The Duluth, Minnesota-based company said it is updating its brand identity to further emphasize its particular approach to private aviation, called “Everything in Reach.” The recent changes are part of a broad strategy to grow the aviation industry and move toward a new era in personal aviation. Cirrus manufactures and sells the SR series of piston singles and the Vision Jet.

• READ MORE: The Big Reveal: Cirrus Shows Off the SR G7

“Since [being founded in] 1984, Cirrus’ legacy of innovating, transforming, and defining the ‘personal aviation’ category has changed the way people experience aviation,” said Todd Simmons, Cirrus’ president of customer experience. “Now, in addition to its state-of-the-art aircraft, Cirrus provides a comprehensive ownership experience for world-class flight training, product services and support, aircraft management, upgrades and accessories, sales, finance, insurance, and more.” 

According to Cirrus, personal aviation serves pilots and nonpilots by offering a path of entry into the aviation community for seasoned pilots, people interested in flight training, and those who wish to own and operate a Cirrus aircraft with a professional pilot.

“Cirrus continues its legacy of delivering innovative products and services that make aircraft ownership easy and synonymous with premium car ownership,” said Zean Nielsen, CEO of Cirrus. “The new brand identity honors Cirrus’ history while positioning itself for the future where the company will leverage its intelligent aircraft and connected digital ecosystem.”   

Cirrus is known for a number of innovations in aircraft design, including the Cirrus Airframe Parachute System (CAPS), which was the first FAA-certified, whole-airframe parachute safety apparatus installed as standard equipment on an aircraft. The company said its worldwide fleet has accumulated more than 17 million hours and 250 people have “returned home safely to their families as a result of the inclusion of CAPS as a standard feature on all Cirrus aircraft.”

The post Cirrus Revises Logo to Signal ‘Next Era’ of Personal Aviation appeared first on FLYING Magazine.

VistaJet said its worldwide presence continued to improve last year with more than 50 percent of its total flight hours logged outside the U.S. During 2023 the private aviation company expanded its operation in Africa, Asia, and the Middle East in response to increased demand.

• READ MORE: VistaJet Announces Global 7500s Coming to Fleet in 2020

VistaJet said it also expanded its Global 7500 members program to guarantee the availability to clients of the Bombardier Global 7500 ultra-long range jet on every major continent. Additionally the company increased the proportion of flight hours from its program subscription clients. New subscribers who commit to a three-year term have grown at record rates for the past three years and account for about 60 percent of on-fleet revenue for the group. 

During the year, the group operated roughly 87,000 flights, or 18 percent more than the previous year and 80 percent more than pre-pandemic levels. VistaJet expects those numbers to continue upward this year.

“2023 was another year of successful performance in our business,” said Thomas Flohr, VistaJet founder and chairman. “Despite having to react to deep economic shifts and complex geopolitical uncertainty, we produced double-digit growth across all markets—achieved whilst refurbishing and upgrading our fleet ahead of schedule, further improving our service standards and significantly increasing aircraft availability.

• READ MORE: VistaJet Makes History with $7.8 Billion Bombardier Order

“Today, Vista is a truly global and recognizable brand all around the world, thanks to the 20 years in which we have delivered an unmatched service to our clients, and we are well placed to further increase our market share over the next two decades.”

Last spring, Flohr defended the company after critics suggested net losses and debt threatened its continued viability. In a CNBC interview, Flohr said VistaJet has been transparent with investors regarding its financial structure and that the company is profitable based on earnings before interest, taxes, depreciation, and amortization.

The company said it has identified a market of more than 24,000 jets that it considers underutilized. These aircraft could potentially be used to boost efficiency across the industry in the same way that the members fleet of more than 300 aircraft has been “optimized to deliver the best service at the best possible rates.”

Following recent acquisitions, VistaJet has undertaken a broad program to refurbish many of its aircraft, including 93 during 2023. Today, 230 VistaJet aircraft have been updated to the company’s silver=and-red liver, and offer a more standard list of cabin amenities.

The post VistaJet Says Flight Hours Grew 17 Percent to 200,000 Last Year appeared first on FLYING Magazine.

