All Icelandair articles – Page 4
-
AnalysisIcelandair plans for 30% capacity cut in summer 2021 schedule
Icelandair is expecting to operate a summer 2021 schedule with capacity down by 25-30% compared with last year. It is planning to serve 32 destinations – among them the Canary Islands resort of Tenerife, which is a new route for the carrier. Twenty-two of the destinations will be European. It ...
-
NewsIcelandair sells three 757-200s for freighter conversion
Icelandair Group is to sell three of its Boeing 757-200s, which will be converted into freighters following the transaction. Disposal of the Icelandair aircraft will generate about $21 million in net proceeds, the company says. It has not identified the buyer of the twinjets. Two of the aircraft are 1994 ...
-
NewsIcelandair Group receives strong response to share offer
Icelandair Group has received a strong response to its share offering, with an oversubscription reaching some 85% more than the planned allocation. The offering – initially intended to cover IcKr20 billion ($147 million) in new shares, through separate share batches of IcKr17 billion and IcKr3 billion – closed on 17 ...
-
NewsIcelandair options broaden as crew duty schedules shift closer to limits
Icelandair’s new collective agreements with aircrew means pilots and flight attendants will work closer to theoretical maximum limits, and enable the airline to explore new network prospects. International regulations restrict pilots and cabin crew from operating more than 900 block hours per year. Icelandair says that, given the structure of ...
-
NewsIcelandair: Keflavik hub stands to benefit as non-stop competitors retreat
Icelandair Group has warned that if its operation collapsed, the Reykjavik Keflavik hub would take years to rebuild and, as a result, would cause substantial damage to the country’s economy. The company, which is preparing a $150 million share issue, has outlined the bleak consequences of receivership to potential investors ...
-
NewsIcelandair expects four-year recovery as it revises share issue
Icelandair Group expects to start its recovery ramp-up in the second quarter of 2021, but its conservative approach will not return the operator to pre-crisis levels until 2024. The company has detailed its position to potential investors as it prepares for a share offering intended to raise IcKr20 billion ($148 ...
-
NewsIcelandair cuts back 737 Max order as part of final settlement
Icelandair Group is cutting four Boeing 737 Max jets from its order commitment and revising deliveries of the remaining six as part of a final settlement with the airframer over Max disruption. The company has detailed the settlement after concluding a series of agreements with creditors and stakeholders essential for ...
-
NewsIcelandair seals new cabin crew pact as it reels from first-half losses
Icelandair Group has secured approval from its flight attendants for a new collective agreement, thrashed out after a stand-off which involved the airline’s dismissing, and then reinstating, its cabin crew corps. The agreement will remain valid until the end of September 2025 and rounds off the critical negotiations with personnel ...
-
NewsIcelandair Group expects $100m second-quarter operating loss
Icelandair Group has revealed the extent of the coronavirus impact on the second quarter, indicating an operating loss of around $100-110 million. The company says its revenues for the three-month period to 30 June were down by 85% to some $60 million. Its operating loss in the same quarter last ...
-
NewsIcelandair withdraws mass cabin crew lay-off after new deal emerges
Icelandair Group has reversed an extraordinary decision to dismiss all its cabin crew, after a swift resumption of negotiations resulted in another tentative collective bargaining agreement. The operator’s mass sacking of its flight attendants, which would have involved replacing them with pilots from 20 July, had initially spurred a strike ...
-
NewsIcelandair cabin crew to ballot for strike after mass dismissal
Icelandair’s cabin crew union has called a ballot to vote for strike action following the failure of talks over a new collective agreement, after which the airline sacked all its flight attendants. The proposed strike would be indefinite and begin on 4 August, subject to a confirmation vote to be ...
-
NewsIcelandair orders pilots to take over after dismissing all its cabin crew
Icelandair Group is dismissing its entire cabin crew corps and placing the responsibility for on-board safety with Icelandair’s pilots, after efforts to reach a new collective bargaining agreement failed. Cabin crew members with the FFI union rejected a tentative agreement on 8 July and Icelandair Group says subsequent talks have ...
-
NewsTentative Icelandair cabin crew deal falls through
Cabin crew members at Icelandair Group have voted against a provisional collective bargaining agreement that was struck between the airline and flight attendant union FFI in June. The carrier says it will “evaluate its options” after union members “declined” the pact, an important part of its restructuring plan. Icelandair has ...
-
NewsIcelandair delays share issue to August as crucial talks go on
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 ...
-
NewsIcelandair reaches crucial restructuring pact with cabin crew union
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 states that ...
-
NewsIcelandair rejigs restructuring timeline as crucial talks continue
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 “significant ...
-
NewsIcelandair Group reduces cash drain as it faces $200m first-quarter loss
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 for ...
-
NewsIcelandair Group seeks to raise $200m through new shares
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 Group has ...
-
NewsIcelandair cuts staff and salaries to survive
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.
-
NewsIcelandair converting 767s for Chinese medical supply flights
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 their passenger ...