Aviation Loans – Civilav Med http://civilavmed.com/ Wed, 21 Jul 2021 12:41:35 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://civilavmed.com/wp-content/uploads/2021/04/default-150x150.png Aviation Loans – Civilav Med http://civilavmed.com/ 32 32 BOOM! Power’s out – but he’s now back in Union City https://civilavmed.com/boom-powers-out-but-hes-now-back-in-union-city/ https://civilavmed.com/boom-powers-out-but-hes-now-back-in-union-city/#respond Wed, 21 Jul 2021 09:21:48 +0000 https://civilavmed.com/boom-powers-out-but-hes-now-back-in-union-city/

An explosion rocked the building of the Ministry of Public Works and Electricity in Union City early yesterday afternoon. Few people in the village have heard of what happened to cut their electricity. But the employees and a guest of DPW and the village electrical building certainly did.

The explosion destroyed a key part of the city’s electricity grid. Fortunately, none of the village workers inside the building were injured. The same goes for local firefighters who quickly came to the scene to help put out a resulting small fire in the building. Two firefighters, however, suffered heat exhaustion but recovered quickly.

Electricity for the small village of about 2,500 people was cut off until about 10 p.m. It had been back for a while. Then a large fuse in the system broke, plunging the village back into darkness. Further repairs were carried out and the system was operational again at around 10:30 p.m. So far everything seems to be working fine.

The village, less than 20 miles south of Battle Creek, has posted regular updates to its Facebook page, followed by photos of some of the damage.

Workers in the city’s electrical system are now trying to figure out exactly what created the conditions for the eruption to occur.

The village describes the problem like this: “A line that supplies the entire village electrical system inside 106 Coldwater Rd had a major malfunction, caught fire and caused an explosion. This line connects the substation and our switchgear and was operating around 4 megawatts of that is high, but not unusual and within the capabilities of our 5 MW system.

The village attributes a quick and efficient response to the local fire department.
“The Union City Fire Department did a great job keeping our building intact and tackling a delicate electrical fire in a very energized building where the fire had spread to an attic. We greatly appreciate it. help from everyone and this team took a potential 2+ day outage and got us back up and running in about 8 hours. “

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Government asks parliament to approve additional spending of 23,675 crore rupees https://civilavmed.com/government-asks-parliament-to-approve-additional-spending-of-23675-crore-rupees/ https://civilavmed.com/government-asks-parliament-to-approve-additional-spending-of-23675-crore-rupees/#respond Tue, 20 Jul 2021 17:15:00 +0000 https://civilavmed.com/government-asks-parliament-to-approve-additional-spending-of-23675-crore-rupees/ NEW DELHI: Finance Minister Nirmala Sitharaman on Tuesday called on Parliament to spend an additional net amount of Rs 23,675 crore, including Rs 17,000 crore for the Ministry of Health, in the current fiscal year .
According to the first batch of additional grant applications filed in Lok Sabha by Sitharaman, although the gross additional expenditure is over Rs 1.87 lakh crore in 2021-2022, the actual cash outflow will only be 23,674, Rs 81 crore as the remaining expenses will be through savings and higher revenue and collections.
A substantial part of the total gross expenditure is intended to be transferred to the States for the deficit offsetting the tax on goods and services. Rs 1.59 lakh crore would be transferred to the states as a back-to-back loan instead of the deficit offsetting the GST. However, this will not result in any cash outflow.
“As the back-to-back loan must be covered by equivalent capital receipts, the (…) expenditure will not result in any additional outflow,” the additional grant requests said.
To respond to the various health preparations related to Covid and others, an additional expenditure of Rs 16,463 crore has been allocated to the Ministry of Health and Family Welfare.
An additional Rs 526 crore was donated to the Department of Health Research for Emergency Outbreak Preparedness and Response.
Approval of Rs 2,050 crore for the Ministry of Civil Aviation is sought which includes Rs 1,872 crore for loans and advances to Air India for the recovery of the India Emergency Fund advance.
The cash outflow also includes Rs 1,100 crore for the Ministry of Consumer, Food and Public Distribution to provide sugar mill assistance for the 2019-2020 sugar season.
In addition, a nod for spending an additional Rs 1,222 crore under the main pharmaceuticals department was requested for the waiver of the government loan from Indian Drugs and Pharmaceuticals Ltd (Rs 889.50 crore) and the waiver of government loan (Rs 107.49 crore) and accrued interest (Rs 86.22 crore) from Bengal Chemicals & Pharmaceuticals Ltd.
The excess expense grant for the pharmaceutical department also includes additional expenses to settle pending employee contributions from Hindustan Antibiotics Ltd (Rs 118 crore) and Rajasthan Drugs and Pharmaceuticals Ltd (Rs 21 crore) as a loan.
The additional expenses are in addition to the total expenses of Rs 34.83 lakh crore projected in the budget for 2021-2022.


