Charter and Fractional » Fractional

News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.

November 14, 2013 - 12:04pm

Flexjet and Abercrombie & Kent introduced “Passport to the World,” the first completely private jet experience circumnavigating the globe. For $1.5 million, guests will travel for two weeks aboard a Challenger 605 operated by Jet Solutions to seven landmark destinations and get “exclusive access to hidden wonders that are out of reach to the rest of the world,” ranging from the Forbidden City to the Taj Mahal. It includes a Japanese tea ceremony in Kyoto and a private opening of Istanbul’s Hagia Sophia, off limits to the public.

October 24, 2013 - 2:10pm

Fractional jet share and charter companies from NetJets to JetSuite to Executive AirShare are choosing to stack their fleets with Cessna Citation jets, large and small, according to Brad Thress, senior vice-president of business jets for Cessna Aircraft Company (Booth No. C8843).

NetJets, the largest Citation Jet operator in the world with 50 Citation Xs in its fleet, is perhaps one of the clearest examples, Thress pointed out. NetJets has 25 Cessna Citation Latitudes on order and options for 125 more, all of which will begin deliveries in 2016.

October 21, 2013 - 10:10pm
Steve Ridolfi and Kenn Ricci

Flexjet, which will soon be owned by Directional Aviation Capital, doubled its firm order for Learjet 85s yesterday at NBAA 2013. This latest transaction puts the Flexjet order at 115 firm aircraft from Bombardier (Booth No. N5731)– including 60 Learjet 85s–and options for 150 more. If all of the options are exercised, this brings the order value total to $5.6 billion

October 21, 2013 - 6:00pm
Steve Ridolfi and Kenn Ricci

Flexjet, which will soon be owned by Directional Aviation Capital, doubled its firm order for Learjet 85s today at NBAA 2013. This latest transaction puts the Flexjet order at 115 firm aircraft from Bombardier–including 60 Learjet 85s–and options for 150 more. If all of the options are exercised, this brings the order value total to $5.6 billion

October 8, 2013 - 3:10pm

While the two “voluntary” groundings over the past year at Clearwater, Fla.-based Avantair eventually led to its recent downfall, the fractional provider had a long history of maintenance-related issues, according to FAA files obtained this week by AIN under a Freedom of Information Act request. In fact, one such action from June 4, 2008, involves a $500,000 civil penalty, according to the FAA documents. This particular action remains pending.

October 8, 2013 - 2:30pm

A New York City bash on the deck of the Intrepid last night continued Flexjet’s six-city “Legends Redefined” tour to celebrate the 50th anniversary of Learjet. Attendees were invited to take a private tour of the Learjet 85 model and test-drive Aston Martins before sipping cocktails on the Hudson River. Flexjet has ordered 30 Learjet 85s, with deliveries scheduled to begin next year.

October 3, 2013 - 3:40pm

Avantair’s bankruptcy trustee filed a motion last week that seeks to sell a Socata TBM 700 owned by a wholly owned subsidiary and used solely for company executive transport. If Middle District Florida Bankruptcy Court judge Catherine McEwen approves the motion during a scheduled hearing on October 17, aircraft sales broker Corporate Jet Solutions would list the turboprop single for $1.85 million.

October 1, 2013 - 4:35am
Kenn Ricci, Directional Aviation Capital (Photo: Jim Baron)

Directional Aviation Capital (DAC)–the Kenn Ricci-led company that owns Flight Options, Sentient Jet, Nextant Aerospace and Constant Aviation, among others–announced last month that it is buying fractional provider Flexjet from Bombardier for $185 million. The transaction is expected to close by year-end, pending U.S. government approvals. All Flexjet employees, including president Deanna White, will remain in place, Ricci said.

September 26, 2013 - 3:15pm

New Jersey-based Part 145 repair station Teterboro Rams, which has mechanics’ liens on four ex-Avantair Piaggio Avanti turboprops in its possession, is “in negotiations with two groups [of owners] to release two of the aircraft,” Rams co-owner Dennis Espinosa told AIN. The FAA revoked the airworthiness certificates of all 56 ex-Avantair Avantis not long after the fractional provider was declared insolvent in late July.

September 17, 2013 - 2:30pm

To celebrate the 50th anniversary of the Learjet 23’s first flight this October 7, Flexjet launched a six-city U.S. tour dubbed “Legends Redefined.” The showcase features a Learjet 85 mockup, as well as products from other legendary brands, including Aston Martin, Scotch whisky maker Royal Salute and Napa Valley-based Ackerman Family Vineyards. Tour stops and dates are Menlo Park, Calif., September 17; Chicago, September 23; Columbus, Ohio, September 26; Washington, D.C., October 1; New York City, October 7; and Houston, October 15.

 
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