Charter & Fractional
Fractional provider signs for 29 Avantis
Piaggio Aero Industries, which emerged from bankruptcy five years ago and has gradually stopped bleeding red ink, last month received a record order valued

Piaggio Aero Industries, which emerged from bankruptcy five years ago and has gradually stopped bleeding red ink, last month received a record order valued at approximately $200 million for 29 Avanti turboprop twins, including the conversion of five options to firm orders from an earlier acquisition by the same buyer.

The order came from fractional operator Avantair of Fairfield, N.J., which currently operates a fleet of 10 Avantis. Under the new contract, one Avanti will be delivered next year, 11 in 2006 and 12 in 2007. The converted options are all scheduled for delivery in 2005.