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Taiwanese airlines negotiate bailout loans with banks – report https://civilavmed.com/taiwanese-airlines-negotiate-bailout-loans-with-banks-report/ https://civilavmed.com/taiwanese-airlines-negotiate-bailout-loans-with-banks-report/#respond Thu, 22 Apr 2021 21:40:00 +0000 https://civilavmed.com/taiwanese-airlines-negotiate-bailout-loans-with-banks-report/ Air Macau shareholders Air China and SAR approve cash injection 10.12.2020 – 15:39 UTC As expected, shareholders of Air Macau (NX, Macau Int’l) approved a capital increase by injection of cash to mitigate the impact of the coronavirus pandemic on falling demand, a spokesperson confirmed. from the transporter to the Tribuna newspaper in Macau. Air […]]]>


Air Macau shareholders Air China and SAR approve cash injection

10.12.2020 – 15:39 UTC

As expected, shareholders of Air Macau (NX, Macau Int’l) approved a capital increase by injection of cash to mitigate the impact of the coronavirus pandemic on falling demand, a spokesperson confirmed. from the transporter to the Tribuna newspaper in Macau.

Air China (California, Beijing Capital) and the Macao Special Administrative Region (SAR) government, Air Macao’s major shareholders, have reached an agreement to implement what will be the scheduled carrier’s third such measure. since 2009.

However, the spokesperson declined to disclose the amounts involved, adding that these details will likely be published in the bi-monthly Macao SAR Official Journal, the next edition of which will be out on December 16.

Air China, Air Macau’s largest shareholder with a 66.9% stake, also did not announce the issue on the Shanghai Stock Exchange, and Macau SAR, which owns 21.5% of the company. air, did not release a statement.

A source close to the process told Tribuna de Macau that the increase could amount to more than MOP 2 billion patacas ($ 250 million), from the two main shareholders …

Air Macau shareholders consider cash injection – report

29.11.2020 – 23:22 UTC

Air Macau (NX, Macau Int’l) will hold a general meeting of its shareholders on December 7 to deliberate on a capital increase by injection of cash, sources told Tribuna newspaper in Macau.

This would be the scheduled carrier’s third such move since 2009 and comes against the backdrop of a first-half net loss of Pataca 539.5 million ($ 67.6 million) this year due to of the impact of the coronavirus pandemic.

Despite being the major shareholder of Air Macau with a 66.9% stake, Air China (CA, Beijing Capital) is unlikely to bear the costs of the liquidity injection as it has not yet issued a statement. disclosure on the stock exchange about the possible capital increase, the newspaper speculated. .

This means that the government of Macao Special Administrative Region in China, which owns 21.5% of the airline, is likely to continue the financial strengthening with other stakeholders.

The shareholders present at the next Extraordinary General Meeting will discuss an “increase in the share capital of the company by means of new cash inflows” and amendments …



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Apple Bank seeks $ 27.5 million in charter plane financing dispute https://civilavmed.com/apple-bank-seeks-27-5-million-in-charter-plane-financing-dispute/ https://civilavmed.com/apple-bank-seeks-27-5-million-in-charter-plane-financing-dispute/#respond Thu, 22 Apr 2021 21:24:00 +0000 https://civilavmed.com/apple-bank-seeks-27-5-million-in-charter-plane-financing-dispute/ Law360 (April 22, 2021, 5:24 p.m. EDT) – Apple Bank for Savings has asked a Manhattan federal judge to declare the bank owed nearly $ 28 million after an air charter broker encountered headwinds honoring the terms of a complex financing agreement with Apple Bank, Honda Aircraft Co. LLC and the Bank of Utah. In […]]]>


Law360 (April 22, 2021, 5:24 p.m. EDT) – Apple Bank for Savings has asked a Manhattan federal judge to declare the bank owed nearly $ 28 million after an air charter broker encountered headwinds honoring the terms of a complex financing agreement with Apple Bank, Honda Aircraft Co. LLC and the Bank of Utah.

In Tuesday’s filing, Apple Bank told U.S. District Judge Paul A. Engelmayer it was owed millions of dollars as of April 1. including legal fees or other related costs …

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US security agency calls Consumer Reports test on Tesla “ worrying ” https://civilavmed.com/us-security-agency-calls-consumer-reports-test-on-tesla-worrying/ https://civilavmed.com/us-security-agency-calls-consumer-reports-test-on-tesla-worrying/#respond Thu, 22 Apr 2021 21:00:47 +0000 https://civilavmed.com/us-security-agency-calls-consumer-reports-test-on-tesla-worrying/ Bloomberg Aramco has announced that it will review upstream assets for potential equity sales (Bloomberg) – Saudi Aramco is conducting a strategic review of its upstream business, to an extent that could potentially see the state-owned company attracting outside investors in some of its oil and gas assets, people familiar with the matter said. The […]]]>


Bloomberg

Aramco has announced that it will review upstream assets for potential equity sales

