JetBird, Europe’s planned new low-cost charter service, has raised €21 million ($31 million) in fresh capital through an oversubscribed private placement of equity to new and existing shareholders. The placement values the company at €101 million ($150 million) as it prepares to receive the first of 50 Embraer Phenom 100 very light jets in time to start operations in April 2009.
The demise of Swiss national carrier Swissair has pushed one of Europe’s largest regional airlines to a critical juncture in its development. Crossair–now fully independent of the bankrupt flag carrier–must chart a new course over unfamiliar territory, leaving investors optimistic over the potential for growth but wary of untold pitfalls.
Guggenheim Partners and UBS have formed Guggenheim Aero Finance, a corporate jet financing company that will combine worldwide reach with a streamlined approval process to offer aircraft financing solutions to individual and corporate buyers of new and pre-owned corporate jets.
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).
Andre Dosé resigned his post as CEO of Swiss International Airlines last month amid a continuing investigation into the Nov. 21, 2001 crash of a Crossair Avro RJ100 near Basseldorf, Switzerland. Swiss chairman Pieter Bouw has replaced Dosé as CEO.
The major U.S. fractional providers appear to be poised for growth this year, if estimates of pilot hiring and aircraft delivery intake are accurate. NetJets recently said it plans to hire 450 pilots this year, and New York-based analyst UBS Investment Research predicts that the New Jersey-based fractional provider will take delivery of 76 business jets by year-end.
U.S. fractional providers appear to be poised for growth. NetJets recently said it plans to hire 450 pilots this year, and New York-based analyst UBS Investment Research predicts the company will take delivery of 76 business jets by year-end. Bombardier Flexjet plans to hire 135 pilots this year, and a source close to the company said the operator will take delivery of 20 Learjets and Challengers during the same period.
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