The Orlando, Florida-headquartered company said it is supporting government and law enforcement agencies, nonprofit organizations, and corporate groups in their efforts to detect, track, and curb human trafficking. The announcement coincides with the annual increase in public awareness of private aviation that occurs as people travel to Super Bowl LVIII on Sunday in Las Vegas in personal, corporate, and charter aircraft.

“Signature is the largest network of private aviation terminals in the world, which gives us a unique opportunity to help combat human trafficking,” said Tony Lefebvre, CEO of Signature. “The International Organization for Migration has stated that nearly 80 percent of international human trafficking journeys cross through official border control points, including airports. That makes this an incredibly important and relevant issue for us, and one where we have the ability to make a tangible difference.”

The company said its collaboration efforts include signing the U.S. Department of Transportation’s pledge for Transportation Leaders Against Human Trafficking, a program under which transport organizations work to increase awareness and educate their employees about the pervasive crime. Signature also joined the Department of Homeland Security (DHS) Blue Lightning Initiative for training aviation personnel to identify possible traffickers and their victims.

Signature became a corporate sponsor of nonprofit Covenant House, which provides support for young people facing crises including the effects of human trafficking. The company is also sponsoring the Freedom Aviation Network, a nonprofit that provides air transportation for survivors of human trafficking. The group has made 85 flights and transported more than 100 passengers since 2022.

Signature is also partnering with the American Association of Airport Executives to develop training programs to address human trafficking tailored to those working in general and business aviation.

“Private aviation operators are on the frontlines of the fight to end human trafficking,” said Michael Camal, senior engagement manager with the DHS Center for Countering Human Trafficking. “We are grateful that Signature is leveraging its vast resources and global workforce to combat this heinous crime.”

The post Signature Aviation Joins Support Groups, Government Agencies, and Law Enforcement to Combat Human Trafficking appeared first on FLYING Magazine.

Daher’s position demonstrates well the state of the global aerospace market.

“We are in a paradox situation—some are happy; some are not happy,” said Patrick Daher, board chair for the Daher group, in kicking off the company’s performance review for 2023 in Paris on February 7. “We are feeling the impact of the international situation, and then we are still recovering from COVID, but the COVID crisis is over for us…But some international threats—for example the war in Ukraine and the Middle East, the future elections, the situation in China—all these events have created a political instability that is really worrying for the future.”

Yet industry events such as the 2023 Paris Air Show indicate where the future lies—with caution as to the expense of making change. “As chairman [of] the Salon de Bourget in 2023 and chairman of Daher…I have the chance to see that energy transition is coming with a really high price,” said Daher. “Speaking about industry, we have really good news in terms of an increase in production.”

In 2023, Daher recorded strong deliveries of both its TBM and Kodiak series turboprops, with a total of 56 TBMs and 18 Kodiaks, for a total of 76 units. In addition, it counts more than 100 turboprops in its order book, taking it well into 2025.

READ MORE: Daher Delivers 100th TBM 960

An Industry Overview

At the same time, major Daher client and partner Airbus has never manufactured so many aircraft—a record number went out the door in December, as Daher noted in the report. That is in spite of the constant pressures brought on by inflation, provisioning difficulties, recruitment challenges, rise in wages, and lowering margins. Collectively these have led to soft pricing models that have persisted through the past couple of years.

“We have forgotten how to deal with such problems of inflation that we experienced 20 years ago,” said Daher. “It was really hard to find raw materials, and this was linked to geopolitical problems, [such] as the war in Ukraine. We were missing material. This lack of raw materials is linked to the mismanagement of the supply chain—the suppliers failed to ship what we needed to manufacture our aircraft—and to produce what our clients asked us to do.”

Another problem Daher noted has been the lack of employee candidates. “It is not easy to recruit the right profiles…The COVID crisis changed behaviors in terms of wages and employees, so it is really hard for us to hire and find talents.” This has driven companies like Daher to invest heavily in training—because like never before they have had to recruit from outside the aviation industry.

