The Federal Aviation Administration (FAA) will no longer enforce its requirement that airline pilots aged 60 and over, who are the pilot in command on international flights operated by scheduled air carriers (commercial airlines), be paired with a co-pilot under age 60. The agency will publish a final rule in 2015 confirming the change.
On March 3, 2014, ICAO Council members approved removal of its pilot pairing requirement, effective November 13, 2014. Accordingly, the FAA concluded the Fair Treatment Act’s sunset provision for its own pilot pairing requirement was triggered on November 13, 2014, and it will no longer enforce the pilot pairing requirements. The FAA also has implemented a rulemaking change to update the applicable language, which will be published as a final rule in 2015.
The credit facility includes covenants that restrict the company’s ability to “incur additional indebtedness, issue preferred stock or pay dividends”, according to an SEC filing. The agreement also requires Hawaiian to “maintain unrestricted cash and cash equivalents and unused commitments available under all revolving credit facilities (including the Credit Facility) aggregating not less than $300 million and to maintain a minimum ratio of the borrowing base of the Collateral (determined as the sum of a specified percentage of the appraised value of each type of Collateral) to outstanding obligations under the Credit Facility of not less than 1.0 to 1.0”. If the minimum collateral coverage ratio is not met, Hawaiian must either provide additional collateral or repay the loans.