All Icelandair articles

  • Icelandair 737 MAX 9-640
    News

    Icelandair delays share issue to August as crucial talks go on

    2020-06-29T10:48:00Z

    Icelandair Group has deferred a planned share offering until August, as it strives to reach stakeholder agreements on which the stock issue is conditioned. The company had been aiming to seal these agreements by 29 June, a date already pushed back by two weeks from the original mid-June estimate. ...

  • Icelandair 767
    News

    Icelandair reaches crucial restructuring pact with cabin crew union

    2020-06-25T07:23:00Z

    Icelandair Group has achieved a breakthrough in its restructuring efforts, with a provisional productivity agreement with cabin crew representatives. While the company had reached new deals with its pilots and aircraft mechanics, cabin crew union FFI was holding out and Icelandair Group was pessimistic over progress. But it ...

  • Icelandair 737 MAX 9-640
    News

    Icelandair rejigs restructuring timeline as crucial talks continue

    2020-06-16T06:50:00Z

    Icelandair Group has pushed back by two weeks a provisional deadline for reaching restructuring agreements with various partners, forcing it to revise the timeline for a planned share offering. It has notably yet to reach a deal with cabin crew representatives, and the company is expressing “concern” that no ...

  • Icelandair 757
    News

    Icelandair Group reduces cash drain as it faces $200m first-quarter loss

    2020-05-04T05:52:00Z

    Icelandair Group is expecting employee cuts to reduce its cash outflow by $12 million per month over the next three months, taking into account measures by the government to pay partial salaries. The company is expecting to reveal a first-quarter loss of $208 million when it details its performance ...

  • icelandair
    News

    Icelandair Group seeks to raise $200m through new shares

    2020-05-01T08:35:00Z

    Icelandair Group is planning to issue up 30 billion new shares to support its financial position, with the aim of raising up to $200 million in equity. The company has about 5.4 billion shares in issue, giving it a market capitalisation of around IcKr12.9 billion ($88.6 million). Icelandair ...

  • Icelandair Boeing 737 Max
    News

    ​Icelandair cuts staff and salaries to survive

    2020-04-28T16:00:00Z

    Icelandair is axing 2,000 staff and imposing reduced working hours and wage cuts on its remaining employees as it looks to shore up its finances.

  • Icelandair 767
    News

    Icelandair converting 767s for Chinese medical supply flights

    2020-04-24T14:02:00Z

    Icelandair Group is to reconfigure three Boeing 767s to transport cargo after reaching an agreement to operate freight flights between China and Germany. It has entered a pact with German firm DB Schenker, which is owned by rail company Deutsche Bahn. Icelandair Group says the 767s will have ...

  • Icelandair 757
    News

    Icelandair plans new share issue to prop up financial position

    2020-04-17T09:23:00Z

    Icelandair Group is preparing to issue new shares to shore up its liquidity and strengthen its financial position during the coronavirus-driven downturn. The company has yet to disclose the size of the share issue planned. But it says the intention of the offer is to ensure its “long-term ...

  • Icelandair gear collapse 1
    News

    Incorrectly-sized parts found after Icelandair 757 gear collapse

    2020-04-06T12:21:00Z

    Investigators have found incorrectly-sized components on the landing-gear assembly of an Icelandair Boeing 757-200 which suffered a main landing-gear collapse at Reykjavik earlier this year. Icelandic investigation authority RNSA has recommended specific safety checks on four aircraft serviced by Landing Gear Technologies, to ensure that parts which have undergone ...

  • Icelandair
    News

    Icelandair Group studies options to avoid liquidity depletion

    2020-04-06T09:59:00Z

    Icelandair Group has recruited advisors to look into options for reinforcing its capital structure, and explore possibilities for strengthening its competitiveness. It states that its liquidity position is still “well above” its minimum level of $200 million. But it adds that – given the assumption of “minimum revenue ...

  • Icelandair Boeing 737 Max
    News

    Icelandair to absorb regional Air Iceland Connect operation

    2020-03-31T12:51:00Z

    Icelandair Group will fold the activities of Air Iceland Connect into its mainline operation and eliminate the position of the regional arm’s managing director.

  • Icelandair
    News

    Icelandair Group shifts nearly all staff to temporary working

    2020-03-23T09:48:00Z

    Icelandair Group has disclosed that it is operating only 14% of its flight schedule and expects this to reduce further, and that it is taking steps to move 92% of employees to temporary part-time working. But it is also cutting 240 personnel across its divisions. The group employs just ...

  • Icelandair 737 MAX 9-640
    News

    Icelandair expects 25% cut in summer capacity

    2020-03-16T07:03:00Z

    Icelandair Group is expecting a summer season capacity cut of at least 25% on the previous forecasts, and is working with unions to secure salary reductions. The airline operates a business model based on transatlantic connections via Reykjavik, and has been hit by US-European travel restrictions linked to the ...

  • Icelandair 757
    News

    Icelandair 757 suffers main-gear collapse at Keflavik

    2020-02-07T22:44:00Z

    One of Icelandair’s Boeing 757-200s appears to have suffered a landing-gear collapse upon arrival at Reykjavik’s Keflavik airport. Images from the scene circulating on social media, purporting to show the aftermath, indicate that the right-hand main landing-gear has collapsed, leaving the twinject (TF-FIA) listing to the right with its ...

  • Icelandair 737 Max
    News

    Icelandair reiterates interest in potential Airbus order

    2020-02-07T17:23:00Z

    Icelandair intends to decide over “the next few months” whether to introduce Airbus types to its all-Boeing fleet.

  • Icelandair Boeing 737 Max
    News

    Icelandair counts costs of 737 Max grounding

    2020-02-07T15:22:00Z

    Icelandair Group estimates that the Boeing 737 Max grounding has had a net negative effect of $100 million on the company’s EBIT to date.

  • Icelandair 737 Max
    News

    Icelandair expects minimal impact from new 737 Max delay

    2020-01-22T02:00:00Z

    Icelandair says that it has made contingency plans so that the renewed delay of the Boeing 737 Max’s return to service will have minimal impact on its summer 2020 schedule and its financial bottom line.

  • Icelandair 737 Max
    News

    Icelandair not expecting 737 Max return before May 2020

    2019-12-17T09:02:00Z

    Icelandair Group’s pessimism over the Boeing 737 Max’s return to service has deepened, with the company disclosing that it does not expect to re-introduce the twinjet before May next year. The company says the delay will have “minimum impact” on Icelandair’s flight schedule and its passengers, because the carrier ...

  • Icelandair 737 MAX 9-640
    News

    Icelandair expects 737 Max to re-enter service in March

    2019-11-28T19:28:00Z

    Icelandair is expecting the Boeing 737 Max to return to service in March next year, 12 months after its grounding.

  • News

    Icelandair secures additional 737 Max compensation

    2019-11-01T09:45:49Z

    Icelandair Group has reached a second agreement with Boeing regarding partial compensation for the 737 Max suspension.