Castlelake | September 30, 2021
Castlelake, L.P., a global alternative investment firm and experienced leader in aircraft investing, leasing and servicing, today announced the creation of Castlelake Aviation Limited ("CA"), a corporate lessor of commercial aircraft that will finance a portfolio of modern, young, fuel-efficient aircraft.
We are thrilled to create Castlelake Aviation Limited, which is an exciting and natural next step in the evolution of our industry leading aviation finance business. This is a powerful demonstration of our commitment to staying at the forefront of the aviation financing industry and ensuring we are well positioned to nimbly provide bespoke financing solutions to our partners.
- Evan Carruthers, Managing Partner and Co-Founder of Castlelake.
The formation of Castlelake Aviation Limited builds on Castlelake's history of innovation in aviation finance and follows its establishment of an aviation lending business in late 2020 and its reopening of the aircraft ABS market with Castlelake Aircraft Structured Trust 2021-1 in January 2021, the first such transaction to be completed since the beginning of the global COVID-19 pandemic.
Since its inception, Castlelake has invested more than $14 billion in aviation related opportunities. With a team of over 60 aviation professionals who have experience with nearly all commercial aircraft types, the firm currently directly manages and services a global fleet of more than 350 aircraft operated by a diverse range of customers, including the world's leading airlines across more than 50 countries around the globe.
CA will directly benefit from this differentiated expertise and senior Castlelake aviation leaders, including Joe McConnell and Otto Verhoeff, who will serve on CA's Board and be directly involved in the development, execution and oversight of its growth strategy.
Upon its formation, CA's initial portfolio will be composed primarily of next generation, narrowbody aircraft on long-term leases to leading international airlines and CA will maintain a similarly high-quality, fuel-efficient fleet by utilizing Castlelake's robust trading and re-marketing capabilities. Additionally, CA's growth trajectory will be supported by Castlelake's extensive near-term pipeline of investing opportunities, including active negotiations for over 40 aircraft representing over $2 billion in potential investments, primarily in newer technology assets.
CA's portfolio will be financed by a mix of secured and unsecured debt instruments in addition to equity capital provided by funds managed by Castlelake.
Castlelake, L.P. is a global alternative investment manager focused on opportunistic investments in real assets, specialty finance and aviation. Founded in 2005, Castlelake manages approximately $20 billion of assets on behalf of its investors. The Castlelake team comprises more than 200 experienced professionals, including 89 investment professionals, across six offices in North America, Europe and Asia.
Mitsubishi | June 02, 2020
The Mitsubishi Aircraft SpaceJet program has halted all flight testing worldwide and is winding down production to zero. The company said it must first meet cost targets and then work out a plan to get a type certificate (TC). Only after the regional jet is declared airworthy will the resumption of manufacturing be considered. Staffing at the home of the program in Nagoya, Japan, will be reduced, Mitsubishi Aircraft said, briefly outlining its plans to Aviation Daily.
Despite the retrenchment of development, Mitsubishi Aircraft majority owner Mitsubishi Heavy Industries (MHI) completed on June 1 its purchase of the Bombardier CRJ program, the likely foundation of future SpaceJet maintenance and marketing. The CRJ business is now called MHI RJ Aviation Group; it does not include CRJ manufacturing facilities.
Virgin Australia | December 14, 2021
United and Virgin Australia Group announced today a new partnership that will enhance the travel experience between Australia and the Americas. This partnership will add more benefits for both MileagePlus and Velocity Frequent Flyer members as well as access to more one-stop connections to cities across the United States, Australia, Mexico, the Caribbean, and South America. The agreement, which is subject to government approval, is set to roll out starting in early 2022.
Australia has always been a key part of United's network as demonstrated by United being the only carrier to maintain passenger service between the U.S. and Australia throughout the pandemic. In addition, United offers more flights to Australia than any other U.S. carrier and now extends its presence by adding Virgin Australia Group's comprehensive network.
"The United States and Australia share a special bond and I'm especially proud that United was the only airline to maintain a vital link between these two countries throughout the pandemic, Looking ahead, Virgin Australia is the perfect partner for United. Our partnership provides considerable commercial value for both airlines and a shared commitment to offer the best travel experience for our customers."
- United CEO Scott Kirby.
