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<br /> ISSUE THIRTEEN MARCH/APRIL 2013<br /> THE LEADING GLOBAL PUBLICATION FOR OPERATORS OF AND INVESTORS IN AIRCRAFT AND ENGINES<br /> www.aviationnews-online.com<br /> Yours.<br /> We took the direct approach to finding out what you want in Pratt & Whitney service.<br /> We asked. And here's what you said: Drive down costs without compromising time on wing.<br /> Provide innovative repairs when they're the best alternative to replacement. Offer a broad portfolio<br /> of services and make them easy to access. Just so we're straight – your priorities are ours.<br /> Learn more about the Pratt & Whitney service you asked for, at pw.utc.com/DependableServices.<br /> Providing dependable services and customer-focused value.<br /> Dependable Services<br /> EDITOR'S LETTER<br /> FROM STRENGTH TO STRENGTH<br /> VOLUME THREE, ISSUE TWO<br /> March/April 2013<br /> EDITORI<a title="Issue 13 March/April page 1" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=1"> ISSUE THIRTEEN </a> <a title="Issue 13 March/April page 2" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=2"> Yours. We took the direct approach to finding o</a> <a title="Issue 13 March/April page 3" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=3"> EDITOR'S LETTER FROM STRENGTH TO STRENGTH VO</a> <a title="Issue 13 March/April page 4" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=4"> CONTENTS 4 From strength to 36 streng</a> <a title="Issue 13 March/April page 5" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=5"> BETTER, FASTER, STRONGER WORLD </a> <a title="Issue 13 March/April page 6" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=6"> NEWS Jet Airways joins Etihad Airways' equity a</a> <a title="Issue 13 March/April page 7" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=7"> Rolls-Royce & Partners Finance Leasing engines</a> <a title="Issue 13 March/April page 8" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=8"> NEWS Air Canada prices three-tranched EETC </a> <a title="Issue 13 March/April page 9" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=9"> It's not just about access to a new airplane. It</a> <a title="Issue 13 March/April page 10" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=10"> NEWS Airlines unconvinced of NextGen benefits </a> <a title="Issue 13 March/April page 11" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=11"> YOU HANDLE THE ABSOLUTE ALTITUDE. WE'LL HAN</a> <a title="Issue 13 March/April page 12" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=12"> NEWS ACG prevails on appeal with Olympic Airlin</a> <a title="Issue 13 March/April page 13" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=13"> NEWS The Court of Appeal held that the “conclu</a> <a title="Issue 13 March/April page 14" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=14"> NEWS IAG selects A350s; converts 787 options </a> <a title="Issue 13 March/April page 15" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=15"> K?< ?<@>?KOF EXCELLENCE iding Since 1967 Monarc</a> <a title="Issue 13 March/April page 16" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=16"> NEWS Etihad finances two 777-300ERs Etihad Ai</a> <a title="Issue 13 March/April page 17" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=17"> GUIDING YOUR END OF LIFE ASSET STRATEGIES </a> <a title="Issue 13 March/April page 18" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=18"> NEWS FAA fines UPS $4 million for maintenance f</a> <a title="Issue 13 March/April page 19" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=19"> </a> <a title="Issue 13 March/April page 20" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=20"> NEWS European airlines object to Abu Dhabi precle</a> <a title="Issue 13 March/April page 21" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=21"> Transform the worth of your inventory You're loo</a> <a title="Issue 13 March/April page 22" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=22"> NEWS Lagadere raises €2.3bn from EADS sale Laga</a> <a title="Issue 13 March/April page 23" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=23"> Peak Performance specialise in the r</a> <a title="Issue 13 March/April page 24" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=24"> NEWS Etihad and Air Canada sign MoU Etihad Ai</a> <a title="Issue 13 March/April page 25" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=25"> OUR EXPERIENCE DRIVES YOUR EXCELLENCE. </a> <a title="Issue 13 March/April page 26" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=26"> COVER FEATURE EASY DOES IT New merger partners</a> <a title="Issue 13 March/April page 27" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=27"> COVER FEATURE o)RUDQDLUOLQHWRUDLVH\HDU PRQH\ZLWK</a> <a title="Issue 13 March/April page 28" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=28"> COVER FEATURE BBB- by Standard & Poor's and ca</a> <a title="Issue 13 March/April page 29" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=29"> However the EETC market has gotten stronger and s</a> <a title="Issue 13 March/April page 30" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=30"> COVER FEATURE AIRCRAFT UTILISATION THROUGH BANK</a> <a title="Issue 13 March/April page 31" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=31"> Asset Management Remarketing Services </a> <a title="Issue 13 March/April page 32" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=32"> COVER FEATURE The last great restructuring </a> <a title="Issue 13 March/April page 33" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=33"> “It has been the most successful airline restruct</a> <a title="Issue 13 March/April page 34" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=34"> COVER FEATURE </a> <a title="Issue 13 March/April page 35" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=35"> after months of exhaustive