(Bloomberg) – Saudi Aramco is conducting a strategic review of its upstream business, to an extent that could potentially see the state-owned company attracting outside investors in some of its oil and gas assets, people familiar with the matter said. The world’s largest energy company is in preliminary talks with advisers to assess its options, the people said, asking not to be identified as the case is private. Aramco could explore options, including selling stakes in certain field operations or forming joint ventures with other major power producers, the people said. It could also form partnerships to develop new gas resources, according to the people. Any deal could bring billions of dollars to Aramco, which is at the center of Saudi Arabia’s economic transformation plan, the people said. people said. Deliberations are at an early stage and the structure of any potential deal has not been decided, the people said. The company, officially known as the Saudi Arabian Oil Co., declined to comment, as did the Energy Ministry. Downstream Partnerships Since Aramco was fully nationalized in 1980, most foreign investment in the Saudi energy industry has been limited to downstream assets such as refineries. and petrochemical plants. In the past, the company has entered into joint venture agreements with companies such as Royal Dutch Shell Plc and Total SE for natural gas exploration and drilling in the kingdom, even before Aramco attracted foreign partners to to drill for natural gas in 2003-2004, it held detailed discussions with the major oil companies in the late 1990s to develop its reserves. Talks collapsed as most companies hesitated on the terms Riyadh was willing to offer.Aramco also held talks with foreign companies to develop the vast Shaybah oil field, but ultimately decided to put the asset into production. on his site. clean. Saudi Arabia’s hydrocarbon reserves are state-owned and operated by Aramco under a decades-long concession agreement. Aramco Profit Center Chairman Yasir Al-Rumayyan began to sell stakes in non-core assets to help maintain the company’s $ 75 billion dividend, much of which goes to the Saudi government. The first deal was sealed earlier this month, when Aramco announced it would raise more than $ 12 billion by selling lease rights to its pipelines to investors, including EIG Global Energy Partners. optimization ”, which“ will assess existing assets ”and improve access to growth markets. It is headed by Abdulaziz Al Gudaimi, who reports to CEO Amin Nasser. Crown Prince Mohammed bin Salman, the kingdom’s de facto head, told business leaders last month that Aramco and the energy ministry were working on an “ambitious upstream and downstream agenda”, which is more important than the previously announced plans. This surge could involve additional spending of 500 billion riyals to 1 trillion riyals ($ 133 billion to $ 266 billion) over the next ten years, he said. Last year, the company saw a 40% drop in profits before interest, taxes and zakat – a local charitable contribution – to around $ 110 billion. It pumped approximately 9.2 million barrels per day of crude in 2020. Record IPO Aramco has broadened its search for gas to meet rapidly growing local demand. Currently, Saudi Arabia burns huge amounts of crude directly at power plants during the summer to meet increased demand for electricity for air conditioning. It also wants to use the gas for the production of petrochemicals, an industry that is a high priority for the government in its strategy to diversify the economy. Saudi Arabia plans to invest around $ 110 billion to develop non-gas reserves. conventional in eastern Jafurah field, the official Saudi government. The news agency reported last year. The field is expected to start production in 2024, and Aramco has its roots in concessions granted to US oil companies nearly 90 years ago. The Saudi government first bought a stake in the company in 1973. More recently, Aramco began an opening process that culminated in a record IPO on the Saudi stock exchange in 2019. a 2% stake in from outside investors, raised about $ 29.4 billion. Prior to listing, Aramco wooed some of the world’s largest oil companies to act as top investors, though it ultimately failed to come to a deal to buy shares in the offer. For more items like this, please visit us at Bloomberg. Subscribe now to stay ahead with the most trusted source of business news. © 2021 Bloomberg LP



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Universal Hydrogen Announces $ 20.5 Million Series A Funding to Build and Test Large-Scale Equipment for Commercial Hydrogen Aircraft https://civilavmed.com/universal-hydrogen-announces-20-5-million-series-a-funding-to-build-and-test-large-scale-equipment-for-commercial-hydrogen-aircraft/ https://civilavmed.com/universal-hydrogen-announces-20-5-million-series-a-funding-to-build-and-test-large-scale-equipment-for-commercial-hydrogen-aircraft/#respond Thu, 22 Apr 2021 20:51:22 +0000 https://civilavmed.com/universal-hydrogen-announces-20-5-million-series-a-funding-to-build-and-test-large-scale-equipment-for-commercial-hydrogen-aircraft/ Universal Hydrogen Announced $ 20.5 Million Series A Funding Led By Leading Silicon Valley VC Fund Playground Global With Investor Syndicate Including Fortescue Future Industries, Coatue, Global Founders Capital, Plug Power, Airbus Ventures, JetBlue Technology Ventures, Toyota AI Ventures, Sojitz Corporation and Future Shape. Founded in 2020 by aviation industry veterans Paul Eremenko, John-Paul Clarke, […]]]>


Universal Hydrogen Announced $ 20.5 Million Series A Funding Led By Leading Silicon Valley VC Fund Playground Global With Investor Syndicate Including Fortescue Future Industries, Coatue, Global Founders Capital, Plug Power, Airbus Ventures, JetBlue Technology Ventures, Toyota AI Ventures, Sojitz Corporation and Future Shape.

