Low cost carrier Spicejet has announced that its shareholders Royal Holding Services Limited, Istithmar and Ajay Singh and Goldman Sachs, in its capacity as a bondholder of the company have entered into definitive agreements with WL Ross & Co. LLC.

Under the arrangement, US-based private equity company and leveraged buyout specialist, WL Ross & Co LLC will invest $100 million (over Rs 420 crore) in the company for business requirements.

San Francisco  - Alaska Airlines was forced to cancel more than 40 flights as an ash cloud caused by an eruption of the Kasatochi volcano in the Aleutian Islands drifted into flight paths between Alaska and the contiguous US, the company said Monday.

The central Aleutian volcano erupted Thursday sending up huge plumes of ash, which began interfering with flights on Sunday as air currents pushed them into flight lines.

Numerous flights between Alaska and west coast destinations such as Portland, San Francisco and Los Angeles were canceled, forcing thousands of travelers to spend the night at the airport.

Hong Kong  - The assets of Hong Kong budget airline Oasis, which collapsed in April, will go on sale Tuesday, the company organising the auction confirmed Monday.

The assets, divided into 50 lots, include aviation gear and spares and a virtual simulator used to train pilots alongside cabin furnishings such as cabinets, seats and head rests.

GoIndustry DoveBid, which specialises in the sale and valuation of assets, said the auction would begin Tuesday afternoon and close Thursday.

New Delhi, Aug 11 : The seventh edition of the Biennial International Aerospace Exposition, popularly known as Aero India - 2009, will be held at the Air Force Station Yelahanka in Bangalore from February 11-15, 2009.

Nearly 600 armament companies from home and abroad are expected to take part in the event.

Armament Majors from several countries including the United States, the UK, Russia, France, Germany, Italy, Israel, Belgium, Brazil, Spain, Ukraine and The Netherlands have confirmed their participation in this Asia''s premier air show.

Around 330 companies from 50 countries abroad and 230 from India will set up their exhibits over an indoor display area of 32,000 sq meters and an additional 5,000 sq meters outdoors.

Private jet, helicopter and turbo-prop charter service provider, Airnetz Aviation plans to raise $100 million over the next 2-3 years to fuel its overseas expansion and fund its aircraft acquisition programme.

The company is presently in advanced stages of negotiations with investors from India, Singapore and the US to raise these funds. 

However, the company did not divulge the identities of the investors the company is in talks with. The company hopes to seal its funding over the next two months.

Madrid - Spain's second-biggest airline Spanair will cut its staff by about a quarter to 3,000 in reaction to rising fuel prices and the global airline crisis, the carrier said Friday.

Spanair will also cancel nine routes, reduce flights on some other routes and trim its fleet by 15 planes or 24 per cent. Operative bases will be reduced from seven to two, which will be located in Madrid and Barcelona.

The measures form part of an austerity plan aimed at saving the company 90 million euros (140 million dollars) in 2009.

Spanair and trade unions were due to begin negotiations about the job cuts in the coming week.