Charter and Fractional » Fractional

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

July 29, 2013 - 9:10am

The future of Avantair, the operator of Piaggio Avanti fractional ownership, Axis Lease and Edge Card flight access programs, was hanging in the balance at press time as the Clearwater, Fla.-based company urgently sought restructuring options following its June 26 cessation of operations.

July 18, 2013 - 2:00pm

As prospects dim for Avantair, the Clearwater, Fla.-based Piaggio Avanti turboprop fractional ownership program, concerns about its future are taking a back seat to questions about how owners will recover their aircraft. Among recent developments:

July 9, 2013 - 3:35pm

On Wednesday, Avantair sent out its “go-forward plan” for “NewCo,” the working name for a reborn Avantair, that would first seek to “restructure and stabilize the business” as a mostly East Coast-only fractional provider. Under the plan, the company’s debts would be wiped out, though the plan does not specify how that will be accomplished.

July 2, 2013 - 3:35pm

On Friday, Avantair president and COO David Haslett updated customers on the current status at the shut down fractional provider and said that a plan to resuscitate the Clearwater, Fla.-based company is being developed. He also assured shareowners that their aircraft are still insured and “on the ground” at maintenance bases.

June 28, 2013 - 1:11pm
Piaggio Avanti fractional provider Avantair shut down yesterday and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations."

Fractional provider Avantair shut down today and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing.

June 27, 2013 - 3:00pm

Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair shut down yesterday and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to an 8-K SEC filing. Employees were also notified that “the company will not be in a position to fund payroll on June 28,” meaning they will not be paid for time worked since June 8.

June 26, 2013 - 7:00pm
Avantair

Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair shut down today and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing. The company also received notice on Monday of a customer class-action lawsuit and is in breach of a lease agreement for its six core airplanes, with their repossession by lessors a possibility.

June 11, 2013 - 3:50pm

After weathering a three-week voluntary grounding stemming from a maintenance issue late last year, operations at Piaggio Avanti fractional provider Avantair have been pretty much normal. That is until last Thursday, when an anonymous call to the Clearwater, Fla.-based company’s whistleblower hotline initiated the grounding of its fleet again.

June 4, 2013 - 2:50pm

Million Air Dallas, which took delivery of a Gulfstream G650 on May 20, is now the first operator to have one of these ultra-long-range jets available for charter. Its wide-cabin jet is configured for up to 13 passengers and has a private crew-rest area to take advantage of the aircraft’s 7,000-nm range. In preparation for delivery of the new aircraft, Million Air Dallas built a new charter passenger terminal at Addison Airport, as well as a new 40,000-sq-ft hangar that houses the G650.

June 1, 2013 - 12:35am

A legal battle is under way between the nation’s largest private aviation provider and two of the major FBO chains over whether NetJets’ aircraft charter and management arm, Executive Jet Management, can require the chains to provide fuel discounts to aircraft owners and operators whose aircraft are not part of the company’s fully managed fleet.

 
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