The divided U.S. government edged closer to the so-called the “fiscal cliff,” a combination of tax increases and automatic spending cuts that will be imposed on January 2 unless political parties reach agreement on a package to reduce the country’s $16 trillion national debt. With 25 days remaining before the measures take effect, the parties were at a stalemate.
The French and German governments have agreed to reduce their shareholdings in EADS to 12 percent each, and drop their veto rights over key decisions. Spain will hold 4 percent. EADS said the pact will normalize and simplify its governance, while still allowing the three countries “to protect their legitimate strategic interests.”
NBAA has joined other organizations in urging Congressional leaders to continue stimulating business capital expenditures by extending the accelerated, or “bonus,” depreciation that is set to expire at the end of this year. In a letter sent to both houses of Congress yesterday, the groups said, “It is imperative that we continue the 50-percent bonus depreciation…for 2013 and beyond. This will provide some certainty to U.S.
Milestone Aviation Group, the helicopter leasing firm headed by NetJets founder Richard Santulli, is raising $250 million to purchase aircraft and refinance previously purchased aircraft. It is doing this by offering senior unsecured notes that are due in 2017. Milestone, which provides 100-percent operating lease financing for helicopters, has leased more than 60 aircraft worth more than $850 million since its launch in August 2010.
Jet Support Services (JSSI), a provider of hourly-cost maintenance programs for business aircraft operators, named Neil Book as its new president and CEO today, succeeding Louis Seno, who will serve as chairman emeritus and special advisor to the board of directors. Book has served on the company’s board for the past three years and earlier this year joined JSSI as co-president, where he has led the sales, marketing and technical services teams.
Dassault Aviation is poised to name a successor to long-standing chairman and CEO Charles Edelstenne, who is due to retire on January 9 after more than half a century of service at the French aerospace group. A company spokesman told AIN today that an announcement of a successor will be made “in the next few days.”
HyperMach Aerospace announced a new configuration for its SonicStar supersonic business jet (SSBJ) that it claims will boost the aircraft’s top speed by about 12 percent to Mach 4.5, while increasing range by 500 nm, to 6,500 nm. At its planned high-Mach cruise speed of Mach 4.4 at FL620, the SonicStar would be able to fly from New York to Dubai in only two hours and eight minutes.
With bankruptcy court approval yesterday of Hawker Beechcraft’s disclosure statement filed with its joint plan of reorganization (POR), the company’s emergence from Chapter 11 appears to be accelerating. The court’s move allows Hawker Beechcraft to begin soliciting approval of the POR from its creditors.
Demand for charter flights has climbed steeply, seemingly in anticipation of the year-end holiday season, according to the latest data from online charter portal Avinode. As of December 1, the company’s forward-looking demand index for the following 30 days stood at 241.78, almost 95 points above where it had been on November 1. This was also almost 42 points higher year-over-year.
Bombardier Aerospace received a major boost for its sagging CRJ regional jet program on Thursday, when Delta Air Lines placed a firm order for 40 dual-class CRJ900s and reserved options on another 30.