Teddy Forstmann, the man who was credited with turning around Gulfstream Aerospace in the 1990s, died Sunday, reportedly from brain cancer. His investment firm, Forstmann Little, acquired Gulfstream in 1990 for $800 million.
Four of NetJets’ subsidiaries–NetJets Aviation, NetJets International, NetJets Large Aircraft and Executive Jet Management (EJM)–are suing the U.S. government over a $642.7 million IRS tax bill for past federal excise taxes (aka “ticket tax”) and assessed penalties and interest.
Dubai-based business aviation services group ExecuJet Middle East and NasJet, the private aviation arm of Saudi Arabia’s National Air Services (NAS), are to jointly operate a new FBO at King Khalid International Airport in Riyadh. The facility will occupy some 16,000 sq ft in the airport’s private aviation terminal.
Jet Aviation has appointed Abdullah Al-Ghamdi as customer relations manager and sales representative for the company’s aircraft management and charter services in Saudi Arabia and the Gulf Cooperation Council (GCC) states. Al-Ghamdi, who is based in Jeddah, has held various positions for Jet Aviation Saudi Arabia over the past 20 years, including public relations, sales and business development.
Third-quarter pre-tax earnings at Berkshire Hathaway’s “other services” division, which includes FlightSafety International and NetJets, climbed 15 percent, to $281 million, from a year ago thanks to stronger demand for pilot training at FlightSafety and higher revenues at fractional provider NetJets.
NetJets terminated its franchise agreement for Middle East fractional aircraft services with National Air Services (NAS) of Saudi Arabia this week. NAS CEO Sulaiman Al-Hamdan conveyed the news to NAS employees in an email on Monday, while promising that the company’s business would continue as is.
Fractional-operator NetJets has terminated its franchise agreement regarding fractional services with National Air Services (NAS) of Saudi Arabia, AIN learned today.
A hearing with the UK’s Central Arbitration Committee over the representation of pilots at NetJets Europe scheduled for last Friday was postponed after both sides agreed to hammer out an agreement on their own.
Traffic is growing at the UK’s Cambridge Airport following a rebranding and change of management at the start of 2011. The privately owned facility has come to the NBAA show (Booth No. N1622) to encourage more North American operators to try out the convenient access it gives to large parts of southern and eastern England.
The demands of four new jet aircraft development programs, coupled with anemic sales of its Learjet business jet brand and regional jets, fueled a cash burn pyre that persuaded analysts to issue a fresh round of stock downgrades for Bombardier in September. In the last quarter, the OEM drew down $1 billion of cash reserves against $211 of net income, double for the same period a year ago. Its market capitalization is $7 billion and the cash burn rate set off caution lights for stock analysts. The news is not cataclysmic; most now rate the company as “market perform,” but from early July through the end of September, Bombardier stock lost 43 percent of its value.