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Articles by David Nolletti
The Ramp That Won't Ramp: Outsized Demand in Aerospace, Defense, Aviation & Space and What Suppliers Should Do About It
October 13, 2026 American aerospace faces the most concentrated demand surge in recent history, with commercial aviation, business aviation, space, and defense all accelerating simultaneously. The orders are real. The backlogs are historic. The money to execute them isn’t getting where it needs to go.
Rethinking LMEs: Financial Engineering Without Operational Reform Is A Path To Value Destruction
Riveron are most popular: within Litigation and Mediation & Arbitration topic(s) As business leaders consider liability management exercises (LMEs), which are an increasingly popular method, it’s critical to explore the efficacy and limits of out-of-court debt restructuring. The liability management exercise is an umbrella term for an out-of-court method that restructures a distressed company’s debt obligations.
Next Generation Air Dominance Win For Boeing
Through our Viewpoints series, Riveron experts share their opinions on current topics, business trends, and industry news. In a move intended to rapidly advance US defense aircraft technology, President Trump, Secretary of Defense Hegseth, and Air Force Chief of Staff General David Allvin announced that the United States Air Force has selected the Boeing entrant into the Next Generation Air Dominance (NGAD) fighter program over Lockheed Martin's submission.
Fire At PCC Fasteners Portends More Aerospace Supply Chain Challenges
A large fire at Precision Cast Parts' fastener facility in Jenkintown, PA apparently destroyed much of the 560,000 square-foot factory located about 10 miles north of Philadelphia on Monday. Thankfully, no serious injuries were reported, and all employees have been accounted for by the company. A shelter-in-place order was issued by local authorities due to concerns over air quality resulting from the fire.
Honeywell Aerospace Is Cleared For Takeoff
Honeywell's Board has finalized long-awaited plans to break the conglomerate into three independent companies. Honeywell Aerospace comprises about 40% of 2024 consolidated revenues and will emerge as one of the largest pure-play aerospace companies in the world with 2024 revenues of approximately $14 billion. Honeywell's leadership hopes to replicate the stunning market value growth that GE's aerospace, healthcare, and energy businesses have seen since their breakup in 2022.
Spirit Airlines Headed For Liquidation? Unlikely
Scott Kirby, CEO of United Airlines, commented on Spirit Airlines' plan of reorganization in the quote below. In short, Kirby appears to think that Spirit's plan is a road to nowhere, except Chapter 7 liquidation. While he isn't exactly an objective observer, he doesn't appear to be wrong either, as Spirit's demise will inure—at least partially—to United's benefit in the zero-sum game of commercial aviation.
Aerospace Supply Chain Limitations Limit Future Growth
According to the FAA, air travel set new records in the United States during the Thanksgiving holiday, with more than 232,000 flights carrying more than 12 million passengers from November 24 to November 28. That's an increase of more than 400,000 passengers from 2023 results. The answer revolves around the supply chain's ability to keep pumping out new airplanes and producing enough parts and skilled labor to keep those planes in the air.
Merchandising For Airline Profitability
Twenty years ago, when you boarded a long-haul flight, there were 20 or 30 people in the front that were going to be very comfortable and 250 people in the back who were guaranteed some level of discomfort ranging from bearable to abject misery. And airlines didn't make much money in the process. Most of the premium seats were loss-leaders for the airlines, with approximately 15% of the seat occupants actually paying full fares.
CEO Ortberg's Frank Assessment Of Boeing
R Riveron More Founded in 2006, Riveron professionals simplify and solve complex business problems. We partner with CFOs, private equity firms, and other stakeholders to maximize outcomes. Riveron teams bring industry perspective and a full suite of solutions focused on the office of the CFO, M&A, and distress. In 2023, the company was acquired by affiliates of Kohlberg & Company from H.I.G. Capital – which is continuing its partnership with Riveron through a minority investment.
Is Spirit Airlines Bankruptcy Plan Confirmable?
