TAP Sale Progress After Avianca Emerges As Sole Buyer
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ISSN 1718-7966 OCTOBER 22, 2012 / VOL. 361 WEEKLY AVIATION HEADLINES Read by thousands of aviation professionals and technical decision-makers every week www.avitrader.com WORLD NEWS Synergy Aerospace, parent Tyler praises Gulf airlines company of Speaking at the World Passenger Colombia’s Symposium in Abu Dhabi, IATA Avianca, boss Tony Tyler praised the Mid- will gain dle East’s aviation industry as one a valuable European of the ‘bright spots’ in a difficult foothold if it year. He said airlines in the region succeeds in posted international passenger taking over growth of 16.9% to August 2012, Portugal’s compared to a global average of indebted TAP 6.6%, and profits should reach $1bn in 2013, up from $700m this TAP year. The region’s governments were praised for their ‘business TAP sale progress after Avianca emerges as sole buyer friendly environment’ in contrast to Europe, which fails to ‘under- European airline consolidation falters as investment dries up stand the industry’ through its Portugal came one step closer to of the domestic market and 2% economy in crisis have devastat- controversial emissions scheme. divesting itself of its loss-laden of international traffic into Brazil. ed the finances of smaller state- flag carrier, TAP Portugal, this backed and privately-owned car- Sumitomo in merger move A link between the two carriers week when it selected Synergy riers in recent months. Sumitomo Mitsui Bank is to merge would give Avianca a valuable en- Aerospace, a holding company aircraft leasing unit SMBC Avia- try point to Europe and beyond - Spanair, Spain’s second-larg- controlled by German Efromo- tion Capital with other Sumitomo TAP has an enviable network of 74 est carrier, and Hungary’s state- vich, chair of Colombian airline aircraft lessors to form the fourth- owned Malev both ceased flying Avianca, as the sole bidder. weekly flights to both Brazil and largest aircraft lessor in the world, Africa and 46 connections within earlier this year after collapsing after GECAS, ILFC and BBAM. Synergy will now go through to a Europe. Avianca, meanwhile, under the weight of accumu- SMBC Aviation was formed after second phase of the privatization which absorbed El Salvador’s Taca lated debt. Sumitomo took over RBS Avia- process, but the Portuguese gov- two years ago, boasts Latin Amer- The demise of Spanair had a tion, the Royal Bank of Scotland ernment has reserved the right to ica’s widest route network. knock-on effect on SAS, the Scan- Group subsidiary with a fleet of terminate the talks if Efromovich’s dinavian carrier controlled by the 203 planes that it acquired in June company does not agree to cer- The Portuguese government put governments of Denmark, Nor- for $7.3bn. The new company will tain conditions laid down as part TAP up for sale late last year as way and Sweden, already dealing boast a fleet of 331 planes. Les- of the deal, including keeping the one of the conditions of its €78bn with a SKr10.7bn ($1.6bn) pen- sors now own close to 45% of all airline’s hub in Lisbon. ($102bn) bailout by the EU and commercial aircraft, up from 30% the IMF. The airline, which lost sion deficit. Spanair’s bankruptcy in 2000, according to Airbus. Up to 13 companies were under- €77m in 2011 and holds net debt is costing it a further SKr1.7bn stood to have initially expressed in writedowns at a time when it Qatar-Lufthansa alliance rift of €1.2bn, has been valued at interest in TAP, including IAG and around €500m. holds net debt of SKr6.6bn. Qatar Airways chose to join the Brazilian carriers GOL and TAM, In June, LOT Polish Airlines said oneworld alliance, according to but Synergy was the only one to TAP is one of a number of state- it was searching for a new part- CEO Akbar Al Baker because of have met Portugal’s requirements. backed airlines that has strug- the hostility shown by Lufthan- gled to attract new investment ner after Turkish Airlines said it sa, a Star Alliance member, to- TAP was thought to have pre- after a prior wave of consolida- wouldn’t invest in the troubled wards Gulf carriers. Al Baker told ferred a deal with a carrier like tion that saw mergers between flag carrier. And last month, the Bloomberg that Lufthansa’s strat- Avianca that is already a member larger rivals Air France and KLM EU gave approval for €100m in of Star Alliance, to which TAP also egy is “to shun Gulf carriers, and in 2004 and British Airways and state aid to state-owned airline belongs, and one with strong I think they have lost in this very Iberia last year. CSA Czech Airlines after interest lucrative alliance chess game”. links to Brazil. Synergy operates a from potential investors includ- Qatar Airways is the first Gulf air- Brazilian subsidiary, Avianca Brasil, High fuel prices, competition from ing Air France-KLM and Korean line to join a global alliance. which currently holds about 5% low-cost carriers and a European Air dried up. ex-DELTA 757-200ER NOW IN TEARDOWN