Spirit Airlines, a prominent U.S.-based low-cost carrier, has been downgraded by S&P Global from ‘CCC’ to ‘D’following its Chapter 11 bankruptcy filing. The move reflects the airline’s financial struggles and the significant challenges it faces during its restructuring process. Additionally, the ratings on Spirit Airlines’ Enhanced Equipment Trust Certificates (EETCs) have been lowered by one notch.
Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to two classes of notes issued by Volofin Finance (Ireland) and Volofin Finance US, as part of an aviation loan ABS (asset-backed securities) transaction. The proceeds from this transaction will be utilized to acquire a portfolio of 22 loan facilities with an initial aggregate loan balance of $533.9 million.
Spirit Airlines, based in the United States, has cautioned that its shareholders could see their equity wiped out as the airline negotiates a restructuring deal with creditors. This announcement underscores the financial difficulties Spirit faces as it seeks to stabilize its operations through a comprehensive restructuring plan, which could impact current shareholder value significantly.
SkyDrive, a leading air mobility company based in Japan, has signed a strategic alliance with FEAM Aero, a US-based provider of line maintenance services. This partnership aims to leverage SkyDrive’s air mobility solutions with FEAM Aero’s expertise in maintenance, creating an integrated framework to support the evolving demands of urban air mobility. By combining resources and knowledge, SkyDrive and FEAM Aero seek…
Southwest Airlines is extending buyout offers to employees at 18 airports across the United States, citing a need to adjust operations due to aircraft delivery delays from Boeing. These delays have forced Southwest to scale back its flight schedule, impacting staffing needs at certain locations. By offering voluntary buyouts, the airline aims to manage operational costs and realign its workforce in response to…
Setna iO, a US-based aviation services company, has announced the acquisition of five Airbus A319 airframes for disassembly. This purchase allows Setna iO to expand its parts distribution network by providing high-quality, certified components sourced from these A319 aircraft. The disassembly process also supports sustainable practices in the aviation industry, as it enables the recycling and repurposing of…
Triumph Group, a US-based aerospace systems and components provider, has reported its financial results for the second quarter of fiscal 2025, which ended September 30, 2024. The company achieved a 1% increase in net sales, totaling $287.5 million, and posted net income from continuing operations of $11.9 million. These results reflect Triumph Group’s steady progress in its fiscal strategy, focusing on enhancing…
ABX Air has recently commenced operations with the 10th Boeing 767-300F aircraft in its fleet for Amazon. This specific aircraft, previously managed by Atlas Air, has been repositioned to ABX Air as part of Amazon’s strategy to expand its dedicated air cargo network in the United States. By integrating this aircraft into ABX Air’s operations, Amazon aims to bolster its…
GE Aerospace, a major player in aviation engine manufacturing, has entered an MRO offload agreement with United Aerospace Maintenance Company based in Cyprus. This partnership will focus on providing quick turn workscopes for LEAP engines, allowing GE Aerospace to enhance its maintenance capabilities and improve turnaround times for customers. The LEAP engine, known for its fuel efficiency and advanced technology,…
CommuteAir, a regional carrier based in the United States, has entered into a strategic consignment partnership with AeroVision International to manage and distribute ERJ145 aircraft parts. Under this agreement, AeroVision will oversee the repair and resale of parts sourced from CommuteAir’s ERJ145 aircraft following teardown, enabling both companies to leverage valuable components from retired aircraft in the aftermarket. This collaboration…