Founded in 2020 by aviation industry veterans Paul Eremenko, John-Paul Clarke, Jason Chua and Jon Gordon, Universal Hydrogen brings together the end-to-end hydrogen value chain for aviation, both for hydrogen airplanes and for hydrogen airplanes.

This financing enables Universal Hydrogen to accelerate the development of its hydrogen logistics network and its regional aircraft conversion kits, and reinforces the company’s booming commercial activities.

Universal Hydrogen builds a fuel distribution network that connects hydrogen production directly to the aircraft using modular capsules that are transported through the existing freight network, thus avoiding the need for expensive new pipelines, facilities storage and fuel trucks.

Universal modular hydrogen capsule.


The company is also developing conversion kits to equip existing regional aircraft of 40 to 60 passengers with a hydrogen fuel cell powertrain.

Screen + Shot + 2021-02-15 + to + 5.51.48 + PM

Render of regional aircraft with conversion kit and fuel capsules.


The first commercial flights are scheduled for no later than 2025, with operating costs equivalent to those of conventional hydrocarbon-burning aircraft and rapidly declining thereafter.

We see the short-term decarbonization of regional aviation as a first step and a catalyst, putting the whole industry on the path to meeting the Paris Agreement emissions targets. Hydrogen is today the only viable fuel to achieve true zero emissions in commercial aviation, and our goal is to reduce the risk of the decision of Airbus, Boeing and COMAC to make their next new aircraft. in the 2030s a hydrogen plane.

—Paul Eremenko, co-founder and CEO of Universal Hydrogen

To this end, Universal Hydrogen will make hydrogen economically and universally available at airports around the world, work with regulators to develop appropriate certification and safety standards, and demonstrate passenger enthusiasm for carbon-free flights and powered by hydrogen.

Since Universal Hydrogen’s initial fundraising and its partnership with Plug Power and magniX, the team has successfully demonstrated a fuel cell powertrain and hydrogen capsules. The company has also gained interest from several airlines to serve early customers.

The current funding round will allow Universal Hydrogen to expand its engineering team, complete a 2 MW fuel cell powertrain and fully test both liquid and gaseous hydrogen capsules. The company is taking orders from additional airlines for its first years of commercial deliveries. The company is also consolidating its operational footprint at Jack Northrop Field in Hawthorne, California.



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Resilience Under Pressure – Smiley Pete Publishing https://civilavmed.com/resilience-under-pressure-smiley-pete-publishing/ https://civilavmed.com/resilience-under-pressure-smiley-pete-publishing/#respond Thu, 22 Apr 2021 18:33:36 +0000 https://civilavmed.com/resilience-under-pressure-smiley-pete-publishing/ The shelf life of rubber, a versatile and flexible material used to seal a variety of products, is determined by how it is stored. Temperature, light, humidity and ozone affect its longevity. Under the right conditions, its lifespan is considerably increased. Danette Wilder, president and CEO of SealingLife Technology, a Lexington-based manufacturing and distribution company […]]]>


The shelf life of rubber, a versatile and flexible material used to seal a variety of products, is determined by how it is stored. Temperature, light, humidity and ozone affect its longevity. Under the right conditions, its lifespan is considerably increased.

Danette Wilder, president and CEO of SealingLife Technology, a Lexington-based manufacturing and distribution company that produces o-rings and seals, hopes her business will continue to enjoy enduring endurance like the products it does. made. “We were looking to create a science and technology driven company that would last for a long time,” she said.

Founded by Wilder in 2008, SealingLife designs, manufactures and assembles sealing devices and systems. It creates custom polymer-based materials, including thermoplastics and rubber, and converts them into parts primarily for the aerospace, power, utility, and sportswear industries.

Similar to its rubber seals, SealingLife needs the right conditions to thrive, but the two pandemics – COVID-19 and systemic discrimination – also affect its lifespan.

Wilder, a native of Detroit who initially moved to Kentucky for a job at Toyota before founding SealingLife, was featured in a recent ProPublica article on the disproportionate impacts of the pandemic on black-owned businesses nationwide and on the exacerbation of long-standing inequalities.

Wilder said SealingLife has lost about 60% of its revenue since the COVID strike. One of its biggest customers, Parker Hannifin, a Cleveland-based company specializing in motion and control technologies, has stopped purchasing o-rings from the Wilder company and has started manufacturing them in-house. The company has also seen a reduction in revenue with state and federal projects.

While the pandemic has had a crippling effect on many small businesses, black-owned businesses have been disproportionately affected. A report from the Federal Reserve Bank of New York found that between February and April 2020, 41% of black entrepreneurs closed their businesses, compared to 17% of white business owners.

Paycheck Protection Program loans reached only 20% of eligible businesses in states with the highest density of black-owned businesses, and in counties where black-owned business activity was the most common. denser, coverage rates were generally less than 20%. –Federal Reserve Bank of New York Report

The report also revealed alarming discrepancies between black and white-owned businesses receiving funds from the Paycheck Protection Program (PPP). “These loans only reached 20% of eligible businesses in states with the highest densities of black-owned businesses, and counties with the most dense black-owned business activity, coverage rates were generally less than 20%, ”he said.