“All these factors in 2023—after COVID, we were expecting 2021 and 2022 to be difficult—but these problems arrived in 2023,” Daher said. “All of these factors resulted in our weakened profitability. We need to consider the energy transition and the decrease in carbon intensity…2023 highlighted the emergency but also the [convergence], vis-à-vis the problem of decarbonization.”

The Daher group considers government support crucial—specifically CORAC, the French council for civil aviation research—and 300 million euros per year have been earmarked by CORAC to help fund the energy transition. “Aviation industry, all research efforts, have converged, because in the past each company focused on a specific research field, but right now there is a really clear target: low-carbon, low-emission aircraft,” Daher said.

Eco-Pulse Update

For the French OEM, the convergence flies today via its hybrid-electric Eco-Pulse technology demonstrator, which uses a TBM airframe, electric motors and powertrain components form Saran, and electric power storage by Airbus in a distributed lift model (simply put) to test various components and how they interact in actual flight operations. The Eco-Pulse retains a Pratt & Whitney PT6A turboprop engine, but in December made its first flight segments completely powered by the six electric motors.

“It is a major step towards decarbonization,” said Daher. “Because high voltage electricity can be a good solution…we are continuing with some hybrid tests. This is the first step…People thought I was crazy [last year] when I spoke about this target [to have a marketable product by 2027], but we are headed in that direction.” It will be a TBM or Kodiak because those are the models Daher has in its portfolio, but the company has yet to determine which will be chosen and exactly what that will look like.

FLYING asked if the OEM could share any feedback—including any performance data, if possible—from those first flights. Christophe Robin, vice president of engineering for Daher’s aircraft division, provided this insight: “EcoPulse is a technology demonstrator, therefore, aircraft performance is not the goal. The EcoPulse configuration has been chosen with the strategy of increasing the level of complexity in hybridization to develop a ‘maturity picture’ for all of the technologies involved—including examining side effects such as weight penalties, as well as issues induced by HIRF (high-intensity radiated field) and lightning.”

READ MORE: We Fly: Daher TBM 960

Log’in, Shap’in, Fly’in

To support innovation efforts, Daher launched its second tech center, Log’in, in Toulouse, also geared toward decarbonization. “Out of 7 million tonnes [of carbon emissions] we realized that a big quantity is related to our clients, and we want to work on these figures [as well] in order to work on decarbonization,” said Daher.

Fly’in will be the third tech center Daher launches, in Tarbes, focused on aircraft development, “stepping up” in both technology and the drive towards net-zero emissions.

FLYING also asked Daher to expand on the current projects that have already been realized from the new technology centers and Eco-Pulse. Robin shared a portion of what the group has learned thus far, and what it expects to benefit from. 

“In addition to the aspects of EcoPulse that are linked to aircraft hybridization, another important focus is demonstrating the application of advanced composites on aircraft,” said Robin. “Under the guidance of Daher’s research and technology teams, EcoPulse is using composites for the aircraft’s winglets, engine pylons, Karman and battery fairings, as well as the air inlet—which were produced primarily with an infusion-based carbon/cork micro-sandwich. A goal of EcoPulse is to make it possible to evolve the performance and feasibility of integrating these technologies on secondary parts/components of Daher-built aircraft, while developing rapid prototyping skills used within the aviation framework.”

This is complementary to other developments underway at Daher—including projects in cooperation with partners such as CORAC (the French Council for Civil Aeronautical Research).

Pascal Laguerre, chief technology officer for Daher, provided significant insight beyond the Eco-Pulse demonstrator. “Taking a wider view for activities outside the framework of EcoPulse, Daher devotes a significant part of its overall R&D budget to thermoplastics,” said Laguerre. “This material is particularly promising in the world of aerostructures for future applications on production aircraft. It lends itself more easily to the automation of production (issue of throughput), and it is recyclable, repairable and weldable. Its mechanical properties make it possible to use less material and, overall, make structures lighter—all of which are key qualities with a view toward reducing carbon emissions. This is focused on accelerating the development of real applications in the future for the benefit of its customers, including [several more widely focused] projects.”

