Airbus has completed the final simulation milestones for the A350 Freighter (A350F) and is preparing the aircraft for its maiden flight from Toulouse, France, targeted for late September 2026.

In a press release issued on September 14, 2026, the manufacturer detailed the completion of its “Virtual First Flight” (VFF) program and ground vibration testing. The milestone marks the final phase of ground preparations before the new widebody freighter enters a 400-hour flight test campaign aimed at securing certification in 2027. The A350F is designed to challenge Boeing in the heavy cargo market, featuring a maximum payload capacity of 111 tonnes and a range of 4,700 nautical miles.

Aerodynamic modeling and the Virtual First Flight

The A350F utilizes a unique fuselage configuration that requires extensive aerodynamic validation. Laurent Bussiere, Lead Flight Test Engineer for the A350F program, noted that the aircraft combines the forward fuselage length of the Airbus A350-900 with the rear fuselage length and wings of the Airbus A350-1000.

“It’s not an A350-1000 and it’s not an A350-900, but rather it’s between both. So we need to look at the behavior of the whole system with this unique model,” Bussiere said.

To prepare the five-person flight test crew, Airbus conducted the VFF program in early September 2026. The program consisted of 13 simulation sessions, each lasting approximately five hours. Bussiere stated that the simulation setup is 90% representative of the physical aircraft. The remaining 10% of the aerodynamic characteristics remain an unverified model. Because of this variable, the initial flight will be executed in “Direct Law”, requiring manual control by the flight crew until the aerodynamic model is validated in the air.

Flight test campaign and EASA certification

The global certification campaign is scheduled to last nine months and encompass 400 flight-hours. Airbus will utilize two test aircraft for the program. The first aircraft, designated MSN700, features a “flying parcel” test livery and will focus on aerodynamic performance, handling, and autopilot systems. The second aircraft, MSN701, is dedicated to system-related testing, including fire and smoke detection as well as hot and cold weather campaigns.

The European Union Aviation Safety Agency (EASA) is actively involved in the flight test plan. EASA pilots and flight test engineers will participate as onboard witnesses during performance flights ahead of the formal certification phase planned for 2027.

Airbus is also prioritizing ground operations during the test phase to ensure the aircraft is ready for commercial service.

“In terms of cargo operation, which is the A350F’s entire raison d’être, we are focusing on maturity right from the start. Our target is to be able to load and unload various representative containers and payloads every day after flight,” Bussiere said.

Order book and market entry

Airbus targets the first commercial delivery of the A350F for the second half of 2027. The manufacturer states the freighter will deliver a 40% reduction in fuel consumption and carbon emissions compared to previous generation aircraft with similar payload and range capabilities.

According to reporting by Cargo Facts, an undisclosed customer placed a firm order for eight A350Fs on August 31, 2026. This transaction brought the total firm order book for the type to 115 aircraft ahead of the maiden flight.

AirPro News analysis

We note that the nine-month flight test campaign outlined by Airbus represents an aggressive schedule for a widebody derivative with significant structural modifications. Flight test programs for aircraft of this size typically require 12 to 15 months to complete. While the extensive use of the Virtual First Flight program mitigates some developmental risk, any delays discovered during the 400-hour physical test campaign could push the targeted second-half 2027 entry into service into 2028.

Sources: Airbus

Air Baltic Corporation AS (airBaltic) voluntarily initiated Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of New York on September 14, 2026, securing €350 million in debtor-in-possession financing to maintain scheduled flight operations.

The Latvian national carrier announced the filing in a press release, citing the need to restructure its financial obligations amid severe liquidity pressures. The Airlines financial strain has been exacerbated by escalating jet fuel prices, which have doubled as a result of the United States conflict with Iran and broader Middle East instability.

Financial restructuring and debtor-in-possession financing

To support operations during the court-supervised process, airBaltic secured €350 million in debtor-in-possession (DIP) financing. According to reporting by Reuters, the financing carries an approximate interest rate of 12 percent, structured as the Secured Overnight Financing Rate (SOFR) plus 8 percent. The lending syndicate includes Strategic Value Partners, Barclays, Hayfin Capital Management, Morgan Stanley, and Oaktree Capital Management.

