Hawker Beechcraft, which is in the process of restructuring under U.S. Chapter 11 bankruptcy protection, posted a $33.8 million net loss on sales totaling $149.9 million last month. In documents filed with the U.S. Bankruptcy Court in New York earlier this week, the company reported spending $1.5 million on restructuring costs, $5.4 million on reorganization items and $8.8 million on research and development.
Kalogridis International had a better year in 2011 than in 2010, and this year, said founder George Kalogridis, promises to be even better.
Demand for high-end carpeting in the single-aisle and twin-aisle bizliner market, he said, wasn’t affected so much by the recession as the smaller business and private jet segment. Now, he added, activity is starting to pick up in that smaller jet market.
A bankruptcy court judge on Friday denied a request from Hawker Beechcraft to give eight of the Wichita OEM’s “senior leadership team” as much as $5.3 million in bonuses. HBC had filed the request with the U.S. bankruptcy court on August 15, describing the bonuses as based on the achievement of certain incentive goals.
The NBAA Convention, to be held in late October in Orlando, Fla., will offer what the association bills as an “unprecedented chance” for attendees to have face-to-face discussions with people influential in aviation policies throughout Asia. As part of the show, the U.S. Trade and Development Agency (USTDA), Asia-Pacific Economic Cooperation (APEC) and U.S. Department of Transportation will sponsor a “reverse trade mission,” bringing regulators and policymakers from several Asian countries to Orlando for NBAA 2012 and then Washington, D.C., a few days after the convention.
Hawker Beechcraft filed a request with the U.S. bankruptcy court requesting permission as part of the restructuring to grant bonuses to most of its “senior leadership team.” The incentive bonuses under the key employee incentive plan could total as much as 200 percent of each individual’s base salary; however, the filing makes clear that the bonuses are based on the achievement of certain incentive goals.
Assistant attorney general Lanny Breuer announced yesterday that Nordam “has entered into an agreement with the Department of Justice to pay a $2 million penalty to resolve violations of the Foreign Corrupt Practices Act [FCPA].” Nordam, a Tulsa, Okla., MRO provider, has also agreed to cooperate with the DOJ for three years, including periodic reports on compliance efforts, and the company must “implement an enhanced compliance program and internal controls designed to prevent and detect FCPA violations.”
New research from Price Waterhouse Coopers stresses the need for a different kind of mindset to deal with the “intensity” of pressure on aerospace and defense companies to deliver across the board. The new report titled, A New Intensity: Programs Under Pressure, underscores the need for companies to excel in more than one discipline, as opposed to past approaches toward choosing one of three areas: solutions leadership, operational excellence or customer intimacy.
In September 2010, the National Bureau of Economic Research declared that the recession had ended in June 2009 and a recovery was under way.
The first quarter “was a mixed bag of results” for the business aircraft pre-owned market, indicating that “recovery still remains elusive,” according to business aviation information firm Amstat. “On the one hand, inventories generally continued to contract, but year-on-year transaction activity remained largely unchanged and average asking prices in many parts of the market continued to face downward pressure,” the Tinton Falls, N.J.-based company said.
Demand for charter flights appears to be heading upwards this month, according to the latest projections from online charter portal Avinode. The group’s forward-looking demand index for the next month stood at 114.23 earlier this week–almost 21 points above the month-ago level and more than 14 points above where it was 12 months ago.