Unlike real estate lenders, most aircraft lenders don’t require title insurance, so airplane buyers rarely even know about it, let alone purchase it. That can be a big mistake.
Owners of fractional shares in Piaggio Avanti twin turboprops operated by Avantair are trying to take possession of their aircraft in the wake of the August 16 court hearing that put the Clearwater, Fla.-based company into involuntary bankruptcy.
The future of Avantair, the operator of Piaggio Avanti fractional ownership, Axis Lease and Edge Card flight access programs, was hanging in the balance at press time as the Clearwater, Fla.-based company urgently sought restructuring options following its June 26 cessation of operations.
As prospects dim for Avantair, the Clearwater, Fla.-based Piaggio Avanti turboprop fractional ownership program, concerns about its future are taking a back seat to questions about how owners will recover their aircraft. Among recent developments:
Deer Jet launched the first fractional aircraft program in China yesterday here at ABACE 2013. It is now selling shares in a Gulfstream G450 and a G550, the latter of which is on display this week in the show’s static display.
“As the largest aircraft charter company in Asia and the first to do aircraft management in China, it is our responsibility to create a fractional share product here,” said Hu Lei, general manager of asset management for Deer Jet. “We also believe it is the right time to offer this type of program in China.”
Charter brokering group Air Partner is predicting further “slow but steady recovery” during 2013. However, in a forecast issued yesterday, the UK-based company also said that it expects to see more business failures in the charter market and what it says will be further contraction in fractional ownership.
Judge Patrick Brady of the Massachusetts Superior Court in Norfolk County last month denied the arguments in a lawsuit by Boston Air Charter (BAC) challenging the rulings made by the town of Norwood and its airport commission.
Associated Aircraft Group (AAG), a Sikorsky Aircraft subsidiary specializing in S-76 operations on the East Coast, has marked “40,000 hours of safe flying” in 17 years. AAG president Scott Ashton emphasized that his company has implemented a safety management system “that encompasses a comprehensive culture of risk management and safety promotion and policies.”
AAG lays claim to being the only executive helicopter company to own and operate an FAA Part 145 maintenance facility.
Atlanta-based Ascension Air is now offering three fully equipped 2012 Cirrus SR22Ts to individuals and pilots through its fractional ownership program. The company’s fractional ownership program requires about $10,000 down and a monthly management fee of $2,000. Ascension’s new SR22Ts include 60/40 FlexSeating in the back seat, which includes a third over-the-shoulder seat belt allowing for a fifth passenger and 60/40 fold-down seating.
CitationAir has stopped selling fractional shares in new aircraft and ceased renewals for current fractional-share customers, the Cessna Aircraft subsidiary confirmed to AIN yesterday. Effective last week, “CitationAir will be streamlining our offerings to deliver those products in our portfolio that have demonstrated the greatest customer demand,” CitationAir president and CEO William Schultz wrote in an email sent to employees.
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