The world’s largest private jet, the new Gulfstream
The company’s new private jet will cost 70 million euros and will be available in 2022.
Gulfstream plans to build the world’s largest private jet. The strategy is to position itself as a leader in the luxury private jet market, gain its fame and surpass its own brand. The company plans to launch the new G700 on the market by 2022. For the moment, it has limited itself to confirming that the project is underway and giving the details of its new proposal.
The Gulfstream G700 will be priced at around € 70m and will be able to cover nearly 14,000 kilometers and fly at almost the speed of sound. According to the statements of the president of the company, Mark Burns, it will have the highest, widest and longest cabin in our industry.
The company’s effort to attract the wealthiest airmen is paying off 3 years before its debut: Qatar Airways has ordered 10 of these aircraft for its Qatar Executive charter service as soon as it got the news. A boost Gulfstream needed after Bombardier dethroned it with its Global 7500, which last year emerged as the world’s largest private luxury aircraft.
Aviators, eager to add new parts to their fleet and renew it, live a moment of tense uncertainty. They are concerned that lower prices will slow down the aircraft market. According to a study by Honeywell International Inc, deliveries will begin to decrease as of 2021 due to several factors: one of the fronts is the trade war between the United States and China, another threat is Brexit and the global instability that threatens the economy in the next years.
The aeronautical industry, on the other hand, does not stop producing specimens. The announcement of the new Gulfstream titan comes after two smaller aircraft created in the past decade, the G500 and G600, hit the market. The company began delivering the G600s to customers in June, and the G500 was released approximately a year earlier. The first model was introduced in 2014, the second in 2012.
Among the most popular brands among celebrities and millionaires is Cessna Citation, which sold 703 aircraft this year, 26 more than last year and 188 of them went into private hands. The Bombardier company sold 137 jets to individuals. The two aeronautical giants are followed by Gulfstream with 121 models sold last year.
Gulfstream’s new jet will be a more spacious version than its G650, long the world’s largest aircraft until the arrival of the Global 7500, and a few weeks ago a unique specimen of unbeatable specifications hit the market: Paul Allen’s private jet, an air titan difficult to dethrone as the world’s largest and most expensive ship: it costs 363 million euros.
Norwegian seeks to turn its creditors into shareholders
Norwegian wants to turn its creditors into shareholders. Norwegian wants to turn its creditors into shareholders. Norwegian has called an extraordinary shareholders’ meeting to try to convert debt into shares and access aid from the Norwegian government.
After completing the first phase required by the Norwegian Government to be able to access aid of up to NOK 3 billion, Norwegian seeks to fulfill the other two.
Thus, it has convened for May 4 an extraordinary shareholders’ meeting for them to approve the management’s proposal to capitalize the debt with different parties, which include aircraft leasing companies, bondholders and convertible bonds, and providers. Authorization will also be sought for a bond issue “against the cash consideration with a possible preferential treatment for the current shareholders of the company.”
With the passage of these measures Norwegian hopes that: “The debt conversions and new capital, which will again release the liquidity provided by the government’s guarantee program, ensure that the company can maintain the current environment and prepare to Norwegian to gradually reopen its route network and bring employees back. The company hopes to fly once again and serve its dedicated and loyal customers, “they said from the low cost airline.
Jacob Schram, CEO of Norwegian stated in announcing the meeting that: “We have already started work on building the future ‘New Norwegian’ and that work will continue in full force in the coming weeks.”
Brussels authorizes the purchase of LSG by Gategroup
The European Commission has authorized the sale of the European part of the catering company LSG to Gategroup with conditions.
Gategroup, parent company of Gategourmet and Servair, Swiss catering companies, has been authorized by the European authorities to buy the European division of its Lufthansa Group counterpart, LSG Sky-Chefs. The operation does not include LSG’s on-board sales business.
Both companies announced their preliminary agreement, pending this authorization, in February. This has now arrived, but with the restriction that Gategroup must help the entry or expansion of other companies in the sector at the airports of Brussels, Berlin -Tegel, Cologne, Dusseldorf, Hamburg, Munich, Paris – Charles-de-Gaulle, and Rome- Fiumicino, where the operation will leave a single catering provider to the airlines or a single viable one. Gategroup had already offered the Commission to sell the business at airports where these problems could be. Including facilities and equipment and supply to aircraft and transferring its personnel to the buyer.
In the rest of the airports in Germany, Belgium, Spain, the Netherlands, Italy and Switzerland where one or both of the companies operate, the European Commission has seen no obstacles to the sale.
However, the European Commission, in its opinion, recognizes the difficulties for new suppliers to enter this sector, as well as for airlines to change suppliers, especially if the new companies are not present in the aeronautical catering segment or at that airport. .
Both parties must comply with the restrictions before they can sign the final agreement.