SMBC Aviation Capital delivers final 737 Max 8 to Swoop
November 08, 2022
SMBC Aviation Capital has delivered another Boeing 737 Max 8 to Canadian ultra-low-cost carrier Swoop. The aircraft (MSN 42843) and associated engines were delivered to the WestJet's wholly-owned subsidiary from Victorville, California, the lessor says. The 737 Max 8 features two CFM International Leap-1B27 engines. This is the sixth and final aircraft delivering to the airline as part of the transaction.
LATAM exits Chapter 11
November 07, 2022
LATAM Airlines Group has emerged from its US Chapter 11 restructuring process, with its reorganisation and financing plan taking effect on 3 November as previously scheduled. The US bankruptcy court for the Southern District of New York on 18 June had approved the Chile-based group's reorganisation and financing plan. In accordance with the terms of the plan, LATAM's board will on 15 November hold an extraordinary shareholders' meeting to proceed with the "total renewal of the company’s board of directors", it states in a 3 November filing to the US Securities and Exchange Commission. LATAM and its affiliates in Chile, Peru, Colombia and Ecuador on 11 May 2020 filed for Chapter 11 amid a near-shutdown of global aviation in the early months of the pandemic. The group shuttered its Argentinian affiliate on 17 June, and on 9 July 2020 included its Brazilian affiliate in the Chapter 11 filing.
Nine-month deliveries down at ATR
November 07, 2022
Turboprop manufacturer ATR improved its financial performance during 2022's first nine months despite lower deliveries than in the same period last year. Alessandra Genco, finance chief of shareholder Leonardo, said during a third-quarter results briefing on 3 November that ATR had delivered 10 aircraft during the January-September period, down from 16 a year earlier. She adds that the Toulouse-based airframer – jointly owned by the Italian aerospace group and Airbus – has been affected by supply-chain delays. Despite the headwinds, ATR reduced its EBITA loss during the period, to €4 million ($4 million), from €25 million a year ago. "ATR's partial recovery and improved financial performance was helped by the efficiency plan and the signing of a customer settlement," Genco says. Leonardo's aerostructures division, meanwhile, made an EBITA loss of €134 million, 7.2% worse than that incurred a year earlier. Revenue declined 13% to €351 million. However, the division’s order intake grew 14% to €342 million. This was mainly driven by Airbus A220 and A321 orders and the Euromale military UAV programme. Low volume of Leonardo's supplies for the Boeing 787 programme has been partially offset by increased activity for Airbus's narrowbodies, Genco says. She predicts that 787 activities will start to recover during the fourth quarter. Boeing resumed 787 deliveries in August. "Aerostructures saw a gradual recovery in line with our plan," Genco says, adding that the division’s performance is "so far on track". She predicts a "full-year improvement" from the division's €203 million EBITA loss in 2021. Leonardo targets breakeven for its aerostructures division in 2025.