Ultra low-cost carrier Spirit Airlines filed for protection under Chapter 11 of the US Bankruptcy Code today in the Southern District of New York, which didn't surprise too many professionals who follow the company which had been unprofitable for years following the COVID-19 pandemic.
Transformative Transatlantic Technology: Flight Trends
For many road warriors, the idea of a transatlantic single-aisle flight does not conjure images of relaxation and comfort, and I recall one very long trip from Atlanta to Paris in the back row (that didn't recline) of a Boeing 757, and that flight seemed to go on forever.
Defense Contractor Demand Could Increase As New Stealth Fighter Highlights Looming Threat
China's air force displayed a wide variety of technologically advanced weapon systems at the country's premier air show earlier this week, including the J-35A Stealth Fighter, which appears to be a fifth generation, twin engine, air dominance fighter similar to the US F-22. China has been investing heavily in all aspects of its military to enable it to compete with the United States on a global scale, including aircraft, aircraft carriers, satellites, and ballistic missiles.
Is Boeing Overpaying For Spirit AeroSystems?
In its Q3 earnings announcement, Spirit AeroSystems disclosed that a "substantial doubt" exists about the company's ability to continue as a going concern, and that it will need a significant infusion of liquidity over the next 12 months to operate as it projects to burn another $450 to $550 million over the same time period.
Boeing Strike Ends - Too Late To Stop Massive B737MAX Disruption?
Boeing and the machinist's union came to mutually agreeable terms and ended the strike that began on September 13. Members agreed to a 38% wage increase over four years, a $12,000 signing bonus, a commitment by Boeing to build its next aircraft in Seattle, and other concessions. Supplier-employee impacts A WSJ article reports that November was the tipping point for Boeing suppliers to begin layoffs after more than six weeks of stop-ship orders from Boeing.
Business Aviation Is Soaring, Creating Lucrative Investment Opportunities
Business aviation, often maligned as an excess enjoyed by the rich and famous, has experienced a resurgence since 2019 and the COVID-19 pandemic, which caused the largest downturn in passenger demand in the history of airlines. But it isn't traditional corporate flight departments or Hollywood A-listers that are leading the way, it's fractional ownership and aircraft management companies that are driving the growth.
In Defense Planning, Shipping Is The Achilles Heel For The American Military
Brigadier General John J. Pershing, Commander of American Expeditionary Forces in World War I once famously said, "Infantry wins battles, logistics wins wars." This military maxim has been well understood as, without resupply of food, water, ammunition, spare parts, medical supplies, fuel, etc., combat operations cannot be sustained for more than a few days. In the military defense sector, making a timely and consistent resupply is imperative to success.
A Tale Of Two Aerospace Rivals
"It was the best of times; it was the worst of times..." in A Tale of Two Cities, Dickens may have contrasted Paris and London, but in the aerospace industry, a modern-day tale is unfolding in Seattle (Boeing's backyard) and Toulouse (an anchor for Airbus). And, unbelievably, this story of the marketplace rivals isn't fiction. Airbus announced its earnings on Tuesday and delivered above analyst expectations for both revenues and earnings, posting a 22% year-over-year increase in net profit.
Better, Faster, Cheaper... Pick Any Two. EVTOL Manufacturer Lilium Files For Insolvency
Some business plans face technical hurdles that are daunting, require tremendous funding, and entail enormous risk, and the eVTOL market is one of them. eVTOL stands for electric vertical take-off and landing, a technology poised to reshape the aircraft industry—sooner or later. Advancements in flight: a centuries-long runway Airplanes have been around for over a century, but people have been dreaming of flying like birds for much longer.
As A Boeing Strike Persists, Excess Inventory Will Impact The Aerospace Supply Chain
Rejection Hurts IAM union members rejected Boeing's latest contract proposal yesterday, with a majority of members voting "no" to a deal that would have increased wages by 35% over four years along with other member concessions and incentives. The sticking points? Members want a larger increase and the reinstatement of a defined benefits pension plan, which Boeing management has said is a non-starter.
