Strategy – Page 166
-
NewsEstonia makes merger a condition of Nordica capital increase
Estonia’s government is to increase the share capital of local carrier Nordica by €30 million ($33 million) to help the airline through the coronavirus crisis – an investment which is conditional on the merger of Estonian aviation assets.
-
NewsCondor secures future as €550 million German state loan granted
European Commission regulators have approved a €550 million ($595 million) loan from the German state to help struggling leisure carrier Condor through the coronavirus crisis.
-
NewsSIA Group reserves liquidity for aircraft purchases
SIA Group has set aside S$3.3 billion ($2.3 billion) of the S$8.8 billion it plans to raise, from issuing equity and mandatory convertible bonds, for aircraft purchases and aircraft related payments. “The rationale for these [aircraft] purchases remains valid even under the present scenario given that it would enable SIA ...
-
NewsVirgin Australia owes creditors $4.4 billion: administrators
Virgin Australia owes just over A$6.8 billion ($4.4 billion) to more than 12,000 creditors, its administrators have disclosed. Meanwhile, Perth Airport has already moved to seize a number of Virgin Australia aircraft over outstanding payments. “Virgin has significant outstanding invoices from Perth Airport for airfield and terminal use charges – ...
-
NewsJet2 expects £109m coronavirus hit and cancels 12 aircraft leases
UK leisure carrier Jet2 expects to take a £109 million ($135 million) hit from suspending operations during the coronavirus pandemic, and has cancelled plans to lease 12 aircraft for the summer season. The airline’s parent company, Dart Group, says in a disclosure to the London Stock Exchange that “due to ...
-
NewsIndia’s Air Deccan eyes post-crisis relaunch with new aircraft
Air Deccan is in talks with an aircraft manufacturer as the Indian carrier prepares to restart operations once the coroanvirus crisis stabilises, chief executive Arun Kumar Singh has disclosed.
-
NewsGerman operator LGW files for insolvency
German regional carrier LGW has filed for insolvency after Lufthansa low-cost subsidiary Eurowings terminated a wet-lease agreement.
-
NewsIATA warns of more airline failures in Asia-Pacific
More carriers in the Asia-Pacific region could fall as a result of the coronavirus crisis, if governments fail to step in with relief measures. Highlighting the “worsening” impact of the pandemic on carriers in the region, airline body IATA also identified eight countries which are most at risk. These countries ...
-
NewsLufthansa in financing talks after disclosing Q1 loss of €1.2bn
Lufthansa Group is in talks with the home governments of its various airlines over financing support after revealing it expects to have posted a €1.2 billion ($1.3 billion) adjusted EBIT loss for the first quarter fo 2020.
-
NewsAir Arabia and Etihad to launch Abu Dhabi JV as ’conditions improve’
Air Arabia and Etihad Airways’ new Abu Dhabi joint venture carrier will finalise its launch plans “as market conditions improve” after securing its air operating certificate (AOC).
-
NewsDelta Air Lines reports Q1 loss, cuts daily cash burn by half
Delta Air Lines says it anticipates cutting its daily cash burn by 50% as the coronavirius pandemic drags on into the second quarter of the year and passenger demand continues to be at about 5% of normal.
-
NewsUK clears CargoLogicAir to resume freight flights
UK regulators have restored the operating licence of freight operator CargoLogicAir, clearing it to operate contracts providing medical supplies using a pair of Boeing 747 freighters.
-
NewsAir Mauritius files for voluntary administration
Struggling Air Mauritius has entered voluntary administration after the board resolved that with coronavirus grounding it would not be able to meet its financial obligations in the foreseeable future.
-
NewsAirlines await details of Trump plan to halt US immigration
US president Donald Trump has announced plans to temporarily halt all immigration to the USA, as the country grapples with the coronavirus epidemic.
-
NewsEtihad open to ‘constructive’ talks on Virgin Australia restart
Virgin Australia’s biggest shareholder Etihad Airways says dealing with the coronavirus impact on its own business meant it was unable to provide further funding to the carrier, but that it remains open to “constructive discussions” over its potential restart.
-
NewsUnions urge government to offer Virgin Australia support
Unions are calling on the government to help support Virgin Australia after the airline entered voluntary administration today. The country’s second-largest carrier has appointed Deloitte to help it recapitalise and make it through the coronavirus crisis after talks with various parties, including the government, to secure financial support failed to ...
-
NewsCanberra wants ‘market-led’ solution for Virgin Australia recap
Canberra does not want to bail out Virgin Australia and wants to see a “market-led” solution to the airline’s recapitalisation efforts. Australia’s treasurer Josh Frydenberg told a press conference today: “Virgin Australia is a very good airline, performing a very important role and this is a difficult day for its ...
-
NewsChinese airline market faces consolidation: HSBC
Consolidation among Chinese carriers appears likely, given the “unprecedented challenges” that the global airline industry is facing. A HSBC Global Research report into the Chinese airline industry says it does not “rule out the possibility of further consolidation”, adding that the three largest Chinese carriers — Air China, China ...
-
NewsUnited reports preliminary $2.1 billion first-quarter loss
United Airlines has reported a preliminary pre-tax loss of $2.1 billion for the first quarter of 2020 and a $1 billion pre-tax loss on an adjusted basis.
-
NewsFour of Norwegian’s crew subsidiaries file for bankruptcy
Scandinavian budget carrier Norwegian has confirmed that four subsidiaries which employ more than 4,000 pilots and cabin crew members in Denmark and Sweden have filed for bankruptcy.