As a black female engineer and business leader in the field of STEM (science, technology, engineering and math), Wilder says she felt these disparities, even before COVID, in her relationships with her industry peers. , with clients and in the search for funding. .

“It’s not something that I asked for, but that I still have to manage as a business owner,” she said.

Although SealingLife has received $ 500,000 in the US SBA (Small Business Administration) and PPP programs, Wilder says it is particularly difficult for her to obtain bank loans and contracts, demonstrate her abilities, and network with others. others in his sector. “There is inherently inherent discrimination,” she said.

Les Burd, owner of ElastoSeal, a Lexington-based company that manufactures and manufactures custom elastomeric products, agrees with Wilder. Burd, who is white, said it was difficult for a black woman to start a business from scratch in an industry historically run by white men. “No matter how much we want a level playing field, there are people in business today who would still want to hold someone,” he said.

Most of the money generated by SealingLife comes from clients outside the State. Wilder said Kentucky is a tight-knit region and people often prefer to do business with people they know personally. She also asked clients to say they didn’t want to hire too many black people or hire a black receptionist to answer the phone for fear of being seen as a black business. Wilder appreciates their frankness, but also finds it disturbing.

“It’s good that I build relationships with my clients where they can be honest and open with me, but it’s bad from the point of view that you have the audacity to tell me,” she said. declared. “It means you probably don’t value me.”

Terrence Woodley, owner and vice president of Seventh Sense Consulting, a Northern Virginia-based company that provides IT support to federal agencies, said Wilder is talented, smart and capable, but needs decision makers in the field. business to give him an opportunity. He also said the government may have to step in, assess real value and give direct rewards to minority-owned businesses.

Despite discrimination and gender bias, Wilder ensures that his business is continually evolving. In addition to manufacturing rubber related products, SealingLife also focuses on research and development, as well as testing and prototyping of custom materials. By consulting with their customers, they make sure that customers understand the materials they are buying and the best way to use them.

SealingLife also offers supply chain management, warehousing space and logistics for rental using its fleet of dump trucks and semi-trailers. Initially, the trucks were used for waste management services and to support the manufacturing of SealingLife, but Wilder said she saw “a need to diversify, expand and make better use of trucks.”

The company’s vision also includes finding ways to integrate technology into its bespoke materials, allowing smart materials and parts to work in tandem and communicate information effectively.

Woodley, of Seventh Sense Consulting, first learned about SealingLife through Goldman Sachs 10,000 Small Businesses, a program designed to help small businesses achieve their strategic goals and grow their revenues. Woodley said he was impressed with SealingLife and its ISO (International Organization for Standardization) 9001: 2015 certification, one of the leading accreditors for quality management, and its AS9100D certification, the standard certification for companies supplying products and aviation, defense and space industries with a concentration in aerospace.

“SealingLife has played a pivotal role in the development of our quality management system,” said Woodley. “They worked hand in hand with our administration and our employees and built a top-of-the-line system from scratch.” Woodley said Wilder had excellent credentials and the ability to develop infrastructure.

Late last year, Wilder was named Supplier of the Year by the National Minority Supplier Development Council. Wilder said this recognition is a testament to the quality of work she and her team provide. Wilder says she is motivated to achieve her vision of building a sustainable business in engineering and science while providing opportunities for her employees.

“At the end of the day, I want to support my family and give back to the community,” she said.



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Despite protests from hangar owners, Ogden City adopts new airport policy | Local News https://civilavmed.com/despite-protests-from-hangar-owners-ogden-city-adopts-new-airport-policy-local-news/ https://civilavmed.com/despite-protests-from-hangar-owners-ogden-city-adopts-new-airport-policy-local-news/#respond Thu, 22 Apr 2021 00:00:00 +0000 https://civilavmed.com/despite-protests-from-hangar-owners-ogden-city-adopts-new-airport-policy-local-news/ OGDEN – Ogden City Council has approved a series of new policy changes at Ogden-Hinckley Airport. But on Tuesday evening, the council’s passage of these changes was preceded by a chorus of outright objections, formed by a large contingent of airport hangar owners who said the action would hurt those who were were previously committed […]]]>


OGDEN – Ogden City Council has approved a series of new policy changes at Ogden-Hinckley Airport.

But on Tuesday evening, the council’s passage of these changes was preceded by a chorus of outright objections, formed by a large contingent of airport hangar owners who said the action would hurt those who were were previously committed to supporting the airport.

The amendments adopted by the council include several price increases for common airport activities such as parking, aircraft landing and stowage fees, as well as security badges. The ordinance also allows the city to set up fee waiver incentive programs to attract aviation services to the airport. The city’s 20-year master plan for the facility shows that the city is keen to recruit aerospace companies to the site and continue to develop commercial passenger air service to make the airport more financially sound. The city wants to redevelop the west side of the airport to help meet these goals.