How Sanctions Are Impacting Domestic Russian Air Travel And Reshaping Production
For domestic air travel in Russia, Western sanctions imposed following Russia's invasion of Ukraine certainly appear to be wreaking havoc on the industry. Russian domestic passenger demand has dropped by approximately 15% on a trailing 12-month basis, while most other developed domestic markets saw growth over the same time period.
The Looming Commercial Aerospace Supply Chain Insolvency
Just when you thought it couldn't get any worse for members of the commercial aerospace supply chain, along comes a strike and work stoppage at Boeing on all commercial aircraft, except for the B787, which is manufactured in Charleston, South Carolina (a location not directly affected by the strike).
Spirit Airlines Creditors Kicking The Can In A Presidential Election Year
Spirit Airlines had agreed to be acquired by rival JetBlue, but that deal was blocked by a federal judge at the beginning of 2024 due to concerns about competitiveness and antitrust issues. Many in the industry think that the Justice Department got this wrong, citing that only approximately 60 of the combined 566 routes overlapped at the time of the merger announcement.
Science Fiction Is No Longer Fiction Thanks To SpaceX
SpaceX continues to revolutionize space exploration and push the boundaries of the possible, blurring the lines that distinguish fiction from reality. In an incredible display of daring and technical prowess, the company launched its fifth test flight of the Starship launch vehicle on October 13.
Boeing Bankruptcy Or Breakup?
Too Big To Fail In spite of all the economic uncertainty in recent years and the poor performance at Boeing, I have a hard time believing that a bankruptcy is a real option, although it's getting plenty of attention in the Wall Street Journal. Prior to the COVID-19 pandemic and the B737MAX grounding and production pause, Boeing was the largest exporter by dollar value in the United States.
Fasten Your Seat Belts: What's Ahead for Aerospace Manufacturing in 2022
The last 21 months have been the most volatile period in the history of commercial aviation. The industry experienced peak aircraft deliveries in 2018, with Boeing and Airbus hitting 1,860 combined aircraft and the supply chain continuing efforts to ramp up production from there. Then came the one-two punch of the Boeing 737 Max grounding, followed quickly by the onset of the Covid-19 global pandemic.
North Mill Capital Inks $15MM A/R Factoring Facility to Oral Hygiene Firm
North Mill Capital Inks $15MM A/R Factoring Facility to Oral Hygiene Firm North Mill Capital closed a $15,000,000 Accounts Receivable Factoring Facility to provider of oral and personal hygiene products. The funds were used to pay off the previous lender and provide additional working capital to support the Company's growth. NMC also entered into an inter-creditor agreement with a purchase order financing partner to help meet substantial near term growth needs.
Greystone Provides $26.6MM Refi for Multifamily Property in Delaware
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Greystone Provides $26.6MM Refi for Multifamily Property in Delaware Greystone, a national commercial real estate lending, investment, and advisory company, has provided a $26,558,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 297-unit multifamily property in Delaware.
JPMorgan Chase, SVB Provide up to $150MM Credit Facility for Beyond Meat
JPMorgan Chase, SVB Provide up to $150MM Credit Facility for Beyond Meat Beyond Meat, Inc., a food company specializing in plant-based meat, announced that it has entered into a new $150 million five-year secured revolving credit facility to support its future growth initiatives. The New Credit Facility also includes an accordion feature for up to an additional $200 million.
Citizens M&A Advisory Advises CareerBuilder on Sale of Automated Workforce Screening Biz to Accurate Background
Citizens M&A Advisory Advises CareerBuilder on Sale of Automated Workforce Screening Biz to Accurate Background Citizens M&A Advisory served as co-lead advisor to CareerBuilder, a global technology company that provides end-to-end talent acquisition solutions, on its sale of CareerBuilder Employment Screening to Accurate Background, a leading provider of automated workforce screening solutions.
Global Dip in Q1 VC Investment Shows Calm Before COVID-19 Storm, KPMG
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Global Dip in Q1 VC Investment Shows Calm Before COVID-19 Storm, KPMG The Q1’20 edition of the KPMG Private Enterprise Venture Pulse saw global VC investment in Q1’20 dip quarter-over-quarter with $61 billion raised.
