signed into law in February and provided $1.1 billion for Airport Improvement Plan (AIP) projects.
As used aircraft values got pummeled over the last few quarters, it seemed that the buyers had all but disappeared. They hadn’t. Now that the inventory of most model types is at unprecedented highs and prices are at unprecedented lows, buyers are reemerging in more noticeable numbers and scoring big time on CJs to G550s, often executing a trade some 30- to 50-percent below the prices accepted at this time last year.
Version 9 of Continuum Applied Technology’s Corridor aviation service software includes a new multi-currency module for companies that serve international customers, automated weight-and-balance feature and easier integration with third-party applications using new application programming interfaces (APIs). The multi-currency module not only helps with currency conversions but allows customers and vendors to use their preferred currency.
The flow of used aircraft to the market is slowing fairly dramatically, and some may wonder if that’s because all the aircraft for sale are already on the market. It might seem that way to some, but the more than 3,000 aircraft for sale right now–while not an insignificant number–represent only a fraction of the more than 16,500 jets currently in operation.
Clearwater, Fla.-based fractional provider Avantair reported another quarter of positive EBITA profits in a difficult economic environment, putting the Piaggio Avanti fleet operator on the path to health after years of losses. In its fiscal third quarter, which ended March 31, the company saw year-over-year revenues climb 15.7 percent to $34.7 million.
Clearwater, Fla.-based fractional provider Avantair reported another quarter of positive EBITA profits in a difficult economic environment, clearly putting the Piaggio Avanti fleet operator on the path to health after years of losses. In its fiscal third quarter that ended March 31, the company saw year-over-year revenues climb 15.7 percent to $34.7 million.
“The pre-owned business jet market isn’t tanking or upside down; it just returned to normalcy,” noted Dennis Rousseau, a 25-year business aviation veteran and president of AircraftPost, an online market valuation service for midsize and large-cabin business jet owners.
A petition for bankruptcy under the Chapter 7 code was filed by JetDirect Aviation with the U.S. bankruptcy court in Delaware last Friday, listing liabilities of $100 million to $500 million. The filing noted that “there will be no funds available for distribution to unsecured creditors.” A meeting of creditors is scheduled for June 18 in Wilmington, Del.
The 24th annual NBAA maintenance management conference was held in New Orleans last week.
The U.S. will lead the recovery of the currently ailing business aviation industry, according to Sparta, N.J.-based consulting firm Brian Foley Associates. “This is good news since this region has always been the industry’s biggest market, accounting for 64 percent of the active worldwide business jet fleet,” noted company president Brian Foley. The recession and slowdown began in the U.S.