General Motors used charter aircraft for its initial public offering (IPO) roadshow last month, marking the first time the company has used private aircraft since Dec. 31, 2008, when the automaker sought U.S. government assistance. GM’s $13 billion public offering took place on November 17.
According to a report in today's edition of The New York Times, the U.S. government has cleared General Motors to use charter aircraft for its initial public offering (IPO) roadshow, starting today. GM, which yesterday announced a $13 billion public offering, did not respond to AIN's request for comment at press time. This will mark the first time that GM has been allowed to use private aircraft since Dec.
In U.S. Bankruptcy Court on June 18, General Motors won approval to end the leases on its fleet of jets, which includes two Gulfstream Vs and five Gulfstream IVs. The court also voided the automaker’s lease on a hangar at Detroit Metropolitan Airport. No one contested the court’s decisions; in fact, a lawyer for GM’s unsecured creditors supported them.
Rodney Hamilton, the director and chief pilot of Ford’s now-defunct flight department, summed up the state of the industry yesterday in two words: “difficult times.” In the past week, General Motors and Ford Motor Company announced they were shutting their respective flight departments, and investors learned that Citigroup has put two of its jets–worth $30 million each–on the block.
DaimlerChrysler Aviation, which had been on the block for several months, has been acquired from the German-based automaker by Ford Motor Company board member Edsel Ford II. As a result of the sale, the facility has been given back its former name–Pentastar Aviation.
Hawker Beechcraft has appointed Charles Mayer, a veteran of the luxury automotive industry, vice president of marketing. Mayer has more than 15 years of marketing experience and most recently served as director of marketing, media and advertising for Maserati North America. Before that he led marketing communications and brand strategy for Jaguar Cars North America. He also managed marketing accounts for Cadillac and Saab.