For example, as part of CORAC, Daher leads the largest French research project on thermoplastics in current execution, called TRAMPOLINE 2 (TheRmoplAstic coMPosites for hOrizontaL tail plaNE), as well as utilizing induction welding instead of riveting—with a weight savings of 15 percent.

Also, the investment has already borne fruit in components that will be found on the company’s current TBM product lines.

“After more than three years of R&D work, Daher succeeded in manufacturing rudder pedals in recycled high-performance thermoplastic composites from production scraps to equip the TBM, which have been certified for flight on production TBMs,” said Laguerre. “In addition to being lightweight, thermoplastics have low thermal conduction, as well as equal or better physicochemical and mechanical properties: It’s a win-win for Daher customers. And beyond the environmental benefits, the cost of these parts is significantly reduced compared to metal machining.

“In addition, Daher has obtained the first results of an R&D project called CARAC TP, carried out in collaboration with a set of academic laboratories competent in composite materials. The objective [is] to identify and characterize the thermoplastic composites best suited to aeronautical applications and compare them to thermoset materials. The project makes it possible to study materials in depth through multiple tests that go beyond the scope of qualification programs carried out in the industry: impact resistance, fire resistance, environmental aging (ozone, UV, fluids), impact of manufacturing processes on physicochemical properties, material performance, etc.”

Daher looks also outside its walls to new small businesses to help drive this innovation charge. Encouragingly, more than 300 aerospace-relevant startups took part in the Paris Air Show.

“We had 25 of these startups at the Daher stand at Le Bourget,” said Daher, noting that the company looks forward to engaging with these innovators, perhaps through acquisition or collaboration, on various projects.

WATCH: We Fly the Kodiak 900, Ready for Grand Adventures

The Takeoff 2027 Strategy

Daher reported a strengthening bottom line but noted there is room for improvement. At the press conference, Daher CEO Didier Kayat indicated the belief that Daher would become profitable based on its strategic realignment to better serve four sectors: aircraft, industry, industrial services, and logistics. The company also plans a transformation of the organizational structure by 2025, to help align and draw down any existing silos between the business functions.

To this end, Daher made a quartet of additions to its executive committee in the later part of 2023. On October 1, Alain-Jory Barthe joined Daher’s Industry division as senior vice president. Then, on January 1, Cédric Eloy became the head of the Industrial Services division as senior vice president of manufacturing services, and Julie de Cevins became the group’s chief sustainability officer—a key appointment, given the group’s charge to attain net-zero goals by 2050. Finally, on February 1, Aymeric Daher became senior vice president of the Logistics division.

Daher is adapting its organization to support the four business units, with the following actions:

• To create a managerial culture that is based in what it calls the “Daher Leadership Model”—effectively empowering a cadre of 1,500 leaders within the company to act with an entrepreneurial spirit
• To anticipate challenges and innovate toward decarbonisation solutions, with Eco-Pulse among other projects
• To support the acquisitions needed for growth across the four sectors.

Acquisitions have already borne fruit for the company, including the Stuart, Florida, facility.

“The acquisition of AAA strengthened the Industrial Services division, for example,” Daher said. “We are now the leader of industrial services…We can support aircraft manufacturers in peak periods.”

If Daher can make its way through the concurrent challenges of acquisition-driven growth, corporate restructuring, price pressures, and order fulfillment, its plan for the years ahead puts it on track to form part of the global solution to decarbonization—as well as providing the aircraft the customer demands for the future.

The post Daher’s Decarbonization Plans Drive Towards Hybrid-Electric Aircraft, Composites appeared first on FLYING Magazine.

One place where this is apparent is Continental Aerospace Technologies. The aircraft engine manufacturer currently has 45 team members of the 330 it employs in the U.S. who are either working alongside a family member or have a family member who used to work at the company. The ties are eclectic with siblings, cousins, parents, and grandparents paving the way for the next generation of employees.

Two Brothers

Jorge Alfaro is a welder fabricator in Continental’s experimental department. He joined the company in 2017 when long-time family friend Pernell Wagner, currently a value stream leader at Continental, shared a job opening. Alfaro was working outside the aerospace industry at the time but had been looking for an opportunity where he could grow his skills. The position with the company’s research and development department fit the bill and he has been with Continental ever since.

