Cirrus seeks funding on Hong Kong stock exchange
Cirrus Aircraft, headquartered in Duluth, Minnesota, has filed documents for an IPO in Hong Kong, the International Finance Review reported June 9.
The company, which makes the SR20/22 piston aircraft and SF50 Vision Jet, was sold in 2011 to China Aviation Industry General Aircraft (CAIGA) for approximately $210 million. CAIGA, a division of the Chinese state-owned AVIC is a consortium of aerospace companies in China, including other general aviation and pilot training enterprises. CAIGA is headquartered in Zhuhai, where Cirrus manufactures aircraft for the Asian market.
“From time to time, Cirrus Aircraft explores options to raise additional capital,” the company said in a statement. Cirrus noted that it does not have a definitive timeline for the listing plan given that its application is still being vetted by Hong Kong regulators. The company is reportedly looking to raise $300 million with the offering. www.cirrusaircraft.com
Atlas Air Service partners with jetAVIVA to boost US sales
“As [one of] Europe’s largest providers of maintenance, charter and sales for used business aircraft, we look forward to working with jetAVIVA to offer our customers a wider range of opportunities,” said Nicolas von Mende, CEO, Atlas Air Service.
Florida-based jetAVIVA specialises in the purchase and sale of pre-owned aircraft with sales offices in 10 US states. According to von Mende, the two companies will support each other in the sale and marketing of its collective inventory. In addition, Atlas Air Service will act as the preferred inspection facility for European operations of its new partner jetAVIVA. www.aas.ag
Progress for business aviation CPDLC participation
The FAA recently announced it has a plan in place for business aircraft operators to participate in en route controller-pilot data link communications – or CPDLC – on a permanent basis. Some equipped aircraft had been admitted in a trial phase, but last year the FAA put an indefinite hold on new entrants to the U.S. domestic en-route CPDLC trial due to the lack of clearly defined performance criteria.
Now, participation will be based on a green/yellow/red system. Aircraft with avionics that have demonstrated acceptable CPDLC performance will be placed in the “green” level. Aircraft with avionics in the “yellow” level have completed interoperability and route loadability testing but have either not completed the minimum number of en route CPDLC transactions to demonstrate acceptable performance, or they have identified, non-safety-of-flight performance issues that will still allow continued participation in en route CPDLC pending a permanent fix. All new entrant CPDLC aircraft will enter at the “yellow” level and remain there until actual CPDLC performance is found acceptable. Finally, aircraft with unacceptable air-to-ground en route CPDLC performance, will be in “red” level and excluded from en route CPDLC. However, they may still be allowed to participate in the datalink clearances program.
The FAA will provide a list on their website to help operators determine if their aircraft and avionics combination is acceptable. www.nbaa.org
People: Polly Trottenberg appointed as acting FAA administrator
US-President Joe Biden has designated Polly Trottenberg to serve as acting FAA Administrator. Trottenberg’s designation is effective immediately. She has an extensive 25+ year public sector career in all levels of government. Trottenberg served from 2014 to 2020 as New York City’s Transportation Commissioner, where she ran a complex 5,800-person agency responsible for the operations of New York City’s transportation network. Trottenberg served in the Obama Administration as the Assistant Secretary and Under Secretary for Policy at the U.S. Department of Transportation. During her previous five years at the Department, she developed and implemented transportation policies to address the needs of state and local transportation agencies on every type of project from roads and bridges, to transit and rail, to airports, ports, and pipelines.
Trottenberg’s additional policy and managerial experience includes her time in the U.S. Senate, where she served Senator Daniel Patrick Moynihan, Majority Leader Charles Schumer, and Senator Barbara Boxer. Trottenberg graduated from Barnard College and received her Master's in Public Policy from Harvard’s Kennedy School of Government. www.faa.gov