American Airlines sister company AMR Leasing signed a contract to sell and lease back the 39 ATR 72s flown by American Eagle unit Executive Airlines. Under the terms of the deal, AMR Leasing will sell all the airplanes to an undisclosed entity that will lease the aircraft to Ireland’s NK Aviation, a newly formed joint venture between Denmark’s Nordic Aviation Capital (NAC) and Kirk Kapital A/S.
Corjet Europe of Madrid, Spain, has been named a Gulfstream-authorized warranty repair facility. Corjet Europe is a joint venture between Iberia and Gestair, both of which are based in Spain.
Executive Airlines (Booth No. 1529) has made a spectacular takeoff and confirmed its position as Spain’s second-ranking business aircraft operator. The Barcelona-based group plans to almost double its fleet from 19 aircraft to 29 within two years, highlighting the huge growth of the Spanish market.
AMR’s long-anticipated plan to shed its San Juan, Puerto Rico-based Executive Airlines division appeared all but secured after American Eagle signed a letter of intent last month to sell the airline to Puerto Rican hotelier and founder of Executive Air Charter Joaquin Bolivar.
American Airlines has entered negotiations to sell its Executive Airlines subsidiary to St. John’s, Antigua-based Dash 8 operator Caribbean Star. Executive Airlines, a division of American Eagle based in San Juan, Puerto Rico, became the subject of divestiture speculation when American failed to secure relief from a clause in its pilot contract that requires it to freeze its regional affiliates’ ASMs in the event of mainline furloughs.
Government shareholders of Antigua-based regional airline LIAT have pledged to support the ailing carrier’s efforts to combat competitive threats from the likes of regional newcomer Caribbean Star. A committee of regional governments led by St. Vincent prime minister Ralph Gonsalves and composed of Barbados, Guyana, St.
AMR has begun planning the divestiture of its American Eagle regional subsidiary amid calls for asset sales by shareholders disenchanted with the company’s recent stock market performance. Although AMR doesn’t attribute the decision directly to pressure from investors, the November 28 announcement immediately preceded a 6.9-percent jump in share price.
ATR senior vice president commercial John Moore has seen his share of ups and downs in this business, but never since he joined the company a decade ago had he experienced a year like last year, when ATR logged firm orders for 90 airplanes and reported a 15-percent increase in revenues, to $542 million. Last year’s haul equaled 1998 sales, and order figures ranked second only to ATR’s all-time record of 107 aircraft in 1989.
Attempting to land during extreme weather conditions, a Learjet 55 ran off the end of the runway moments after touchdown at Fort Lauderdale Executive Airport (FXE), Fla., on July 19, shearing the main and nose landing gear and resulting in what an NTSB investigator called “significant hull damage.” There were no passengers aboard for the repositioning flight from Fort Lauderdale International Airport.
Spanish aircraft charter and management firm Executive Airlines has seen its sales rocket from $12 million in 2005 to more than $26 million last year, and implementation of current plans should result in sales of more than $47 million this year.