RECENTLY COMPLETED TEARDOWNS (3) ex-American A300-600, ex-KLM 737-400, Contact Terry Hix | [email protected] | (512) 439-6988 737-500, ex-American MD82 Engine Leasing Asset Management All Manufacturer Types Long, Medium & Short Term Leases • Operating Leases • Asset Management • Sales & Leasebacks All Manufacturer Types • Operating Leases Asset Management • Sales & Leasebacks All Manufacturer Types • Long, Medium & Short Term Leases • Operating Leases • Asset Management • Engine Trading • All Manufacturer Types • Sales & Leasebacks • Asset nagement • Long, Medium & Short Term Leases • Operating Leases • Asset Management • All Manufacturer Types • Sales & Leasebacks Operating Leases • Engine Trading • Long, Medium & Short Term Leases • All Manufacturer Types • Operating Leases • Asset Management Leases • Long, Medium & Short Term Leases • Operating Leases Manufacturer Types • Sales & Leasebacks • Engine Trading Long, Medium & Short Term Leases • Operating Leases • Sales & Leasebacks • Engine Trading • Asset Management • Long Medium & Short Term Leases • Engine Trading • Operating Leases • All Manufacturer Types • Asset Management um & Short Term Leases • Asset Management • Sales Leasebacks • All Manufacturer Types • Long, Medium and Short Term Leases • Operating Leases • Asset Management • Sales & Leasebacks • All Manufacturer Management • Long, Medium & Short Term Leases er Types • Operating Leases • Asset Management • Sales & Leasebacks • All Manufacturer Types • Long, Medium & Short Term Leases • Operating Leases • Asset Management • Sales Leasebacks ating Leases • All Manufacturer Types • Long Medium Short Term Leases • Operating Leases Asset Management • Engine Engine Trading • All Manufacturer Types Leasebacks • Engine Trading • Asset KEEPING YOU IN THE AIR Management • Medium & Short Term Leases • Operating Leases • Asset Management • All Manufacturer Types Sales & Leasebacks • Operating Leases • Engine Trading • Long Medium & Short Term Leases eases • All Manufacturer Types ent • Asset Management Medium & Short Term Leases • Operating Leases •Sales & Leasebacks • Engine Trading • Long, Medium & Short Term Leases • Operating Leases Sales & Leasebacks • Engine Trading • Asset Management • Operating Leases • Long, Medium & Short Term Leases Asset Management All Manufacturer Types Medium & Short Term Leases Management Term Leases Term www.elfc.com 3 AviTrader WEEKLY AVIATION HEADLINES AIRCRAFT & ENGINE NEWS Avolon fleet exceeds 160 aircraft Avolon, the international aircraft leasing group, issued a trading update announcing that its fleet now exceeds 160 aircraft and that total capital raised has reached $5bn. BOC Aviation to lease three new A320-200 aircraft to China Southern The highlights from April to September 2012: Avolon delivered 24 aircraft, valued at over $1.1bn to 12 customers across the globe including seven new customers. The company an- BOC Aviation signed agreements for the nounced an order for 15 Airbus A320 neo and 20 Boeing 737 MAX aircraft. Furthermore lease of three new A320-200 aircraft to Avolon delivered the first four of its direct order Boeing 737-800 NG aircraft and announced China Southern Airlines. All three aircraft, to a further order for 10 737-800 NGs to support its near-term growth plans. The company be equipped with IAE V2527-A5 SelectOne successfully completed the sale of two aircraft on long-term leases to two new investor engines, are scheduled to be delivered in the clients. The total committed fleet first half of 2014. has increased to 164 aircraft (160 owned and 4 managed). Avolon Macquarie AirFinance closes lease & purchase deal with Tyrolean Airways secured financing commitments from three new lending banks and Macquarie AirFinance finalised contracts now has a global lending group of with Tyrolean Airways for the lease of five 22 institutions. Committed capital A320-200s and for the acquisition of three now stands at $5.0bn ($1.4bn eq- of Tyrolean’s 737-800s. Macquarie AirFi- uity and $3.6bn debt). Avolon has 20 Boeing 737 MAX aircraft (above) on order Boeing nance is well advanced in the process of placing the 737-800s with new customers for delivery in spring 2013. (an LSE listed aircraft investment company). JorAMCo will provide maintenance services The A380 is leased to Emirates for a period to eight Airbus aircraft; three A300, three GE Capital Aviation Services delivers of 12 years. MSN 107 is the second of the A320 and two A340, five of these checks two new Boeing 737-800s to China four aircraft financed through the Doric Alpha will be performed this year and three next Eastern Airlines EETC deal which closed in June 2012. The first year. The work scope to be accomplished GE Capital Aviation Services announced de- A380 (MSN 106) was delivered on 1st Octo- on these aircraft will include heavy aircraft livery of two new Boeing 737-800s to China ber 2012. The remaining two superjumbos are maintenance C checks. The A320 AC have Eastern Airlines. Deliveries were completed in scheduled for delivery by the end of 2012.