Strategy – Page 147
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NewsAirAsia X to shed aircraft and restructure debts
Grounded long-haul low-cost carrier AirAsia X has unveiled a restructuring plan under which it aims to get debts waived and cut aircraft from its fleet in the hope that it will be able to avoid liquidation and raise fresh equity. AirAsia X says it “will not be able to meet ...
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NewsNorwegian September passenger numbers at just 10% of 2019 levels
Norwegian carried just 320,000 passengers in September, less than 10% of the number it flew in the same month last year as the airline remains in hibernation mode. The low-cost carrier had flown 3.3 million passengers in September 2019. The reduction is even starker as measured in RPKs, as ...
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NewsAvianca boosted as US court clears it to access $2 billion in financing
Colombia-based Avianca has received approval from the US Bankruptcy Court for the Southern District of New York to access the $2 billion debtor-in-possession financing for which it had secured funding commitments on 21 September.
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NewsSouthwest’s chief Kelly seeks concessions from unions
Southwest Airlines’ chief executive Gary Kelly has reiterated that there will be no involuntary furloughs or pay cuts at the Dallas-based carrier through the end of the year, whether or not the federal government extends the US CARES Act’s payroll support programme.
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NewsAir New Zealand announces executive changes
Air New Zealand has announced further changes to its executive team – the addition of a new role as well as the resignation of its finance chief. Leanne Geraghty has been appointed to the newly created position of chief customer and sales officer, reporting directly to chief executive Greg Foran. ...
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NewsAirAsia Group confirms AirAsia Japan closure
Malaysia’s AirAsia Group has officially announced it will shut operations in Japan. “The company wishes to announce that it has today been notified of the decision taken by the board of directors of AirAsia Japan to cease its operations with immediate effect,” AirAsia Group says today in a Bursa Malaysia ...
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NewsEuropean regulators propose extending temporary state aid exemptions
European Commission regulators are proposing extending by a further six months and widening the scope of the temporary relaxations around state aid rules under which a string of airlines have been supported through the global pandemic. As the coronavirus crisis hit the Commission introduced, through three separate amendments, temporary measures ...
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NewsCourt upholds decision to suspend Avianca state loan
A Colombian court has upheld its injunction barring the national government from participating in Avianca’s debtor-in-possession (DIP) financing, but the airline is confident its latest proposal will still be approved by the US bankruptcy court.
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NewsKLM submits restructuring plan to Dutch government
KLM plans to cut pay, reduce jobs and slim down its fleet in order to secure €3.4 billion ($4 billion) in loans and guarantees from the Dutch government.
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NewsPandemic forces ‘urgent’ restructuring at Malaysia Airlines
Malaysia Airlines will embark on an “urgent restructuring exercise”, which includes a “drastic” relook at its network and fleet plans, as the coronavirus outbreak upended its business recovery momentum. The process, which will involve revising its long-term business plan rolled out in 2019, will span the next few months, ...
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NewsUnited, American furlough 32,000 workers
United Airlines and American Airlines have furloughed 32,000 employees after federal government financial aid ran out and was not extended.
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NewsUnions up the ante in row over Lufthansa’s Ocean plan
Three trade unions representing Lufthansa staff have sharply criticised the airline’s planned new leisure subsidiary Ocean in a joint open letter to German chancellor Angela Merkel.
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NewsGlobal aviation unlikely to achieve net zero before 2060: ATAG
Net-zero carbon emissions from the global aviation industry is unlikely to be achievable without a major reliance on offsets until at least 2060 – a decade behind targets set by the Oneworld alliance, the UK government and many other businesses – the Air Transport Action Group (ATAG) has suggested. In ...
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NewsUS House bill offers airlines $25bn in additional coronavirus relief
The US House of Representatives is considering an additional coronavirus relief package that would extend the payroll support programme (PSP) for aviation workers through March 2021.
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NewsCaribbean Airlines to reduce salaries, lay off staff
Caribbean Airlines is implementing cost cutting measures including salary reductions, temporary layoffs and reducing discretionary spending in order to manage through the coronavirus crisis.
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NewsAir cargo capacity recovery stalled in August: IATA
Efforts to restore air cargo capacity made little progress in August as the market remained hamstrung by grounded passenger fleets, new IATA figures reveal
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NewsAir Serbia settles debt with Etihad bondholders
Air Serbia has disclosed its repayment of a $57.6 million loan from special-purpose vehicle EA Partners.
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NewsCorsair shareholder to sell majority stake
Corsair’s majority shareholder Intro Aviation intends to sell its stake in the French carrier.
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NewsIATA lowers 2020 passenger traffic hopes on stalled recovery
Airline trade body IATA has lowered its expectations for global passenger traffic this year amid a plateauing in the recovery and bleaker forward booking indicators. IATA now anticipates passenger traffic, as measured in RPKs, this year will be 66% down on 2019 levels. This marks a deterioration on its previous ...
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NewsUnited pilots agree to belt-tightening measures to avoid furloughs
United Airlines’ pilots have agreed to measures, including a reduction in flight hours, that would avoid 2,850 furloughs that had been scheduled to begin later this week.