Hawker Files For Bankruptcy Protection
Hawker Beechcraft has reached an agreement with a significant number of its senior secured lenders and senior bondholders on the terms of a financial restructuring plan that will strengthen the company for the future and eliminate approximately $2.5 billion in debt and approximately $125 million of annual cash interest expense. As part of the prearranged restructuring, Hawker Beechcraft obtained a commitment for $400 million in Debtor-in-Possession (DIP) financing, which will enable it to continue paying employees, suppliers, vendors, and others in the normal course of business. The company will comply with all Department of Defense acquisition and maintenance contracts, as well as agreements with international air forces including, but not limited to, the recently announced sale of T-6C+ trainer aircraft to Mexico. It is also committed to moving forward with its bid to provide the U.S. Air Force with the AT-6 in support of the Light Air Support contract.
Delta Air Lines Pays $150 Million For Oil Refinery
Delta Air Lines wholly-owned subsidiary, Monroe Energy LLC, has reached agreement with Phillips 66 to acquire the Trainer refinery complex south of Philadelphia. As part of the transaction, Monroe will enter into strategic sourcing and marketing agreements with BP and Phillips 66. The acquisition includes pipelines and transportation assets that will provide access to the delivery network for jet fuel reaching Delta's operations throughout the Northeast, including its hubs at LaGuardia and JFK. Jet fuel production is expected to begin during the third quarter, and changes to the plant infrastructure to increase jet fuel production would be complete by the end of the third quarter, resulting in expected 2012 fuel savings of more than $100 million
ACI-NA — America’s commercial airports are a powerful economic engine, generating 10.5 million jobs and $1.2 trillion in total economic impact, according to a new study released by Airports Council International-North America. The Economic Impact of Commercial Airports in 2010 quantifies the contributions of 490 commercial airports in the U.S., dubbed “Airports, Inc.” The analysis, prepared by CDM Smith, concludes that in addition to the broader impacts, airports also are powerful economic multipliers in communities and states nationwide.
ACSF — Air Charter Safety Foundation has received approval from FAA as an aviation safety action program (ASAP) manager and to conduct a demonstration program for on-demand charter operators. The program will begin with two charter operators under the jurisdiction of the FAA Minneapolis Flight Standards District Office (FSDO), and will eventually expand to other charter operators in the FAA Great Lakes Region that are interested in participating in the program.
CABAA — Chicago Area Business Aviation Association has been selected as the 2012 recipient of the Illinois Aviation Hall of Fame (IAHF), Spirit of Flight Award. The Spirit of Flight Award is given annually to an organization that has made substantial contribution to aviation in Illinois, is based in Illinois, and exhibits a high degree of excellence in all accomplishments.
CESSNA — signs a strategic agreement with the China Aviation Industry General Aircraft Company Ltd., (CAIGA) and the Shijiazhuang Municipal Government. The agreement is a progression stemming from the strategic framework that Cessna entered into with CAIGA parent company, Aviation Industry Corporation of China (AVIC), in March 2012. The step forms a cooperation framework for an eventual joint venture whose purpose will be the final assembly, sales, and customer support for the Cessna Caravan in China.
CLEAR CHANNEL AIRPORTS — A nationwide Scarborough research survey found that business frequent flyers are 83 percent more likely than all American adults to be the first to try or buy new products and services. The custom study was commissioned by Clear Channel Airports; the survey results highlight the value to advertisers of targeting frequent travelers while they are in transit in airports.
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IATA — International Air Transport Assn. reports global traffic demand was 4.7 percent below the same month in 2010 while passenger traffic showed a 3.6 percent rise over previous year levels...
PORT AUTHORITY FIGHTS DOT SLOT AUCTIONS The Port Authority of New York & New Jersey is fighting to block a Bush administration plan to try to reduce flight delays around the country through an...