While the aforementioned changes were deemed necessary by Ogden officials, the main topic of conversation associated with Tuesday’s action was a set of new hangar rental settings at the airport.

Prior to the adoption of the ordinance, the city granted leases of up to 15 years for a private hangar, 20 years for a commercial aircraft operator and 25 years for “fixed operators”, which are organizations. who provide aviation services like refueling, aircraft rental, aircraft maintenance, flight instruction and more. Ogden City Attorney Gary Williams said with the development on hold on the west side, the mayor’s office concluded that the old lease terms did not allow potential tenants to repay their construction debts enough. quickly, hampering the city’s ability to attract new business ventures.

The new ordinance gives the manager of Ogden Airport the power to grant leases of up to 40 years, which Williams says gives tenants time to recoup their investment. Those who build at the airport own everything they build, but must pay rent to operate on city property. Airport leases are essentially a form of construction finance, where a particular tenant pays for construction on Ogden Airport and then pays reduced rent to the city.

Existing leases will be honored under the new city plan, but the catch is the city’s intention to start exercising what are called “reversion rights”. Reversion rights allow a landlord, in this case Ogden City, to acquire ownership of property that is in rented premises after a lease expires. Williams said the changes, and in particular the city’s renewed interest in exercising reversion rights, are intended to provide a “forecast” to current tenants about the future of the airport. The measure will also help the city redevelop clusters of sheds that are nearing the end of their useful life.

“The city … for many years has rarely exercised its reversion rights in these hangars,” Williams said. “There was a lot of discussion between airport managers and (city) administration … and even in some public meetings, about when the city would exercise reversion rights. … now we want to use a new standard as a forecast so that everyone knows what the city is supposed to do in the future for rental contracts.

But some current general aviation hangar owners whose leases will soon expire and likely not be renewed, say the city’s plan is unfair to them.

Martin O’Loughlin, a resident of Ogden, operates five businesses in an airport hangar and says he’s invested nearly $ 500,000 to bring it up to modern standards and secure a commercial lease from the city. He said if the city was allowed to take his shed after its lease expired, it was essentially losing its investment for nothing in return. O’Loughlin said that before making the investment, he studied the city’s long-term plans and compared ratings with neighbors at the airport who had similar leases, believing he was making the right choice. He said the city’s new target had effectively blinded him.

“This proposal has dramatic effects on the people who have invested in good faith in Ogden City and Ogden Airport,” said O’Loughlin.

Dave Westwood is a member of the Red Lodge, MT city council, but he has a hangar at the airport. He said that when he bought a property it was based on the understanding that he could own it, sell it or even leave it to the heirs. He has now said he was essentially stuck with property and at the mercy of the city because the new policy immediately devalues ​​his shed, rendering any attempt to get out from under it by selling to someone else unnecessary.

Layton-based attorney Doug Durbano, who represents a group at the airport calling themselves the “Ogden Regional Airport Association,” described the city plan as a government takeover. In so many words, Durbano said the city’s plan, with the reversion clause continuing, would invite legal action.

“Passing the ordinance and the amendments as proposed creates a legal minefield that will be very, very difficult,” Durbano said.

The lawyer asked the city council to table the point and allow the ORAA and its legal representatives to discuss the matter further in a council working session. Council members Marcia White, Angela Choberka and Doug Stephens said they were ready to continue discussions, but other council members said the idea was unrealistic. Board chairman Bart Blair and members Rich Hyer and Ben Nadolski all said they felt ill-equipped to sit down and negotiate with a lawyer. The trio felt those talks would suit Williams, who himself said he had already discussed the matter at length with Durbano.

While the city’s goal of starting to exercise reversion rights is new, Williams said the reversion clause has been in all airport contracts for decades.

“There are no surprises,” he said. “I can’t believe everyone who spoke to you tonight hasn’t read their contract, but even if they haven’t … they’re bound by the terms.”

The council ultimately approved the city’s airport plan, with White and Stephens voting against. The couple said their ‘no’ vote came not because they were against the proposal, but felt the issue should be discussed further.



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Air Lease Corporation Announces Delivery of Two New Boeing 787-9s to China Southern Airlines | Business https://civilavmed.com/air-lease-corporation-announces-delivery-of-two-new-boeing-787-9s-to-china-southern-airlines-business/ https://civilavmed.com/air-lease-corporation-announces-delivery-of-two-new-boeing-787-9s-to-china-southern-airlines-business/#respond Wed, 21 Apr 2021 21:01:15 +0000 https://civilavmed.com/air-lease-corporation-announces-delivery-of-two-new-boeing-787-9s-to-china-southern-airlines-business/ LOS ANGELES – (BUSINESS WIRE) – April 21, 2021 – Air Lease Corporation (NYSE: AL) announced the delivery of two new Boeing 787-9 long-term leases to China Southern Airlines. Equipped with GEnx-1B76A engines, these new Dreamliner aircraft are the fourth and fifth of five new 787-9s to be delivered to China Southern Airlines from ALC’s […]]]>


LOS ANGELES – (BUSINESS WIRE) – April 21, 2021 –

Air Lease Corporation (NYSE: AL) announced the delivery of two new Boeing 787-9 long-term leases to China Southern Airlines. Equipped with GEnx-1B76A engines, these new Dreamliner aircraft are the fourth and fifth of five new 787-9s to be delivered to China Southern Airlines from ALC’s backlog with Boeing.