BofA Agents Up To $120MM Upsize for Clothing Brand Guess?
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) BofA Agents Up To $120MM Upsize for Clothing Brand Guess? April 22, 2020, 08:59 AM Guess?, Inc. entered into an Amendment Number Three to Loan, Guaranty and Security Agreement (the “Third Amendment”) by and among the Company, Guess? Retail, Inc., Guess.com, Inc. (collectively, the “U.S. Borrowers”), Guess?
Senate Approves Additional Measures to Help Small Businesses
Senate Approves Additional Measures to Help Small Businesses April 22, 2020, 09:05 AM The U.S. Senate passed the Paycheck Protection Program and Health Care Enhancement Act, also known as the “COVID-19 3.5” relief package. The $484 billion package, which was originally designed to only be a $250 billion stopgap measure, is the second largest of the four coronavirus response bills Congress has passed so far.
EY US Develops Innovative Paycheck Protection Program (PPP) Loan Forgiveness Platform
EY US Develops Innovative Paycheck Protection Program (PPP) Loan Forgiveness Platform EY US (EY) has developed a Paycheck Protection Program (PPP) Loan Forgiveness Platform built on Microsoft technology, so that banks at this critical juncture in the US economic recovery can efficiently meet the increasing demands across the end-to-end lending process required by the unique provisions outlined under the CARES Act.
Wingspire Capital Provides $40MM Senior Secured Loan to Save-A-Lot
Wingspire Capital Provides $40MM Senior Secured Loan to Save-A-Lot April 21, 2020, 09:05 AM Wingspire Capital Holdings announced that it has provided a $40.0 million senior secured loan to Moran Foods, LLC d/b/a Save-A-Lot. Wingspire’s loan was part of a $150.0 million revolving line of credit among a group of three lenders. Loan proceeds were used to repay existing debt and support Save-A-Lot’s operations and acceleration of its transformation plan.
Sallyport Commercial Finance Delivers a Working Capital Solution to a Traffic Control Company
Sallyport Commercial Finance Delivers a Working Capital Solution to a Traffic Control Company Sallyport Commercial Finance provided a $2,000,000 Accounts Receivable facility, including a $500,000 Cash Flow Loan to a company that provides a complete range of traffic control services for their customers. “When we connected with this traffic and safety company, they recently had taken a large ACH loan to help with their short-term payroll needs.
FON Advisors Launches FON Corporate Finance
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) FON Advisors Launches FON Corporate Finance David Walsh, Managing Partner of FON Advisors, LLC, announced the formation of FON Corporate Finance, LLC.
Banks Brace for Spike in COVID-19-Driven Loan-Losses
Banks Brace for Spike in COVID-19-Driven Loan-Losses After posting a dismal earnings report, with a 45% drop in profits for the first quarter, Bank of America announced it will set aside $3.6 billion to cover delinquent loans in the quarter. JPMorgan Chase and Wells Fargo have taken similar actions. Wells Fargo said it has set aside $3.83 billion to cover potential loan losses, up more than $3 billion from the previous quarter.
BMO, Others Close $10MM Upsize for Canopy Rivers
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) BMO, Others Close $10MM Upsize for Canopy Rivers April 16, 2020, 09:10 AM Canopy Rivers Inc.
SFNet Data Offers Snapshot of ABL by Banks, Independents Before COVID-19 Disruption
SFNet Data Offers Snapshot of ABL by Banks, Independents Before COVID-19 Disruption In perhaps the last snapshot of the secured finance industry before the onset of the COVID-19 pandemic, banks and independent lenders reported that asset-based lending to U.S. businesses increased steadily and credit quality remained strong in the fourth quarter of 2019.
Sterling National Bank Provides $30MM in Lender Finance to Financing Solutions Firm
Sterling National Bank Provides $30MM in Lender Finance to Financing Solutions Firm Sterling National Bank's Asset-Based Lending Group provided senior secured credit facilities totaling $30,000,000 to a nationwide financing solutions firm. The transaction was originated by Jan Hanssen, a Managing Director located in Sterling's Los Angeles, CA office. Sterling National Bank provides asset based loans to mid-sized companies operating across a wide range of industries.
