The Aircraft Owners and Pilots Association (AOPA) recently launched AOPA Aviation Finance (AAF) Company, a loan brokerage venture aimed at matching association members who require aircraft purchase financing with suitable lenders. It will also help facilitate member loans for avionics updates, either through straight loans using the aircraft as collateral when it is fully owned, or through refinancing of the aircraft while it is still being paid off.
The involuntary Chapter 7 case against Avantair in the U.S. Bankruptcy Court in Tampa, Fla., is proceeding at a much faster pace than industry sources initially expected. On Thursday, just one week after the case was filed, U.S. Bankruptcy Judge Catherin McEwen held an emergency hearing to consider the filing creditors’ request for appointment of an interim bankruptcy trustee, as well as a motion to prevent removal of business records.
The Aircraft Owners and Pilots Association (AOPA) launched a new brokerage venture yesterday aimed at matching its members who require aircraft financing with lenders. It will also help facilitate member loans for avionics updates, either through straight loans using the aircraft as collateral when it is fully owned, or through refinancing of the aircraft while it is still being paid off.
In a decision opening the way for Hawker Beechcraft to emerge from Chapter 11 bankruptcy in the second half of this month, the U.S. Bankruptcy Court approved the Wichita OEM’s joint plan of reorganization late Friday. “[This] ruling marks the final significant step in the restructuring process,” said Hawker Beechcraft CEO Steve Miller.
In a decision opening the way for Hawker Beechcraft to emerge from Chapter 11 bankruptcy later this month, U.S. Bankruptcy Court today approved the Wichita OEM’s joint plan of reorganization. “Today’s ruling marks the final significant step in the restructuring process,” said Hawker Beechcraft CEO Steve Miller. The company said that, as part of the reorganization, it will be rebranded Beechcraft Corp.
Hawker Beechcraft’s key creditors voted “overwhelmingly” on Friday to approve the Wichita-based aircraft manufacturer’s proposed joint plan of reorganization as part of its efforts to emerge from bankruptcy. JPMorgan Securities and Credit Suisse Securities will jointly structure, arrange and syndicate $600 million in exit financing for the post-bankruptcy standalone company, Beechcraft Corp.
With bankruptcy court approval yesterday of Hawker Beechcraft’s disclosure statement filed with its joint plan of reorganization (POR), the company’s emergence from Chapter 11 appears to be accelerating. The court’s move allows Hawker Beechcraft to begin soliciting approval of the POR from its creditors.
The Baltic Air Charter Association (BACA) launched an escrow facility to provide a secure deposit for funds being paid in advance by customers for air charters worldwide. “Clients may be asked to pay a substantial deposit to secure a charter flight but there is little protection if one of the other parties–the broker, the agent or the aircraft operator–goes out of business before the flight takes place,” said BACA chairman Dick Gilbert. “The escrow account allows BACA brokers to offer their clients safeguarded advance payments for charter flights or programs.”
At approximately 3:30 p.m. today, executives from Shell Aviation will present a $5,000 donation check to the Corporate Angel Network (CAN) at Booth No. C10235. The amount represents the value of points donated by members of Shell’s AeroClass pilot loyalty program over the past year.
Late last week, the parent company of Cedar City, Utah-based Metalcraft Technologies purchased the assets of the SJ30 light jet program from Emivest Aerospace for $3.5 million in cash. Emivest filed Chapter 11 bankruptcy last October.
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