ILFC GETS MARKET'S 'VOTE OF CONFIDENCE'
International Lease Finance has sold $4.4 billion in secured and unsecured notes to repay a $3.9 billion loan from the Federal Reserve Bank of New York that had been extended by its parent company, American International Group. Liquidity raised by ILFC in the last five months now totals $12.5 billion. AIG chief executive Robert Benmosche called the sale a market "vote of confidence" in the leasing giant, whose future has been uncertain since AIG was bailed out by the US Treasury early in the financial crisis.
AMBIT PAYS UP TO SETTLE AIRCELL CASE
US technology firm Ambit has agreed to pay a financial settlement to Aircell and refrain from pursuing further litigation against the firm or any of its customers in relation to Aircell's Gogo in-flight internet system. The settlement follows a month-long trial concerning Ambit allegations of patent infringement by Aircell's Gogo system, which ended with a jury unanimously ruling in Aircell's favour. Gogo customer Delta Air Lines had been named as a defendant.
FOKKER UP DESPITE SALES DIP
Fokker Aerospace first-half operating profit grew 11% to €39 million ($50 million) despite a 22% drop in turnover to €289 million. The company says its performance "continued to be strong" over the period, with aerostructures and electrical wiring manufacturing improving on the back of commercial and defence aircraft programmes and new contracts with Airbus and Bombardier.
PATTONAIR EXTENDS ROLLS-ROYCE PARTNERSHIP
Umeco subsidiary Pattonair is to supply Rolls-Royce North America with supply chain services for seven years from 1 January 2011. The deal, to be fulfilled from a new Pattonair facility in Indianapolis, Indiana with management oversight from Fort Worth, is worth in excess of $20 million yearly. Pattonair already provides R-R with supply chain services in the UK and Germany.
INDIAN CARRIERS GET LIFT FROM LEGISLATION HINT
Shares in Indian airlines including Jet Airways, Kingfisher and SpiceJet gained value after India's civil aviation minister Praful Patel hinted at examining a proposal to allow foreign carriers to invest in the country's airlines.
TATA-SIKORSKY VENTURE POISED FOR PRODUCTION
Tata Advanced Systems, through a joint venture with Sikorsky, will from November begin making components and assembling cabins for Sikorsky's S-92 class helicopters at the aerospace park in the special economic zone in Adibatla village on the outskirts of Hyderabad.
AER LINGUS TURNS AROUND IN SECOND QUARTER
Revenue fell 4% to €308 million ($390 million) but cost cutting helped Irish flag carrier Aer Lingus post a second-quarter operating profit of €18.8 million, turning around a loss of a similar size in the same period last year. For the half-year, pre-tax losses were down nearly 75% to less than €21 million.
MEXICAN INVESTOR GROUP BUYS MEXICANA
A group of Mexican investors has acquired Mexicana and the bankrupt carrier's parent, Group Mexicana, which includes regional carriers Mexicana Click and Mexicana Link. Tenedora K holds 95% and Mexican pilots union ASPA owns the balance.
Source: Flight International