| Press Releases
Vx Announces 2008 Engine Leases
December 12, 2008 - Vx Capital Partners successfully
completed leases involving 29 spare commercial jet engines in 2008.
The leases, which involved General Electric CF6-50 and Pratt &
Whitney JT9D engines, are leased to Northwest Airlines, World
Airways, Air Atlanta Icelandic, and Arrow Air Transport.
Will Hudson, Partner of Vx, said, “We are pleased with Vx’s growth
in the widebody spare engine sector. In addition, we certainly
appreciate the ingenuity and perseverance of our airline customers
in 2008, first during the difficult summer fuel environment and
later during the economic crisis.”
About Vx Capital Partners: Vx Capital Partners is a private
investment firm headquartered in San Francisco that makes debt and
equity investments in commercial aircraft and related aviation
assets. Vx Capital Partners has broad capabilities in aircraft and
engine leasing, and is an active investor in aircraft, engines,
leases and loans.
Vx Restructures ATA Airlines Transaction
August 8, 2008 - Vx Capital Partners announced the successful
restructuring of nine aircraft leases with Global Air Logistics
(“Global”). Vx agreed to terminate nine Douglas DC10-30 aircraft
leases with Global subsidiary ATA Airlines Inc., which filed for
bankruptcy protection on April 2, 2008. Another Global subsidiary,
World Air Holdings, Inc. (“World”), purchased four of the airframes
from Vx and leased the other five from Vx under long term leases. A
related 23 engine, power-by-the-hour contract was also assigned from
ATA to World.
Vx Capital Partners Sells 757-200 Portfolio
to Guggenheim Aviation Partners
May 16, 2008 - Vx Capital Partners announced
today that it has completed the sale of seventeen Boeing 757-200
aircraft to Guggenheim Aviation Partners. All of the aircraft are
subject to leases with Delta Airlines. Vx purchased the aircraft
from 2003 through 2006, and restructured the respective lease
agreements; these transactions occurred during Delta’s bankruptcy,
from which Delta emerged in mid-2007.
Vx Capital Partners Closes $10.5mm Corporate
Credit Facility with Bridge Bank
May 15, 2008 - Vx Capital Partners closed a
$10.5mm corporate credit facility with Bridge Bank. “Bridge Bank is
a key partner for Vx Capital as we approach the next phase of the
aircraft market - this facility gives us the financial flexibility
to support and propel our business” commented Robert Brown, Partner
of Vx Capital. Michael Hengl, Senior Vice President for Bridge Bank,
remarked that “Bridge Bank is pleased to have partnered with Vx
Capital Partners. Vx stands apart from many other companies,
following a unique and innovative approach. Bridge looks forward to
continuing to be part of Vx’s success.”
Vx Capital Partners Completes Sale of Northwest
757-200 to AeroTurbine
May 14, 2008 - Vx Capital Partners announced
today that it finalized the sale of one Boeing 757-200 to
AeroTurbine, a subsidiary of AerCap (NYSE:AER). The aircraft is
subject to a long term lease with Northwest Airlines. Vx Capital
negotiated the lease during Northwest’s bankruptcy restructuring,
which ended in mid-2007.
Vx Capital Partners Finances Purchase of
757-200s with PK Air Finance
April 24, 2008 - Vx Capital Partners
purchased three Boeing 757-200s on lease to Delta Airlines with
senior debt financing provided by PK Air Finance and junior debt
financing provided by CarVal Investors.
Vx Capital Partners Completes Purchase and
Leaseback of two A320 Aircraft with Virgin America
April 20, 2008 - Vx Capital Partners
announced today that it completed the purchase and leaseback of two
new Airbus A320 aircraft being delivered from Airbus to Virgin
America. The aircraft are leased to Virgin America for 12 years. DVB
Bank AG provided senior debt and Citigroup provided mezzanine
financing. Vx Capital is the sole equity investor
Vx Capital Partners Adds to Operations Team
March 17, 2008 - Vx Capital Partners recently expanded its
operations and administrative team and is pleased to announce that
Annie Tsang has joined the firm as an Accounting Manager, and Diane
Burkhart has joined the firm as a Senior Contract Administrator.
Annie Tsang comes to Vx from Pegasus Aviation where she served as a
Staff Accountant and Senior Accountant over the last eight years.
Diane Burkhart brings 20 years of industry experience from various
positions at Macquarie Aircraft Finance, GATX, GE Capital and
Comdisco.
Vx Closes Multi-Party Transaction
August 2007 - Vx Capital closed a multi-party transaction involving their 747-300 previously on lease to Corsairfly of Paris, France. The transaction involved a sale of the airframe and a refinancing/remarketing of the engines. Proceeds from the refinancing were also used to purchase a Pratt & Whitney JT9D-7R4G2 spare engine. Lessees for the five JT9D engines include Air Atlanta Icelandic of Reykjavik, Iceland, Cargo 360 of Seattle, Washington, and MK Airlines of Landhurst, England.
William B. Hudson, Partner at Vx, said, “We are happy with the outcome of our refinancing and remarketing efforts as they have allowed us to add five strong spare engines to our engine leasing portfolio. We are especially pleased to extend our relationship with Air Atlanta and to add MK and Cargo 360 to the list of 747 operators with whom we work”.
About Vx Capital Partners: Vx Capital Partners is a private investment firm headquartered in San Francisco that makes debt and equity investments in commercial aircraft and related aviation assets. Vx Capital Partners has broad capabilities in aircraft and engine leasing, and is an active investor in aircraft, engines, leases and loans.
Vx Announces Aircraft for Sale
June, 2006 -
Vx Capital announced that in June 2006 it sold its interest in one B-747-400 (N173UA) on lease with United Airlines. The buyer was Marathon Asset Management based in NY, New York. Vx acquired the 747-400 in April 2004 and entered into an operating lease with United in August 2004. Will Hudson, partner at Vx, said, “We were pleased with the sale transaction, and we now intend to offer a variety of narrow body United aircraft for sale."
Vx Capital Partners Acquires Five Boeing 757 Aircraft Leased to Delta Airlines
February 15, 2006 - Vx Capital Partners announced today that it has purchased five Boeing 757-200 aircraft since November 2005. The aircraft were acquired in three separate transactions. Vx Capital now owns and manages sixteen Boeing 757’s.
Vx Capital Partners Remarkets Four Pratt & Whitney JT9D-7R4G2 Spare Engines
February 1, 2006 - Vx Capital Partners announced today that it has completed lease deliveries of three Pratt & Whitney JT9D-7R4G2 spare engines to Northwest Airlines and one lease delivery to Air Atlanta Icelandic. The engines, owned and b managed by Vx Capital, belong to the Company’s spare engine leasing portfolio.
Vx Capital Partners Announces the Sale of
Two Boeing 737-300 aircraft
January 31, 2006 - Vx Capital Partners
announced today that it has sold two Boeing 737-300 aircraft from
its portfolio. The aircraft were purchased from financial
institutions during 2005, and are not currently subject to lease.
Vx Capital Partners Purchases One Boeing 747-300
November 15, 2005 - Vx Capital Partners announced today its acquisition of one Boeing 747-300 aircraft formerly operated by Korean Air Lines. The airframe has been sold and the engines will be remarketed for lease as spares. Vx Capital now owns or manages 24 Pratt & Whitney JT9D-7R4G2 engines.
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