All Africa articles – Page 29
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NewsFastjet shareholder provisionally agrees financial support
African budget operator Fastjet Group has obtained a commitment from its main shareholder, Solenta Aviation Holdings, to underwrite a capital raise of at least $1.5 million, providing the company with much-needed funding. Fastjet Group has been struggling with dwindling cash resources as it copes with flight restrictions in Zimbabwe and ...
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NewsFastjet Group to delist and convert to private company
African budget operator Fastjet Group expects to re-register as a private company by mid-September after shareholders overwhelmingly approved a delisting from the stock exchange. The company will “proceed with the cancellation of trading” of its ordinary shares on the London AIM exchange on 24 August. Shareholders voted on 12 August ...
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NewsAir Arabia dragged to half-year loss as second quarter revenues collapse
Air Arabia recorded a net loss of Dhs239 million ($65 million) in the second quarter as the pandemic virtually wiped out passenger revenues during the period and dragged the low-cost carrier into the red for the first-half.
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NewsAn-74 suffered generator failure before Gao overrun
Preliminary details of the Utair Cargo Antonov An-74 landing accident at Gao in Mali indicate the aircraft suffered an extensive electrical failure before the touchdown and overrun. Russian federal air transport regulator Rosaviatsia states that the generator of the right-hand Progress D-36 engine failed during the 3 August flight from ...
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Airline BusinessAirline coronavirus recovery tracker: August 2020 update
Our regular examination of the latest global data for several key airline market indicators, including traffic and capacity in passenger and cargo markets, airport passenger throughput, in-service and stored fleets, jet fuel costs, and share price trends for the world’s largest groups.
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NewsUN An-74 badly damaged in Mali landing accident
One of Utair Group’s freighter aircraft, an Antonov An-74 TK-100, has been substantially damaged in an accident at Gao in eastern Mali. The United Nations Multidimensional Integrated Stabilisation Mission in Mali – known as MINUSMA – says the aircraft was landing at Gao after arriving from the capital, Bamako, at ...
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NewsComair business plan pushed back as rescuers work to firm up offers
South African carrier Comair’s rescue practitioners have disclosed that a potential deal with an interested consortium has fallen through, but are pushing back publication of a business plan to provide time to consider other approaches. Publication of the business plan had been due on 28 July after an expression of ...
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NewsAir cargo decline narrows in June but market ‘exceptionally challenging’
Air freight traffic declines showed some signs of improving in June but business remains “exceptionally challenging”, according to the latest IATA market wrap-up.
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NewsFastjet seeks stock market delisting in bid to maintain crucial funding
African operator Fastjet Group is planning to delist from the stock market and register as a private company, as a condition of securing further support from key shareholder Solenta Aviation Holdings. Fastjet is listed on London’s Alternative Investment Market. But it says there is “considerable” cost and time involved in ...
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Airline BusinessNew chief has big plans for ACI, but crisis recovery comes first
The new director general of airports body ACI World has grand plans to increase the profile and reach of the organisation – but knows he must first oversee the industry’s recovery from an unprecedented crisis, as the coronavirus pandemic halves passenger traffic in 2020. “The short-term [goal] is of course ...
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NewsEthiopian 777F suffers major fire in Shanghai
An Ethiopian Airlines Boeing 777F has caught fire at Shanghai Pudong airport while cargo was being loaded. The carrier says in a statement that the aircraft is registered ET-ARH and was on a regular scheduled cargo service from Shanghai Pudong to Sao Paolo, and onward to Santiago. Videos ...
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NewsComair rescue attracts several expressions of interest
Four expressions of interest have been received by advisers to South African carrier Comair’s business rescue process. The company’s rescue practitioners state that the adviser, Redford Capital, has received 19 signed confidentiality agreements having “engaged” with 47 parties since the process began. Comair was placed under business rescue in May. ...
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NewsOpposition remains highly suspicious over SAA rescue funding
South Africa’s treasury has yet to detail how it intends to fund the rescue plan for South African Airways, as the country’s political opposition warns that it will intervene to prevent any illegitimate attempts to finance the airline’s revival. While finance minister Tito Mboweni appears to have reassured the Democratic ...
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NewsGovernment yet to clarify any funding commitment to rescue SAA
South African Airways’ state shareholder, the department of public enterprises, is claiming that the government is committing to funding the newly-agreed rescue plan for the airline, but details on the source of any financial support remain hazy. The department says the government is required to provide the rescue practitioners with ...
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NewsCreditors approve South African Airways rescue plan
Creditors have today approved a business rescue plan (BRP) for South African Airways.
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NewsGovernment tries to divide SAA pilots as creditor vote looms
South Africa’s government is appealing to individual South African Airways pilots to break from their union’s position and accept voluntary severance packages, as the beleaguered airline faces a critical creditor vote on its proposed rescue. Cockpit union SAAPA has put forward alternative proposals intended to reduce retrenchments and increase the ...
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NewsATR 72 struck sea surface after crew turned off ground-proximity system
Investigators have determined that a Royal Air Maroc Express ATR 72-600 twice struck the surface of the Mediterranean Sea during an extraordinary botched approach to Al Hoceima airport, badly damaging the turboprop before its crew diverted to Nador. Analysis of the incident showed the pilots had proceeded with an unstable ...
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NewsSAA pilots seeking ‘unaffordable’ staff retention: government
South African Airways pilots have sought to more than halve the proposed number of employee retrenchments, and instead retain almost 3,100 personnel for the carrier’s relaunch, according to the country’s government. But the proposal has been dismissed by the department of public enterprises, which insists it is “not prepared to ...
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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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NewsSAA pilots isolated as other unions gradually back severance scheme
South African Airways unions have largely indicated acceptance of voluntary severance packages as part of the airline’s rescue, after the government warned that workers’ representatives that it cannot improve on the severance offers. Cockpit union SAAPA has not followed other unions’ gradual shift into accepting the proposals, but it appears ...