Strategy – Page 158
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NewsCathay shareholders approve HK$39 billion bailout plan
Cathay Pacific’s shareholders have given the green light for a HK$39 billion ($5.03 billion) recapitalisation plan. At the closing of an extraordinary general meeting held on 13 July, the carrier’s shareholders voted overwhelmingly to approve the plan. In total, three resolutions and two special resolutions were put up ...
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NewsAmerican seeks Boeing’s help to avoid 737 Max cancellations: report
American Airlines is reportedly seeking Boeing’s help to arrange financing for the purchase of at least one dozen 737 Max jets scheduled to be delivered this year, with the fate of those orders hanging in the balance.
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NewsBreeze applies for certificate transfer, presents business plans
Breeze Airways, the start-up passenger carrier headed by serial aviation entrepreneur David Neeleman, has applied to acquire the certificate of now-defunct Compass Airlines, and published plans for its first year of operation.
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NewsLevel France becomes latest coronavirus crisis airline casualty
IAG’s Paris Orly-based long-haul budget unit, Level France, is to cease operations after seeing demand for its transatlantic services plummet.
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NewsJapan Airlines and Malaysia Airlines to launch joint business
Japan Airlines and Malaysia Airlines expect to launch a joint business partnership on 25 July, through which the two national carriers will co-operate commercially on flights between Malaysia and Japan. JAL says the airlines will “take on new challenges to further enhance convenience between Japan and Malaysia and allow customers ...
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NewsStruggling Air Namibia cleared to resume flights
Under pressure Air Namibia has been cleared by the Namibian High Court to resume services after its operating licence was suspended amid continued financial concerns.
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NewsJet2 ‘confident’ demand will return as full-year profit slides
UK leisure carrier Jet2’s parent company, Dart Group, has reported a 10% decline in full-year pre-tax profit but is “confident” demand will return and “encouraged” by bookings for next summer.
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NewsLATAM secures key funding as Brazilian unit joins Chapter 11 filing
LATAM Airlines Brazil has joined other parts of the airline group in entering Chapter 11 bankruptcy protection as it took a further step to securing required financing to complete its restructuring.
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NewsBOC Aviation boosts second-quarter lease commitments
BOC Aviation’s recent sale-and-leaseback spree helped it record more signed lease commitments in the second quarter than in the same period last year, though aircraft sales were down. The Singapore-based lessor signed leases for 38 aircraft in the three months ended 30 June, compared with 32 in 2019’s second quarter. ...
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NewsUnited warns 36,000 employees their jobs are in danger
United Airlines has warned 36,000 employees, or 45% of its total staff, that their jobs may be in danger as the carrier prepares to downsize following the coronavirus pandemic.
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NewsHi Fly confirms LHT oversaw A380 freighter conversion
European wet-lease operator Hi Fly has brought into service a freight-optimised Airbus A380, which has been temporarily converted from passenger configuration in a project overseen by Lufthansa Technik.
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NewsUK cabin crew join Ryanair pilots in accepting temporary pay cuts
Ryanair cabin crew members based in the UK have agreed to a temporary pay cut of up to 10% to avert job losses at the airline.
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NewsAuditor questions AirAsia Group’s survival
Accounting firm Ernst & Young has questioned the AirAsia Group’s ability to remain a going concern, citing deteriorating finances amid the coronavirus pandemic. It notes that the group suffered a full-year net loss of MYR283 million ($66 million) in 2019, a year in which liabilities exceeded assets by MYR1.8 billion. ...
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NewsAerCap sees big drop in Q2 lease agreements
Lessor AerCap signed lease agreements covering only 10 aircraft in the second quarter of 2020, down from 48 in the same period last year. The 10 aircraft comprise one widebody and nine narrowbodies, while in Q2 2019 AerCap signed deals for four widebodies and 44 narrowbodies, says the company. Aircraft ...
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NewsUnited sees cancellations rise, warns of furloughs
United Airlines says cancellations of forward bookings are once again rising due to new travel restrictions and increasing numbers of coronavirus cases across the southern sun belt states, prompting a warning that furloughs will be inevitable.
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NewsCanada’s Nolinor announces launch of new airline
Canadian passenger and freight charter airline Nolinor Aviation has announced plans to launch a new airline later this year despite the coronavirus crisis that has decimated much of the travel industry.
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NewsAeromexico looks to quit 19 aircraft leases
Grupo Aeromexico, the parent company of Mexico’s flag carrier, has petitioned to be released from aircraft and engine leases as it seeks to shrink its fleet to reduce costs.
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NewsBlue Air takes creditor protection step as it rebuilds network
Romanian carrier Blue Air has taken a preventative measure under local insolvency law as it further restores its network after the coronavirus grounding. Blue Air says it has taken the protective measure of ’concordant procedure’ - a preventative action under which companies seek to reach agreement with creditors. ...
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NewsVirgin Australia bondholders challenge sale to Bain Capital
Two parties representing Virgin Australia bondholders have challenged the airline’s sale to Bain Capital with the intention of making an alternative proposal. In an application to the Australian Takeovers Panel, Singapore-based fund manager Broad Peak Investment Advisers (Broad Peak) and Hong Kong’s Tor Investment Management submit that “certain circumstances regarding ...
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NewsPandemic pushes AirAsia into the red
AirAsia Group slipped to a MYR953 million ($223 million) net loss in the first quarter, down from a MYR102 million profit in the same three-month period of 2019, as Covid-19 caused demand to plummet.