“We are pleased to announce that our fourth and fifth of five new Boeing 787-9s have been delivered to China Southern Airlines,” said Jie Chen, executive vice president and general manager, Asia – President, Air Lease Corporation Hong Kong Limited. “ALC is honored to contribute to our client’s continued long-term success as one of Asia’s premier airlines.”

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections regarding our future results, prospects and opportunities and are not guarantees of future performance. These statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or expected in forward-looking statements due to a number of factors, including those discussed in our documents filed with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE: AL)

ALC is a premier aircraft rental company based in Los Angeles, California with airline customers around the world. ALC and its team of dedicated and experienced professionals are primarily focused on purchasing commercial aircraft and leasing them to airline customers around the world through customized aircraft leasing and financing solutions. ALC regularly posts information that may be important to investors in the “Investors” section of ALC’s website at www.airleasecorp.com. Investors and potential investors are encouraged to periodically check the ALC website for important information about ALC. Information contained on or accessed through the SLA website is not incorporated by reference in, and does not form part of, this press release.

About China Southern Airlines

China Southern Airlines Co., Ltd. is based in Guangzhou and operates the largest fleet, most developed route network, and largest passenger capacity of any airline in the People’s Republic of China. Currently, China Southern Airlines operates 700 passenger and cargo aircraft, including Boeing 787, 777, 747, 757 and 737 and Airbus A380, A330, A321, A320, A319. The air fleet is ranked first in Asia and 4th in the world (Data: IATA, in terms of fleet size). China Southern Airlines is the world’s first airline to operate both A380s and 787s.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210421006045/en/

CONTACT: Investors: Mary Liz DePalma

Vice President, Investor Relations

Email: investors@airleasecorp.com Jason Arnold

Assistant Vice-President, Finance

Email: investors@airleasecorp.com Media: Laura Woeste

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.comAshley Arnold

Manager, Media Relations and Investors

Email: press@airleasecorp.com

KEYWORD: CALIFORNIA CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC

INDUSTRY KEYWORD: PROFESSIONAL SERVICES AIR TRANSPORT FINANCING OF AEROSPACE MANUFACTURING

SOURCE: Air Lease Corporation

Copyright Business Wire 2021.

PUB: 04/21/2021 5:01 PM / DISC: 04/21/2021 5:01 PM

http://www.businesswire.com/news/home/20210421006045/en

Copyright Business Wire 2021.



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Is it too late to buy shares of General Electric (GE)? https://civilavmed.com/is-it-too-late-to-buy-shares-of-general-electric-ge/ https://civilavmed.com/is-it-too-late-to-buy-shares-of-general-electric-ge/#respond Wed, 21 Apr 2021 17:19:02 +0000 https://civilavmed.com/is-it-too-late-to-buy-shares-of-general-electric-ge/ Bloomberg $ 6 trillion world of Family Office fights post-Archegos crackdown (Bloomberg) – Archegos’ implosion poses thousands of secret family offices the biggest privacy challenge in a decade. They won’t give up without a fight.Some lawmakers, regulators and consumer advocates are pushing to expose the inner workings of family offices, which are tightly managed and […]]]>