Gordon Brothers Names Holstein Head of Business Development
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Gordon Brothers Names Holstein Head of Business Development Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Steven Holstein as Head of Business Development.
Pacific Coast Capital Streamlines Asset-Based Lending with Crowd Machine
Pacific Coast Capital Streamlines Asset-Based Lending with Crowd Machine Crowd Machine, the leading provider of Platform-as-a-Service solutions for cross-cloud integration of enterprise applications with rapid no-code development, and Pacific Coast Capital LLC announced Pacific Coast Capital is leveraging Crowd Machine’s custom Asset-Based Lending (ABL) solution to enable real-time transparency for lenders and customers.
BH Properties Bolsters Team Focusing on Acquiring Distressed Loans from Lenders
BH Properties Bolsters Team Focusing on Acquiring Distressed Loans from Lenders Rowan Sbaiti has joined BH Properties as Senior Managing Director of Acquisitions, as the firm expands its significant real estate investment platform to include real estate bankruptcy and financial instrument acquisitions, announced President Jim Brooks. Sbaiti comes to BH Properties from Fortress Investment Group where he was a Vice President.
Denim Retailer True Religion Files for Bankruptcy as Clientele Dries Up
Denim Retailer True Religion Files for Bankruptcy as Clientele Dries Up Jeans retailer True Religion filed for Chapter 11 on Monday as diminishing sales and the pressure on brick and mortar retail wrought by the coronavirus took a final toll on the company. According to multiple press reports, the company's largest lenders had been offering recent capital to the retailer to reorganize below Chapter 11.
Gordon Brothers Announces Launch of COVID-19 Industry Brief
Gordon Brothers Announces Launch of COVID-19 Industry Brief Gordon Brothers announced the launch of its Industry Brief, which can be found on the COVID-19 Resource Hub at www.gordonbrothers.com/covid-19. Gordon Brothers’ Industry Brief gives an up-to-the-minute assessment of what the firm’s inventory, machinery and equipment, and intangibles experts see happening in multiple markets.
Live Nation Announces Credit Agreement Amendment, Additional Revolving Credit Facility and Cost Reduction Program
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Live Nation Announces Credit Agreement Amendment, Additional Revolving Credit Facility and Cost Reduction Program Live Nation Entertainment, Inc. announced an amendment to its existing credit agreement, the completion of a new revolving credit facility and a cost reduction and cash management program.
Citibank Agents $1.5B Credit Facility for Honeywell International
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Citibank Agents $1.5B Credit Facility for Honeywell International Honeywell International Inc. entered into a 364-Day Credit Agreement with the banks, financial institutions and other institutional lenders party thereto, Citibank, N.A. (“Citibank”), as administrative agent, and JPMorgan Chase Bank, N.A., as syndication agent.
Fed Takes Steps to Pump $2.3 Trillion in Loans to Support Economy
Fed Takes Steps to Pump $2.3 Trillion in Loans to Support Economy April 10, 2020, 09:05 AM The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.
Briar Capital Real Estate Fund Closes Largest Loan to Date
Briar Capital Real Estate Fund Closes Largest Loan to Date Briar Capital Real Estate Fund announced the closing of its largest loan to date, a $14 million real estate term loan for a pipeline service provider to the midstream oil & gas industry located in Houston, TX. Looking to generate liquidity in these uncertain times, this longtime pipeline services company sought to leverage their real estate assets for working capital.
Alvarez & Marsal MD Gonzalez to Serve with Firm’s Unsecured Creditors’ Committee Advisory Practice
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Alvarez & Marsal MD Gonzalez to Serve with Firm’s Unsecured Creditors’ Committee Advisory Practice Alvarez & Marsal announces that Andrea Gonzalez, a Chicago-based Managing Director who joined the firm’s Disputes and Investigations practice six and one-half years ago, will now serve in its Unsecured Creditors’ Committee (UCC)...
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