The Chapter 11 filing follows a series of efforts to stabilize the airline’s capital structure. In April 2026, airBaltic received a €30 million state loan from the Latvian government. In early September 2026, the carrier considered an interim bond financing plan of up to €257 million. However, ch-aviation reported that the airline abandoned this plan because it carried an unfavorable 25 percent interest rate, opting instead for the US bankruptcy process.

Andrejs Martinovs, Chairman of the Supervisory Board, stated in the company’s press release that the process provides a clear framework for reaching agreements with creditors and aircraft lessors.

“We have carefully assessed the restructuring options available to the company, with one priority in focus – to give airBaltic the best possible basis to continue operating and to build a sustainable financial structure,” Martinovs said.

Operational continuity and labor negotiations

Despite the bankruptcy filing, airBaltic confirmed that all scheduled flights and customer services will continue without interruption. The airline currently operates a uniform fleet of 54 Airbus A220-300 aircraft.

Chief Executive Officer Erno Hildén, who assumed leadership of the airline in December 2025 following the departure of former CEO Martin Gauss, indicated that the restructuring will involve workforce adjustments. Hildén told Reuters on September 14, 2026, that the company is currently carrying out consultations with labor unions regarding potential cuts and capacity reductions.

In court filings reviewed by Euronext, the airBaltic Board of Directors noted that the carrier has been experiencing acute financial stress due to a combination of financial and geopolitical factors. The restructuring process is expected to conclude by June 2027, according to Aviation Week.

AirPro News analysis

We view airBaltic’s decision to utilize the US Chapter 11 framework as a pragmatic pivot after the prohibitive costs of the European high-yield bond market became apparent in early September 2026. A 25 percent interest rate on interim financing would have likely crippled the carrier’s long-term viability. By securing DIP financing at a more manageable 12 percent, airBaltic gains the necessary breathing room to renegotiate leases on its Airbus A220-300 fleet. The macroeconomic environment remains hostile for European carriers exposed to Eastern European airspace closures and spiking fuel costs, suggesting that airBaltic’s restructuring success will heavily depend on external geopolitical stabilization before its targeted June 2027 exit.

Sources: airBaltic

This article summarizes reporting by Bloomberg News.

Asia-focused investment firm Boyu Capital has reached an agreement to acquire Xiamen Aircraft Leasing Co., Ltd., signaling continued private equity interest in the Chinese aviation asset management sector. The transaction is targeted to close by the end of 2026, according to reporting by Bloomberg News on September 10, 2026.

The acquisition targets a specialized player in the mid-life commercial aircraft, engine, and helicopter leasing market. Xiamen Aircraft Leasing, established in the Xiamen Free Trade Zone in September 2015, focuses on asset management, trading, and recycling. Financial terms and the exact valuation of the acquisition have not been publicly disclosed, and neither company has issued a formal press release confirming the agreement.

Path to acquisition

The agreement follows a strategic review initiated earlier in the year. In March 2026, Xiamen Aircraft Leasing hired an adviser to explore a potential sale of the business.

The process attracted attention from multiple investment firms looking to expand their footprint in the Asian aviation market. Bloomberg reported that Bain Capital was among the entities expressing interest before Boyu Capital ultimately secured the agreement.

Recent fleet activity

Leading up to the acquisition, Xiamen Aircraft Leasing maintained an active presence in the secondary aircraft market. The lessor has continued to execute transactions involving widebody assets to support its mid-life management strategy.

In December 2025, the company acquired two Airbus A330-300 aircraft from commercial aircraft lessor Azorra. The aircraft, carrying manufacturer serial numbers (MSN) 1432 and 1579, are currently on lease to Sichuan Airlines (3U).

AirPro News analysis

We view this acquisition as a clear indicator of the ongoing consolidation within the Asian aviation leasing market. Private equity firms like Boyu Capital are increasingly drawn to specialized lessors that manage mid-life assets, as these platforms offer predictable cash flows and opportunities in the aircraft recycling and parts trading sectors. The transition of Xiamen Aircraft Leasing to new ownership will likely provide the capital backing necessary to expand its portfolio in a constrained global supply chain environment.

Sources: Bloomberg News