Peter Bull, an aviation industry veteran and risk and asset management expert, has joined the advisory board at helicopter leasing firm Milestone Aviation Group. Milestone chairman and CEO Richard Santulli said Bull’s input will strengthen and enhance the company, since asset and risk management are the “backbone of our business and central to what we do.” Bull has held a range of senior positions in aircraft maintenance, leasing, asset management, risk consulting and continuing airworthiness.
The Equipment Leasing & Financing Foundation has released the results of a survey of financing experts, “to reveal and analyze the collective thinking of business aircraft lenders, lessors and investors (financiers) about the future of their industry in 2013 through 2016.” In general, “Financiers think the worst effects of the recession and financial crisis in 2008 are behind them and that business is picking up.” The report concludes, “business aircraft will gain altitude in 2013 through 2016 and ultimately ascend to an active (if not robust) transactions market during th
Bombardier Aerospace will be extending the basic warranty of the Challenger 605 from the current three years/3,000 hours to five years/5,000 hours. The new warranty will be standard on all Challenger 605s delivered after April 1.
Universal Avionics announced a new extended warranty program for owners of Universal products this week at the Aircraft Electronics Association convention in Las Vegas. The new FlightAssure program is available after expiration of the original two-year warranty and for most older Universal avionics units.
Customers have been asking for extended warranties, according to director of product support Andy Seaton. “They want stability in operating costs. Costly repairs might not be budgeted, and this way they don’t have to worry about a surprise.”
Vector Financial Services Ireland announced at Heli-Expo ’13 availability of a fleet of customized Super Puma AS332Ls, including new leasing and hourly support options, aimed at utility operators in the European Union, UN and NATO countries.
“Our lease program gives customers the ability to operate a Super Puma AS332L helicopter…without the large capital investment associated with outright purchase of either a second-hand aircraft or the associated typical aircraft financial lease type obligations,” said Vector UK managing director Michael Tyrell.
In ruling on a request by Hawker Beechcraft to “reject certain [warranty support] agreements related to the Hawker 4000 and Premier I and IA,” bankruptcy court judge Stuart Bernstein decided last week to grant the motion in part, and deny it in part.
Biozyme, the owner of a Hawker Beechcraft (HBC) Premier IA, has filed an objection with the bankruptcy court handling the Hawker Beechcraft proceedings, questioning the manufacturer’s plan to suspend warranty coverage as part of its efforts to exit bankruptcy.
According to figures released today by business aviation data company Amstat, the long hoped-for “broad based business aircraft resale market recovery still remains elusive.” While inventories of pre-owned business aircraft continued to contract and transaction activity continues to increase on a year-over-year basis, the rate of improvement slowed in the third quarter, it said.
Japan’s Sumitomo Mitsui Bank (SMBC) beat more than 30 other bidders to complete the acquisition of RBS Aviation Capital on October 15, demonstrating the growing importance of leasing in new-airliner acquisitions. The bank’s new SMBC Aviation division intends to merge two other leasing companies owned by its shareholders to challenge for the number-three position in the leasing sector, controlling some 331 aircraft.
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