All Icelandair articles – Page 5
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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.
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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 ...
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NewsIcelandair plans new share issue to prop up financial position
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 competitiveness” after ...
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NewsIncorrectly-sized parts found after Icelandair 757 gear collapse
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 undersizing ...
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NewsIcelandair Group studies options to avoid liquidity depletion
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 generation” in ...
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NewsIcelandair to absorb regional Air Iceland Connect operation
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.
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NewsIcelandair Group shifts nearly all staff to temporary working
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 over ...
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NewsIcelandair expects 25% cut in summer capacity
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 coronavirus ...
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NewsIcelandair 757 suffers main-gear collapse at Keflavik
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 starboard ...
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NewsIcelandair reiterates interest in potential Airbus order
Icelandair intends to decide over “the next few months” whether to introduce Airbus types to its all-Boeing fleet.