analysis and a thoroug</a> <a title="Issue 13 March/April page 36" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=36"> COVER FEATURE AMERICAN AIRLINES - FLEET CHANGES</a> <a title="Issue 13 March/April page 37" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=37"> COVER FEATURE American rejected leases on 21 MD-</a> <a title="Issue 13 March/April page 38" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=38"> MAKE WHOLE Make-whole in doubt The American Ai</a> <a title="Issue 13 March/April page 39" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=39"> objected to the Repayment Motion on the grounds t</a> <a title="Issue 13 March/April page 40" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=40"> MAKE WHOLE “voluntarily” repaying the debt </a> <a title="Issue 13 March/April page 41" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=41"> 11 debtor. Here, without controlling author</a> <a title="Issue 13 March/April page 42" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=42"> MAKE WHOLE however, are precatory and unnecess</a> <a title="Issue 13 March/April page 43" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=43"> Biography Michael J. Edelman joined the firm's Ne</a> <a title="Issue 13 March/April page 44" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=44"> LEASING IN IRELAND No friends like old friends</a> <a title="Issue 13 March/April page 45" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=45"> LEASING IN IRELAND </a> <a title="Issue 13 March/April page 46" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=46"> LEASING IN IRELAND one man, the late Dr. Tony </a> <a title="Issue 13 March/April page 47" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=47"> Insight KPMG has unrivalled experience and </a> <a title="Issue 13 March/April page 48" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=48"> LEASING IN IRELAND </a> <a title="Issue 13 March/April page 49" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=49"> take a similar approach to Ireland on withholding</a> <a title="Issue 13 March/April page 50" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=50"> REGIONAL MARKET At a crossroads The regional a</a> <a title="Issue 13 March/April page 51" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=51"> REGIONAL MARKET O ne third of all </a> <a title="Issue 13 March/April page 52" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=52"> REGIONAL MARKET a total of 195 regional a</a> <a title="Issue 13 March/April page 53" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=53"> 1,500,000 1,000,000 500,000 </a> <a title="Issue 13 March/April page 54" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=54"> REGIONAL MARKET </a> <a title="Issue 13 March/April page 55" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=55"> REGIONAL MARKET FLYBE ANALYSIS SNAPSHOT SINCE A</a> <a title="Issue 13 March/April page 56" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=56"> REGIONAL MARKET Regional turboprop fleet · The 20</a> <a title="Issue 13 March/April page 57" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=57"> REGIONAL MARKET WORLDWIDE DELIVERIES OF REGIONA</a> <a title="Issue 13 March/April page 58" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=58"> Stop all the clocks Although stop-the-clock has b</a> <a title="Issue 13 March/April page 59" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=59"> follows the operator rather than the asset a</a> <a title="Issue 13 March/April page 60" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=60"> ETS Barry Moss, chief compliance officer at Av</a> <a title="Issue 13 March/April page 61" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=61"> to make the deadline. This may be one of the co</a> <a title="Issue 13 March/April page 62" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=62"> ETS DATA ETS DATA Airline (ordered by the large</a> <a title="Issue 13 March/April page 63" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=63"> ETS DATA North American Airlines 135,290 </a> <a title="Issue 13 March/April page 64" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=64"> ETS DATA Adolf Würth 231 6,053 -5,</a> <a title="Issue 13 March/April page 65" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=65"> ETS DATA ETS DATA Airlines that did not submit </a> <a title="Issue 13 March/April page 66" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=66"> ETS DATA White Airways 43,359 -1 4</a> <a title="Issue 13 March/April page 67" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=67"> ETS DATA Next Generation Vent 9 -1 </a> <a title="Issue 13 March/April page 68" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=68"> STATE OF PLAY State of play Airline Economics </a> <a title="Issue 13 March/April page 69" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=69"> STATE OF PLAY thus figures for March should als</a> <a title="Issue 13 March/April page 70" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=70"> STATE OF PLAY operating as separate economic e</a> <a title="Issue 13 March/April page 71" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=71"> STATE OF PLAY World fleet forcast NORTH AMERICA ‡</a> <a title="Issue 13 March/April page 72" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=72"> MRO Skills shortage A shortage of skilled pers</a> <a title="Issue 13 March/April page 73" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=73"> of the most experienced MRO workers will retire i</a> <a title="Issue 13 March/April page 74" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=74"> LEASE RATES COMMERCIAL AIRCRAFT CMVS AND LEASE</a> <a title="Issue 13 March/April page 75" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=75"> </a> <a title="Issue 13 March/April page 76" href="http://viewer.zmags.co.uk/publication/2398f1e9?page=76"> It's about a lease that lasts five years </a>