In May 2022, his younger brother Josh joined the team. According to Jorge, Josh saw the long-term career path that he had been developing and realized he was interested in pursuing a similar one for himself. With some advice from his big brother to “come in with confidence, to keep his head up high, and to give his all every day instilling pride in his work,” Josh secured a position pulling and preparing engine parts for assembly and shipping.

“It makes me feel good to be his big brother,” Jorge said. “I help keep him accountable and can guide him through his professional journey at Continental. I’m proud to show him what it means to be a good leader and great fellow team member.”

The two have yet to work together on a project but are hoping to sometime in the future.

A Father’s Legacy

Dana Durden applied for her position as a customer service representative with a focus on aftermarket engines and warranties on the advice of her cousin, Lori Stanley. Stanley, herself an OEM customer representative on Continental’s customer service team, thought Durden would be a good fit for the role when the company was looking to expand its customer facing support group in 2019.

Durden says joining Continental was nostalgic for her. Her father, Harold Ratliff, had worked for the company from around 1970 until his retirement in the early 2000s. Ratliff took on many roles over the years, serving longest as supervisor of the crankcase line. He passed away before Durden joined Continental.

“It’s fun to be recognized around the facility as Harold’s daughter and that’s usually when they start to share a funny memory about their dad or family member working with my dad,” said Durden. “It really fills me with a sense of pride and thrills me to know that he would have been proud to pass on his Continental legacy to me. He was very proud to have worked for Continental for more than 35 years. Just think of how many engines he touched that are a part of someone’s flying story.”

Three Generations

Tom Howard, who works as a quality team member inspecting engines prior to shipment, represents the third generation of his family to work at Continental. Howard’s grandfather, V.A. Howard, retired from the company in the 1980s. His father, Tom Howard Sr., joined Continental in the 1970s and retired in 2006. V.A. worked as an inspector, mainly for cylinders and the Tiara engine line, while Tom Sr. began with machining parts and went on to become a shop supervisor.

Before Howard joined Continental, Tom Sr. encouraged him to take a machinist course along with teaching him to use hand tools, power tools, reading calipers, and scales. After hearing about the company from his family for years, Howard said, he decided to apply for a job with Continental. Once he’d gotten the position, his father and grandfather told him to “watch and learn, make sure you know the process and product. With this knowledge and a good work ethic you can become a true asset to the team.”

“I remember this one time [my Dad] pushed me to my limit,” Howard said. “I was asked to work on three machines that were down and I had never run them before. It took six days to get them running a blueprint part. There were times in the process that I had gotten ahead of myself and had to back track, but no one ever rushed me or discounted my ability. It taught me that anything done right was worth the effort, to think things through, and that not every idea is the best one for that situation. Some things just don’t work like you think they will but the reward and pride is worth it all.”

Howard emphasized that he takes pride and ownership in the company three generations of his family has worked for. “…as a third generational employee,” he said, “I have a certain outlook on what an employee should do based on the examples of my family and how the company should operate.”

About Continental

Founded in 1905 as Continental Motors, Continental Aerospace Technologies has been making engines for piston aircraft for over 115 years. In 1966, the company moved from its original location in Muskegon, Michigan to Alabama’s Mobile International Airport (KBFM) where it still operates today. While some of the buildings from the 1960s are still in use, Continental recently opened a new facility adjacent to its original location at KBFM.

Continental manufactures engines for both the certified and experimental markets. Among its products are the jet-A burning CD series, avgas powered 200, 360, 470, and 500 series, and Titan experimental series.

The post Across the Generations at Continental Aerospace Technologies appeared first on FLYING Magazine.

The pilots, who are members of the NetJets Association of Shared Aircraft Pilots (NJASAP), an independent pilot labor union, said they took out the front-page ad after their negotiations with NetJets soured. The union said NetJets has refused “to pay market-rate wages for pilot labor and to make commonsense enhancements to current scheduling practices.”

