FUNDING CRISIS MAY MISS 2009 - BUT NOT 2010
Recent Airbus and Boeing statements insist there is adequate financing available for scheduled 2009 airliner deliveries, despite a widely held view among aircraft financiers that there is a serious funding gap and near-universal expectations of financing trouble to come in 2010. Speaking at the Air Finance Conference in Geneva, Boeing Capital executive Scott Scherer reiterated BCC's belief that this year's aircraft will be financed and, separately, Airbus's vice-president structured finance Nigel Taylor stresses that 75% of new Airbus deliveries are eligible for export credit financing. But some bankers suggest a 2009 gap of between $10 billion and $28 billion, and Goldman Sachs has forecast that lack of financing will affect Boeing deliveries this year and for the next several years.
IATA: HEDGING LOSSES WEAKEN PROFITABILITY
The International Air Transport Association expects total world airlines losses for 2008 to have reached $8 billion, after falling fuel prices triggered hedging losses to help push carriers to a $4 billion deficit during the fourth quarter. IATA expects losses of $2.5 billion this year as falling passenger numbers outweigh cheaper fuel.
SUPERJET OPENS MOSCOW SUPPORT OFFICE
SuperJet International, the Venice-based Sukhoi-Alenia joint venture responsible for marketing the in-development Sukhoi SuperJet 100 regional aircraft, has opened a branch in Moscow to help develop and deliver technical, material, logistic support and training services for customers worldwide and in Russia.
GE TAKES CONTROL OF AIRFOIL REPAIR VENTURE
General Electric is to purchase for $300 million the 51% shareholding of the Airfoil Technologies International Singapore compressor aerofoils repair joint venture currently held by its partner, Teleflex. ATI-Singapore originally serviced GE's CF6 engines and the CFM International CFM56, but has expended to cover other GE engines as well as competitor products.
AEROKOMPOZIT SEEKS WESTERN MS-21 PARTNER
Russian firm Aerokompozit is negotiating with Spirit AeroSystems, Finmeccanica and Diamond Aircraft about forming a partnership to develop composite structures for the proposed United Aircraft MS-21 twinjet. Aerokompozit was established last year by United Aircraft, Sukhoi and Progresstech.
MEGGITT TO CUT 15% OF CIVIL AEROSPACE STAFF
Meggitt is to cut civil aerospace division staff by 15% from mid-2008 levels and will freeze management pay to save costs as air traffic declines. For 2008, pre-tax profit was £243 million ($342 million), up 36%, on a one-third rise in revenues to £1.16 billion. Civil aerospace accounts for 46% of group revenues.
AEROSPACE GROWTH STRONG AT SENIOR
Aerospace business grew strongly last year for UK engineering group Senior, with operating profits up by a third to £44.3 million ($62.4 million) on sales up 27% to £312.9 million despite the two-month engineers strike at its biggest customer, Boeing.
TRIUMPH FOR CABLES BUSINESS
Triumph Group of Wayne, Pennsylvania is to acquire for an undisclosed sum Kongsberg Automotive's UK- and Germany-based aviation cable control systems manufacturing business.
Source: Flight International
