Following a hard look at the recent series of air charter accidents, the National Air Transportation Association has taken steps to assist operators in improving safety. NATA president James Coyne unveiled the association's new “Safety 1st” air charter Safety Management System (SMS) in a town hall meeting yesterday with some 50 aviation businesses at Teterboro Airport.
While the fractional market continues to expand, shareholder growth is advancing at a slower rate, according to data from the Union Bank of Switzerland (UBS).
EMS provider Air Evac Lifeteam, founded in West Plains, Mo., in 1985, has new owners, including two private-equity firms. “The decision to sell was not an easy one,” said board chairman Bill Chritton. “Initially, we had no desire to sell. The company is strong, healthy and presents a bright and expanding future.”
The “Safety Bucks” program from insurer USAIG (United States Aircraft Insurance Group) has contributed more than $4.3 million over the last nine years to defray the training costs or participants in its Preferred Policyholder Program, according to figures released here at Heli-Expo.
GMAC’s business aircraft finance group of Southfield, Mich., has launched a trial program, initially for three to six months, in which buyers of new or used turbine aircraft can defer loan payments for six months.
Operators flying within, to, from or over the 25-nation European Union (EU) need to check their insurance policies to ensure that they meet the new minimum liability requirements that will take effect on April 30. Failure to do so could result in the prohibition of flights, the withdrawal of operating licenses and, potentially, criminal prosecution.
EBITDA stands for “earnings before interest, taxes, depreciation and amortization.” In the acquisition world, businesses are valued by a multiple of their EBITDA. The buzz lately is that FBOs are popular among some aggressive private equity funds, and that has led to sales on the order of eight or nine times EBITDA–a rising trend that many say cannot continue.
Business aircraft and large charter operators may start seeing reduced insurance premium rates within the next few months, if they haven’t already. According to various brokers, insurance premiums for certain segments of the business aircraft and charter market have fallen by 25 percent or more in the past six to 12 months.
Health and security assistance provider MedAire disclosed that its two largest shareholders have reached a letter of agreement “outlining mutual goals and strategies in relation to the direction and control of MedAire” that would effectively place control of the company in the hands of its largest competitor, International SOS (ISOS).
NBAA’s was one of more than 170 comments filed (mostly in support) to the Securities and Exchange Commission rulemaking proposal to require more detailed reporting of top executive compensation, including such perks as personal use of corporate aircraft.