• READ MORE: NetJets Pilot Union Files Grievance, Cites Training Standards

NetJets and Berkshire Hathaway have not responded to FLYING for a request for comment.

The union said hundreds of pilots have left NetJets this year to take jobs with better working conditions, and that it expects more rapid attrition during the first quarter of 2024. In its statement the union said it is “baffled” by the company’s policy given the current pilot shortage and industrywide competition to hire and retain qualified flight crews.

“Right now, we are seeing a trend unfold that is almost unheard of in aviation: Pilots in the middle of their careers with decades of experience are leaving to start at the bottom of seniority lists at mainline carriers that recognize the value of retaining talented aviators,” said Captain Pedro Leroux, union president. “Owners pay for the peace of mind that comes from having two experienced pilots seated on the flight deck, but right now, we are seeing quality pilots across the seniority spectrum leave the fractional [aircraft operator], and both Berkshire Hathaway and NetJets executives are seemingly just fine with that.

• READ MORE: NetJets Signs Record-Setting Deal with Textron Aviation for 1,500 Citation Jets

Among the union’s complaints is a claim that the company has declined to increase pilots’ compensation to a level competitive with that of those at major airlines. NJASAP said NetJets pilots are “not content to earn 60 percent of what their JetBlue, United, and Delta peers will make across a 30-year career.”

The union said it continues to organize pickets in Las Vegas and on Wall Street to apply pressure on NetJets, Berkshire Hathaway, and Buffett. Members plan to hold their next demonstration on Friday in conjunction with the Art Basel event in Miami.

The relationship between NetJets and its pilots has shown signs of discord for years. NJASAP was formed in 2008 and has a history of staging highly visible protests, including previous Wall Street Journal ads.

The post NetJets Pilot Union Airs Grievances in Wall Street Journal Ad appeared first on FLYING Magazine.

The digital platform gives customers easier access to parts and allows them to manage the procurement process from beginning to end. The system’s procurement portal is powered by the company’s JSSI Parts & Leasing operation, which supplies parts across all makes and models.

“JSSI has become the trusted one-stop source in the industry for hard-to-find material and lease engines, and our inventory position has tripled in the last two years. PartsHub unlocks the power of JSSI Parts & Leasing online,” said Ben Hockenberg, JSSI’s chief operating officer. “We set out to build something unique, not only to digitize the parts buying experience but to enhance it for our clients.”

Among the platform’s key features are direct access to more than 100,000 parts, relevant documentation and certifications, and “buy-it-now” pricing for instant purchase of high-turn parts. The system also provides comprehensive parts information, including aircraft applicability, alternates, and reliability data.

“As JSSI continues on its transformational journey through its use of technology and data-powered products, we challenged ourselves and our partners to design, develop and deliver a [business-to-company]-like intuitive user experience, built on a best-in-class ecommerce platform, which seamlessly connects to a fully API-enabled, cloud-based inventory and order management system,” said Serdar Yorgancigil, JSSI’s chief information officer.

The post Jet Support Services Introduces JSSI PartsHub at NBAA-BACE appeared first on FLYING Magazine.

The Garmin autothrottle system will be fully integrated with the M2 Gen2’s Garmin G3000 avionics suite, allowing it to manage engine performance and power “based on factors like altitude, airspeed, and aircraft weight.” Textron noted that the system also includes features that will prevent exceedance conditions and alert pilots if deviations occur.

“Adding Garmin Autothrottles into the Citation M2 Gen2 exemplifies Textron Aviation’s ongoing commitment to product investment across our entire product lineup,” said company senior vice president for sales and flight operations Lannie O’Bannion. “With its intelligent automation and streamlined operation, the integration of autothrottles in the aircraft provides pilots added precision and efficiency.”

• READ MORE: Textron Unveils Citation M2 Gen2, Citation XLS Gen2

The Cessna Citation M2 Gen2 was introduced in October 2021 at the NBAA Business Aviation Convention & Exhibition, entering service in April 2022. The model has a top cruise speed of 404 knots, 1,550 nm range, and useful load of 3,180 pounds. Powered by Williams FJ44-1AP engines, the M2 Gen2 seats up to seven passengers and is capable of operating off of runways as short as 3,210 feet. In the cabin, it offers USB-A and USB-C ports at each seat, ambient accent lighting, illuminated cupholders, and an optional folding seat that can be converted for additional storage.

