July

OurPLANE Inc., a four-year-old company targeting the owner-flown fractional aircraft ownership market, announced it added two new aircraft to its North American fleet. A new Cirrus SR22 was positioned at John Wayne Airport (KSNA) in Orange County, Calif., while a new Cessna 182T was scheduled for arrival at Toronto’s Brampton Airport June 16. At the same time, company President and CEO Graham Casson announced the expansion of the OurPLANE network with a September opening of an operating base at Hooks Airport in Houston, Texas. The new facility would initially offer shares in Cirrus aircraft. Flight Options LLC announced that it had completed a financial recapitalization agreement with Raytheon Company’s wholly owned subsidiary, Raytheon Travel Air, and other investors. The agreement resulted in Raytheon’s owning an approximately 65-percent interest in the Cleveland-based fractional operator. Under the agreement’s terms, Raytheon exchanged certain Flight Options LLC debt it held for equity. Dean Borgman, president of Sikorsky Aircraft since 1998, was appointed chairman of the company on June 26. Named to succeed him as president was Stephen Finger, who previously served as president of Pratt & Whitney’s Military Engines business. Both appointments began July 1.