United currently offers daily direct flights from San Francisco and Los Angeles to Sydney, while other services including flights from Houston and direct services to Melbourne are expected to resume later in 2022. Under this new partnership, United's customers will now have access to top Australian destinations including Brisbane, Perth and Adelaide.
In addition to the ability to redeem and earn points/miles, eligible premier MileagePlus and Velocity members will also receive the following benefits when flying on United and Virgin Australia worldwide:
Priority baggage delivery and additional baggage check allowance
Priority security clearance
The partnership will also triple Virgin Australia's reach into the U.S., with customers accessing United's vast domestic and international network, connecting at United's multiple Australian gateways.
The partnership is another significant customer enhancement for the relaunched Virgin Australia, that will also see the airline resume the sale of codeshare flights at virginaustralia.com, starting with United services in early 2022, followed by the airline's other international partners. Virgin Australia first paused the sale of codeshare flights on its website at the height of the pandemic, and today's announcement will open a new gateway for travel between Australia and the U.S. and beyond.
"We are grateful to have such a strong partner in United, They have proudly been one of Australia's most loyal and long serving aviation partners and their market strength both to Australia and in the United States brings great value to our guests. We look forward to innovating together on behalf of our guests to ensure they have the very best travel experiences to over 90 destinations in the U.S."
- Virgin Australia Group CEO Jayne Hrdlicka
United is committed to putting health and safety at the forefront of every customer's journey, with the goal of delivering an industry-leading standard of cleanliness through its United CleanPlus SM program. United has teamed up with Clorox and Cleveland Clinic to redefine cleaning and health safety procedures from check-in to landing and has implemented more than a dozen new policies, protocols and innovations designed with the safety of customers and employees in mind. To manage entry requirements in different destinations, and find places to get tests, customer can visit United's Travel Ready Center.
United is more focused than ever on its commitment to customers and employees. In addition to today's announcement, United has recently:
Launched an ambitious plan to transform the United customer experience by adding and upgrading hundreds of aircraft as well as investing in features like larger overhead bins, seatback entertainment in every seat and the industry's fastest available Wi-Fi.
Announced a goal to create 25,000 unionized jobs by 2026 that includes careers as pilots, flight attendants, agents, technicians, and dispatchers.
Announced that United will train at least 5,000 pilots by 2030 through the United Aviate Academy, with the plan of at least half being women and people of color.
Required all U.S. employees to receive a COVID-19 vaccination.
Became the first airline to offer customers the ability to check their destination's travel requirements, schedule COVID-19 tests and more on its mobile app and website.
Invested in emerging technologies that are designed to decarbonize air travel, like an agreement to work with urban air mobility company Archer, an investment in aircraft startup Heart Aerospace and a purchase agreement with Boom Supersonic.
Committed to going 100% green by 2050 by reducing 100% of our greenhouse gas emissions without relying on traditional carbon offsets, including a recent agreement to purchase one and a half times the amount of all of the rest of the world's airlines' publicly announced Sustainable Aviation Fuel commitments combined.
Eliminated change fees for all economy and premium cabin tickets for travel within the U.S.
United's shared purpose is "Connecting People. Uniting the World." In 2019, United and United Express® carriers operated more than 1.7 million flights carrying more than 162 million customers. United has the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. For more about how to join the United team, please visit united.com/careers and more information about the company is at united.com. United Airlines Holdings, Inc. is traded on the Nasdaq under the symbol "UAL".
About Virgin Australia
Virgin Australia Group is a major Australian airline operating scheduled domestic and short-haul international flights, charter and cargo services, and the award-winning loyalty program Velocity Frequent Flyer.The Group has been a competitor in the Australian aviation landscape for more than 20 years, carrying tens of millions of passengers in that time and operates three seating choices; Economy, Economy X (extra leg room Economy) and Business Class. Virgin Australia is now embarking on an exciting new chapter. In September 2020, US private equity firm Bain Capital acquired Virgin Australia and relaunched it as a mid-market carrier with a renewed focus on its heartland customer. Since that time the airline has simplified its fleet structure to an all-Boeing 737 fleet and has made significant investments in technology and customer experience. Virgin Australia is focussed on creating great experiences and has won many awards over the years including Best Cabin Crew, Best Domestic Airline and Best Economy Class. Velocity Frequent Flyer has also scooped a wealth of prestigious gongs including the Freddie Awards Best Program of the Year and Best Redemption Ability for Asia/Middle East and Oceania.