Global Air and Afra Airlines joined forces to accommodate the formal engagement of the global investment and advisory firm of Babcock & Brown which will assist in structuring and arranging the financing of 100 FF-1080-300 aircraft that will be operated for strategic feed to the Afra Air Cargo operations in Africa and Europe.
Luke Butler, CEO of Global Air and Afra Airlines, has been in discussions with Babcock & Brown on the $1.2 Billion program since mid 2004.
Michael Dickey, of Babcock & Brown's global aircraft-advisory group, said: "We are excited about the opportunity to work with Afra Airlines. The project will result in a significant expansion of the Afra Air Cargo business using brand new, state-of-the-art cargo aircraft."
About Afra Airlines
Afra Airlines operates from premises at the Airport Area of Accra where it currently employs 32 sales and administrative staff in its modern fully equipped offices. Afra Airlines flight operations are being handled with the assistance and technical support of Global Air Group which was recently reported as having purchased 100 of the new Utilicraft feeder freighters valued at $1.2Billion USD for deliveries commencing in 2007. Global Air Group, which is owned by Mr. Butler and his Ghanaian wife Simone Butler, owns and operates Boeing 747 passenger and freighter aircraft. Mr. & Mrs. Butler have moved to Accra to establish Afra Airlines, Afra Resorts & Holdings and Afra Air Cargo. Global Air Group and Afra have recently merged.
About Utilicraft Aerospace Industries, Inc.
Utilicraft Aerospace Industries, Inc., was formed to target the significant problem of addressing the overnight express, supply chain, e-commerce, and global third party logistics entities inability to provide effective "containerized" fulfillment and distribution in the short haul (or feeder) route segments of air cargo. The Company's new air vehicle, the FF-1080 Freight Feeder aircraft, is capable of carrying standard industry air cargo containers on short-to-medium range/medium density routes, and employs an integrated air cargo information system for the freight feeder market.
About Babcock & Brown
Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments. Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange.
Babcock & Brown operates from 18 offices across Australia, the United States, Europe, Asia and Africa and has more than 440 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate principal investment and funds management.