Bloomberg

$ 6 trillion world of Family Office fights post-Archegos crackdown

(Bloomberg) – Archegos’ implosion poses thousands of secret family offices the biggest privacy challenge in a decade. They won’t give up without a fight.Some lawmakers, regulators and consumer advocates are pushing to expose the inner workings of family offices, which are tightly managed and lightly regulated but manage around $ 6 trillion for the world’s ultra-rich. . the changes sought by reform advocates would require U.S. family offices to register as investment advisers and publicly report their holdings on a quarterly basis, as most other types of investment firms must. it could also reveal proprietary information to competitors. Those pushing for more regulation are optimistic that the new chairman of the Securities and Exchange Commission, Gary Gensler, who has a solid reputation on Wall Street, will see it their way. “The rationale for exempting family offices is clearly untenable now, and we believe the SEC will change that quickly,” said Dennis Kelleher, CEO of advocacy group Better Markets. what all investment firms, including family offices, must disclose about their holdings, Bloomberg reported. The new disclosures could include the positions of companies on derivatives and the stocks they sell. They say they are preparing for their biggest lobbying effort since they managed to avoid being included in tough new regulations after the 2008 financial crisis. Their strategy: insist that the family office setup d’Archegos was unrelated to his implosion. “What Archegos did and the fact that they got into trouble had nothing to do with the structure of the family office,” said Brian Reardon, lobbyist for the Private Investor. The merger of Archegos Capital Management LP at the end of March, led by former hedge fund manager Bill Hwang, sparked the lobbying skirmish. After being shut out of the hedge fund industry for insider trading, Hwang opened a family office in 2013 and ultimately converted $ 200 million into around $ 20 billion in assets, using a high portfolio. leverage concentrated in a handful of stocks. The explosion that followed revealed that neither regulators nor brokers had any idea of ​​the magnitude of Archegos’ positions. “The losses are serious,” said Andrew Park, senior policy analyst for Americans for Financial Reform. “But what’s most amazing is that these losses all came from a company that no one knew about until a few weeks ago. His group has asked the SEC to examine whether the family office registration exemption creates “regulatory blind spots.” Major brokerage banks that had to liquidate Archegos’ positions, including Morgan Stanley, Nomura Holdings Inc. and Credit Suisse Group AG, have lost billions of dollars, leading some bank executives to also call for closer scrutiny . “Frankly, the transparency and lack of disclosure regarding these institutions is just different from that of hedge fund institutions. And that’s something I’m sure the SEC will look into, ”Morgan Stanley CEO James Gorman said on an April 16 earnings call. “Better information is always helpful in spotting potential problems.” Reardon, of the Private Investor Coalition, said his group plans to speak to the SEC, the Commodity Futures Trading Commission and lawmakers to explain why some of the proponents of the disclosure have called for Angelo Robles, founder of the Family Office Association. , is also preparing to take action. He said he plans to contact U.S. law firms and senators if regulators take an aggressive stance on family offices. “The fallout will likely be more regulation on swaps,” said Robles, whose Greenwich, Connecticut-based group has more than 200 members worldwide, referring to the type of Archegos derivative often used. the shock that a little-known family office could have such an effect serves as a rallying cry for supporters of Wall Street reform. Better Markets’ Kelleher said he had already argued his case with SEC staff, arguing in part from more public disclosure from the family office the sizes and positions could help prevent them from becoming a risk to the financial system. Lawmakers have also shown interest. Ohio Democrat Sherrod Brown, who heads the Senate Banking Committee, has asked Archegos brokers to disclose information about their dealings with family offices. Family offices serving one family and without outside clients generally do not need to register with the SEC as investment advisers. The rationale for the exemption is that they only serve a single high net worth client who does not need the protections afforded to investors in other funds.In addition, offices with less than $ 100 million in assets or who manage funds for one person may avoid disclosing regularly Offices that serve more family members must file their holdings with the SEC, but can request, and often receive, an exemption allowing them to keep the filing confidential . funds, typically only include direct ownership of shares and not positions in derivatives, like the total return swaps that led to the downfall of Archegos. The big banks traded the equity swaps for Archegos for a fee. These swaps allowed the company to spend relatively small amounts – it basically used borrowed money to build a huge portfolio – while keeping its individual stock ownership hidden. investment firms, including family offices, disclose derivatives. and short positions, which would not necessarily infringe the privacy of family offices if they were still able to confidentially file assets with the SEC. The lack of disclosure has allowed some family offices to adopt such complex strategies without attracting attention. Complying with fewer regulations, meanwhile, has allowed a number of hedge fund managers to convert their businesses into family offices. BlueCrest Capital Management, for example, returned money to investors in 2016 to focus on on the wealth management of its billionaire co-founder Michael. Platt, his associates and employees. John Paulson said last year that he was converting his hedge fund Paulson & Co. into a family office, following a similar move by Leon Cooperman’s Omega advisers. Family offices have proliferated this century, in part to cause of the boom of tech billionaires. More than 10,000 family offices around the world manage the wealth of a single family, at least half of which began this century, according to EY. A 2019 estimate by researcher Campden Wealth valued family office assets at nearly $ 6 trillion. globally, more than the entire hedge fund. industry. Because most families keep the extent of their wealth closely and very little public records are available to track their assets, the exact figure could be higher or lower. It is rare for family offices to take as much risk as they do. Archegos. But hedge funds that convert to family offices are more likely to stick with their trading strategies, which often use leveraged bets that can have a broader market effect. Some family offices have also recently launched so-called firms in white – front companies whose goal is Part of the Private Investor Coalition’s plan is to tell regulators they already have the tools they need to identify threats to the financial system, Reardon said . The SEC is implementing a long-delayed rule that would require all funds, including family offices, to privately disclose some of their derivative positions to the agency. In theory, that would have allowed the SEC to see what Archegos was doing, but requiring Archegos to register as an investment adviser would not have prevented the explosion, said Reardon, whose coalition has stood up. formed in 2009 to provide offices. If regulators crack down on family offices in the United States, some might simply decide to leave the country. “In reality, the typical single family office is a small team of highly mobile individuals,” said Keith Johnston, CEO of SFO Alliance, a London-based investment club for single-family offices. “There is a risk that if they consider themselves too regulated, they will simply move staff or headquarters to jurisdictions where they are not located.” For more articles like this, please visit us at bloomberg.com’s business news source. © 2021 Bloomberg LP



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