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SpiceJet sued over unpaid leasing dues for more than $27 million
Aviation

SpiceJet sued over unpaid leasing dues for more than $27 million

BOC Aviation and Wilmington Trust Services, two Ireland-based companies, sued SpiceJet, an Indian budget airline, for more than $27 million (Rs 200 crore) for outstanding leasing agreements of six Boeing 737 aircraft. According to filed complaints with the Property Court at High Court in London, two separate aircraft lease agreements for six Boeing 737-800 jets were signed with SpiceJet in December 2018 and May 2019. The first agreement was signed with Wilmington Trust and another one was with BOC Aviation. In the complaints, both companies stated that SpiceJet did not pay the lease and other charges under the aircraft lease agreements. Wilmington Trust announced that under the terms of the lease signed in 2018, SpiceJet had debt worth $19 million. According to the complaint, the leasing ...
Rescue of Eastern Airlines: China-owned entities to inject $4.6B
Aviation

Rescue of Eastern Airlines: China-owned entities to inject $4.6B

China Eastern Airlines will receive a financial injection of $4.6 billion (¥31 billion) from four different state-owned companies as part of the airline’s equity diversification plan. The support should also help the airline to reduce the financial loss suffered since the beginning of the pandemic. Source link
US aviation contractors fired staff despite getting aid
Aviation

US aviation contractors fired staff despite getting aid

Thousands of workers were fired or put on involuntary leave after aviation contractors in the United States were scheduled to receive government aid under CARES act, which prohibited any layoffs and furloughs, an investigation by the U.S. House of Representatives finds. The reason behind firings was the delay with which the U.S. Department of Treasury started distributing funding. While the act states that the distribution should have started on April 6, 2020, many companies did not receive funds until many months later. $3 billion were relegated under the act as a payroll support for aviation contractors and should have covered workers’ wages when the aviation industry collapsed. Unable to sustain their workforce, and without the promised funding, firms started laying off and furloughing...
Malaysia Airlines CEO warns: operator’s survival in doubt
Aviation

Malaysia Airlines CEO warns: operator’s survival in doubt

Malaysia Aviation Group (MAG), the holding company of Malaysia Airlines, announced that the group would have “no choice” but to shut down operations if lessors chose not to back the airline’s restructuring plan. The company considered closure after its restructuring plan had been rejected by lessors on October 9, 2020. Ismail Izham, the CEO of MAG, speaking to local media told that the company set October 11, 2020, as a deadline for the lessors to agree on the restructuring plan, otherwise Malaysia Airlines might transfer its Air Operator Certificate (AOC) into a new airline under a new name and terminate its operations. The deadline was set after a part of the lessors rejected a plan and called it fatally flawed earlier on October 9, 2020. The CEO of MAG claimed that if a restructuring f...
Air Canada sells nine Boeing 737 MAX, gains $365 million
Aviation

Air Canada sells nine Boeing 737 MAX, gains $365 million

Air Canada (ADH2) , the largest Canadian air carrier, gained $365 million under sale and leaseback transactions of nine Boeing 737 MAX 8 aircraft to Jackson Square Aviation and Avolon Aerospace Leasing. By this measure, the airline has also entered into long-term $345 million worth lease commitments with the two leasing companies. The Canadian airline announced that it had completed a sale and leaseback transactions for three Boeing 737 MAX 8 jets with Jackson Square Aviation and six jets of the same type with Avolon Aerospace Leasing. According to the Air Canada (ADH2) announcement, the sale was completed on October 8, 2020. “Since the start of the COVID-19 crisis, Air Canada (ADH2) has accessed financial markets numerous times and has successfully raised almost $6 billion in liquidity, ...
British Airways CEO resigns amid industry’s “worst crisis”
Aviation

British Airways CEO resigns amid industry’s “worst crisis”

British Airways Chief Executive Officer Alex Cruz is stepping down with immediate effect. He will be replaced by Sean Doyle, CEO of Aer Lingus. Alex Cruz remains a non-executive director of the board for a transition period after which he will also be replaced by Sean Doyle. The change of leadership was announced in a statement of the airline group IAG, parent company of British Airways. The recent successor to Willie Walsh as Group CEO, Luis Gallego, said the change came as the company navigated "the worst crisis in our industry.” Alex Cruz "worked tirelessly to modernize the airline in the years leading up to the celebration of its 100th anniversary,” commented Gallego. “Since then, he has led the airline through a particularly demanding period and has secured restructuring agreements w...
The largest helicopter ever built: Mil V-12
Aviation

The largest helicopter ever built: Mil V-12

The largest helicopter ever built was Soviet Union’s Mil V-12, which was able to carry 196 passengers. The empty weight of this giant was 69,100 kg. General characteristics The Mil V-12 could reach a speed up to 260km/h. At the same time a cruise speed of 241 km/h and a ferry range of 998 km. Moreover, operating ceiling of 3505 m, along with a combat range of 499 km. The wingspan across rotors reached astonishing 67 meters. Competition At this period Soviet Union and the US were racing with each other. For this reason, the government was looking to have the most powerful vehicles in order to assist the military in case of a conflict. The true purpose of this helicopter was to use Mil V-12 to transport soldiers, equipment, and supplies. Particularly, Soviet intercontinental ballistic missi...
Top 10 fastest business jets
Aviation

Top 10 fastest business jets

Business jets are the crème of the crop of the civilian aviation, providing exclusive speed and luxury for those who can afford it. But just as those flying them, bizjets are not created equal: some of them are faster than others.  There is a lot of competition regarding the speed of private jets, as every minute saved on traveling can mean millions of dollars for high-level executives, officials and celebrities that use this mode of transportation. At least several manufacturers are claiming to produce the fastest business jet, citing different numbers. Aviation enthusiasts compile countless lists, comparing unproven figures and putting their favorite aircraft on top. Several things have to be understood to make sense of all this mess. Business jets, just as other aircraft, have several ...