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Category: <span>Lease</span>

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Foreign Airliner Leasing & Financing Un-Deserving Operators

Arik Air Ltd., and Aero Contractors Co. of Nigeria Ltd., Nigeria’s top two airlines, have been banned from getting loans by Nigeria’s Central Bank due to the massive debt they have accrued. Arik Air owes Asset Management Corp. of Nigeria more than $534 million. Aero Contractors owes more than $203 million. A bank that loans money to these airlines will face “serious fines from the government.” Air Nigeria recently collapsed owing crew a debt of four months’ pay, in addition to $175 million in loans to Nicon Investments Ltd..

Only three Nigerian airlines remain in operation. Arik Air has not published a date when it will resume flying.

Officially, according to the BBC, the carrier resumed domestic flights on Sunday Sept 24. However we did get anonymous input from Monrovia that as of Saturday, Sept 22nd, Arik Air was flying.

In George’s Point of View

Before making a loan, banks need to look past the uncertainties in airline survival, aircraft value, interest rates and the airline’s credit worthiness.

This is what the aircraft leasing companies should do:

Stop leasing planes to operators that are careless in their maintenance and pilot training.

Leasing companies should not look only at credit worthiness. Yes, that is one factor, but it is only part of the picture. Leasing companies must also make judgements based on the history of the airline operator performance, and maintenance.

If credit and performance history all checks out, the oversight is not over. The leasing company should monitor every single plane they have leased out to foreign operators.

If monitoring reveals any problems whatsoever, that pilots are not being trained, that they are not getting enough sleep, that the operator or aircraft goes on a black list, that the operator is shown to be negligent in any way, then the lessor should endeavor immediately to pickup/repossess that plane.

Maintaining every aspect of the plane’s maintenance, flight operations, crew resource management, and crew training is as crucial to the contract agreement as payments. Failure to keep everything up to date is as much a breach of contract and cause for action as is failure to pay.


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Revamped Airtrans Jets go to Southwest to Delta

Delta Airlines is going to lease 88 former AirTran Airways Boeing 717 jets from Southwest Airlines. SW took over AirTran Airways in 2011.

These planes are about to undergo a $100 million face lift. Southwest plans to replace the jets with bigger ones. The changes include the outdoor livery, and revamping the interiors.

The jets will allow Delta to retire 50-seat regional jets which are unprofitable due to fuel costs.

In George’s Point of View


Hope they spend some of that budget on making sure the engines and on board systems are up to speed!


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AeroTurbine Signs Three Year Exclusive Engine Management Agreement with Webjet Linhas Aereas

AMSTERDAM and MIAMI, Feb. 14, 2011 — AerCap Holdings N.V. announced today that its subsidiary AeroTurbine Inc., Miami, has signed a three year exclusive agreement with Webjet Linhas Aereas S.A. Under this agreement, AeroTurbine will provide engine management services to Webjet.

AeroTurbine will manage all “off-wing” engine maintenance events for Webjet’s growing CFM56-3 engine fleet which currently consists of 45 CFM56-3 engines. Webjet will be the launch customer for AeroTurbine’s newly introduced AeroTurbine Flexible Engine Care Solutions (AFECS), which provides customers with a tailored engine fleet maintenance product based on the individual operational and financial goals of the client.

“We are excited that the marketplace has responded so quickly to our new AFECS service offering,” said Michael King, AeroTurbine President and Chief Executive Officer. “AeroTurbine is proud to have developed a first-in-industry approach to managing older power plants. We are a market leader in the CFM56-3 engine segment for material supply, engine leasing, and engine exchanges. I am pleased that we were able to successfully combine these products into a viable service solution that minimizes engine downtime and maintenance expense. We look forward to working with Webjet on this program and being part of their continued success in the coming years.”


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AerCap Opens Representative Office in Abu Dhabi

AMSTERDAM, Jan. 19, 2011 – AerCap Holdings N.V. (NYSE: AER) today announced the opening of a representative office in Abu Dhabi, United Arab Emirates.

AerCap’s new Abu Dhabi office will be managed by a team of highly skilled aviation industry professionals with extensive experience in the region and will be led by Simon McLean, previously Chief Operating Officer of Waha Leasing PJSC.

The Abu Dhabi team will help expand AerCap’s activities in the Middle East/North Africa region, which is one of the world’s fastest growing aviation markets. AerCap has a total fleet of 350 aircraft including fourteen aircraft on lease to seven airlines in the Middle East/North Africa region.

About AerCap
AerCap is the world’s leading independent aircraft leasing company. AerCap also provides engine leasing, aircraft management services, aircraft maintenance, repair and overhaul services and aircraft disassemblies. The company has over $10 billion of total assets including committed purchases and focuses on new, fuel-efficient narrowbody and small widebody aircraft. AerCap is headquartered in The Netherlands and has offices in Ireland, the United States, China, Singapore, the United Kingdom and in The United Arab Emirates.

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