Milestone Aviation Group (Booth No. 4042), a global finance company focused on providing leasing of high-value helicopters and private jets, announced at Heli-Expo 2011 that it has closed $141 million in transactions for 27 new and used helicopters since the company was launched in last August.
Milestone Aviation Group (Booth No. 4042), a global finance company focused on providing leasing of high-value helicopters and private jets, announced at Hel-Expo 2011 that it has closed $141 million in transactions for 20 new and used helicopters since the company was launched in last August.
Lufthansa is weighing possible new options for providing executive charter services through its Lufthansa Private Jets service. The process could lead to a resumption of its alliance with NetJets Europe, with a decision expected during February.
CitationAir has launched Jet Access, a new non-membership program designed to allow private aviation customers use of its Citation XLS and Sovereign fleet without any element of fractional ownership. For a minimum commitment of 50 flight hours a year, the program provides simple pricing, with locked-in rates for 36 months and a flexible fuel component.
NetJets Europe has been summoned to appear at the Court of Bobigny, near Paris, on December 2, after three entities–French charter operator lobbying group Scara, French crew retirement fund CRPN and one pilot union–sued the fractional ownership company over alleged noncompliance with French labor laws. They charge that the flight crews of foreign countries working under foreign contracts are not contributing to France’s labor coffers.
As a result of aggressive cost-cutting measures, NetJets Europe expects to achieve modest operating profits this year. But the recovery in demand for its business aircraft fractional ownership, block charter and lease offerings is proving slower than anticipated, to the extent that the company now doubts whether even a return to modest market growth will be achieved next year, according to chairman and CEO Eric Connor.
Richard Santulli, founder of fractional-share company NetJets, is back in the aviation business with a new business jet and helicopter leasing company called Milestone Aviation Group. Santulli, 66, resigned from NetJets last August but said at the time that he would remain a consultant to the company for a year. Warren Buffett’s Berkshire Hathaway bought NetJets in 1998 for $725 million.
Richard Santulli announced today the launch of a new business jet and helicopter leasing company, Milestone Aviation Group, headquartered in Dublin, Ireland. Santulli in the mid-1980s founded fractional share company NetJets, which was sold in 1998 to Warren Buffett’s Berkshire Hathaway. Santulli left that company last year. He is now chairman of Milestone.
Fractional share provider Bombardier Flexjet is celebrating its 15th year in operation. “Over the past 15 years,” said Flexjet president Fred Reid, “the company has progressed immensely.” Last year, he said, “We did lose some money, a small fraction of what our competitors lost.