COURT CHECKS LIGHT SPORT SALES ROW
The latest episode in a long-running battle between shareholders in Czech Aircraft Works (CZAW) over control of the maker of the Sportcruiser light sport aircraft has been resolved in favour of CZAW president Chip Erwin and other US investors who have effective operational control. A Czech court ordered Czech Sport Aircraft, a company created by 49% owner Slavia Capital, to stop offering Sportcruisers for sale. Slavia has been trying since last March to have CZAW declared insolvent following a dispute with Erwin over repayment of a $690,000 loan Slavia called in early. Erwin says CZAW managed to increase aircraft shipments by about 40% to 157 in 2008 despite the dispute, which has hit supplier confidence and led some customers to cancel orders.
R-R, P&W DELAY MOVES TO SINGAPORE
Construction of a Rolls-Royce factory to build Airbus A350 and Boeing 787 engines and a Pratt & Whitney component repair shop at Singapore's Seletar airport have been delayed and neither will open this year as planned. R-R, which is under increasing political pressure to create jobs in the UK, gives no revised timetable, but says it remains committed to building its first commercial aircraft engine factory outside the UK at Seletar. P&W says its construction will begin later this year and be completed in 2010.
RBS LEASING DIVISION UP FOR SALE 'BY MARCH'
Troubled Royal Bank of Scotland, which last week announced 2,300 UK job cuts and last year received £20 billion ($29.2 billion) in UK taxpayer bailout funds, will put RBS Aviation Capital up for sale this month, say industry sources. One London banker says political imperatives are driving a sale: "From a taxpayer's point of view, it doesn't make sense for RBS's capital to be deployed overseas to help create aviation jobs."
FURTHER ROW 44 DELAY COULD HURT PARTNER
Antenna maker AeroSat has warned the US Federal Communications Commission that its financial health will suffer if the agency continues to delay a key approval to its partner, in-flight internet provider Row 44. AeroSat says concerns over interference with satellite communications are unfounded.
SPACEHAB ROCKETS INTO THE BLACK
Houston-based Spacehab turned a $1.5 million net profit for the six months to 31 December on revenue of $9.8 million. The launch and payload services and engineering firm lost $33.7 million on revenue of $12.9 million a year earlier.
CIVIL, MILITARY CONTRACTS BOOST CAE
Simulators specialist CAE posted a 28% rise in third quarter pre-tax profits to C$78.7 million ($63 million) on revenue up 23% to C$424.6 million, getting a boost from new military and civil contracts including multi-year deals with US retailer Home Depot for training on its Dassault Falcon and with Elite Jets for Gulfstream G450 and Hawker 850XP training in Dubai.
BRUSSELS DOUBTS OVER AUSTRIAN TAKEOVER
Lufthansa's intended acquisition of Austrian Airlines faces a European Commission competition investigation to examine concerns that Austrian is not being sold for a fair price. Lufthansa is to pay €366,268 ($474,000), or €0.01 per share, for the Austrian state's 41.56% holding in its flag carrier.
Source: Flight International