Textron Aviation reports that it has delivered more than 5,000 Citation-family aircraft to date.

The post Textron Aviation Adds Autothrottle for Citation M2 Gen2 appeared first on FLYING Magazine.

This year’s awards, valued at $5,000 each, included scholarships for six university students and grants for eight young professionals. Scholarship money goes to support the students’ college studies while grant funding goes toward education, learning, and leadership opportunities.

“These supersmart young business aviation pros and students who are building their business aviation resumes are the future of the resale industry, and the IADA team wishes them very rewarding careers,” said IADA executive director Wayne Starling. “We welcome their progress as they develop and hone their professional skills.”

• READ MORE: IADA To Award Business Aviation Scholarships to Students at 21 Schools

IADA business aviation scholarships, which take the form of monetary awards from $1,000 to $5,000, are designed specifically for students planning careers in corporate aircraft-related sales, marketing, finance, legal, and insurance fields. The foundation noted that applications are open to those attending colleges and universities that offer coursework in corporate aviation management, aerodynamics, aircraft systems, aviation safety, finance, business marketing, economics, and aviation business or management.

To be eligible, an applicant must be a full-time undergraduate student enrolled in a minimum of 12 credit hours per semester or a graduate student with a cumulative GPA of 3.0 or higher. Applications open annually in June and close September 1.

Grants are awarded to young professionals employed by IADA members in the business aviation resale industry.

Further information is available at https://iada.aero/scholar.

The post IADA Foundation Awards 2023 Business Aviation Scholarships, Grants appeared first on FLYING Magazine.

The investment agreement, which includes a $500 million credit facility to Wheels Up, combines the experience of Delta, the travel and tourism expertise of Certares, and the turnaround and restructuring knowledge of Knighthead. The announcement follows the selection last week of George Mattson as the new Wheels Up CEO.

• READ MORE: Wheels Up Selects George Mattson as New CEO

“This investment represents both an important source of capital for Wheels Up to support our strategy for financial stability, future profitability, and long-term growth on behalf of our members and customers, as well as a vote of confidence in our path forward from a group of investors with deep experience in the premium travel space,” Mattson said. “We look forward to working closely with Delta and our other investors to deliver best-in-class operating performance and an exceptional customer experience which, as we deepen our commercial partnership, will also enable us to provide a one-of-a-kind, seamless connection between private and premium commercial travel.”

The credit facility includes a $350 million term loan funded at closing from Delta, CK Wheels LLC, and Cox, and a $100 million revolving credit facility from Delta. Under terms of the credit agreement, a new lender may provide a $50 million term loan after the closing date, as approved by Delta, Certares, Knighthead, and Cox. The companies said they expect to complete a transaction for the additional funding “in the near term.”

“Wheels Up is an integral part of Delta’s portfolio of premium partners, and this deep relationship offers a significant opportunity to deliver compelling benefits to our customers that are unique in the travel space,” said Dan Janki, Wheels Up chairman and Delta’s chief financial officer. “This investment and new leadership puts Wheels Up on a strong path to future success.”

• READ MORE: Delta, Others Invest $500M in Wheels Up Bailout

WIth the closing of the credit facility, the lenders will receive newly issued shares of Wheels Up common stock representing 80 percent of the company’s outstanding equity at the time of the closing. After approval by Wheels Up’s shareholders, the company will issue additional new shares to the lenders, who ultimately will own 95 percent of its outstanding equity as of the closing, the companies said.

Wheels Up also announced a new structure for its board, under which Delta will appoint four directors, Certares and Knighthead each will appoint two, and Cox will appoint one. One Wheels Up executive will join the board, and two independent directors are expected to remain from the previous board, the companies said.

A number of strategic advisors assisted with the transaction, including Davis Polk, Jefferies LLC, Kirkland & Ellis, and PJT Partners. 

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