All Airlines articles – Page 306
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NewsFinnair to launch €500m rights offering as coronavirus losses mount
Finnair is to launch a €500 million ($542 million) rights offering to rebuild its equity after disclosing it expects to lose around €2 million a day during the second quarter.
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NewsSouthwest plans for recession after $900 million cash burn
Southwest Airlines paired its 28 April disclosure of a first-quarter net loss of $94 million and a cash burn of $900 million in April with the announcement of additional liquidity enhancements, as it looks ahead to a near-term environment virtually devoid of travel demand.
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NewsEurocontrol scenarios illustrate need for co-ordinated recovery
Pan-European air navigation organisation Eurocontrol has underlined the importance of a co-ordinated approach to operational procedures and lifting of national restrictions during recovery from the coronavirus crisis. It has illustrated the potential difference between scenarios based on co-ordinated measures — which Eurocontrol estimates would result in the loss of 45% ...
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NewsSouthwest delays deliveries of 59 737 Max to post-2021
Southwest Airlines, among the world’s top Boeing 737 Max customers, has pushed back deliveries of 59 Max aircraft in response to the travel downturn caused by the coronavirus pandemic.
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Airline BusinessFor airlines, there has never been so much at stake
The fast-moving nature of the coronavirus crisis has created a curious situation where talk of airlines being on the brink of collapse is happening alongside discussions of how operations might be restarted in the coming weeks.
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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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NewsSouthwest to boost liquidity with concurrent deals
Southwest Airlines will enhance its liquidity position through a common stock offering and a $1 billion convertible bond, both announced 28 April.
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NewsSAS initiates work on cutting up to 5,000 jobs
Scandinavian carrier SAS has begun work on cutting up to 5,000 full-time positions from its future workforce as it warns it is likely to take “some years” before air travel demand returns to pre-crisis levels. SAS will hold talks with unions over the proposed cuts, which will apply to staff ...
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NewsCoronavirus punishes ANA’s profitability and revenue
The parent company of All Nippon Airways (ANA), ANA Holdings, saw coronavirus hurt both profitability and revenue during its 2019 fiscal year, as it painted a bleak outlook for the immediate future. Consolidated operating profit of for the 12 months ended 31 March fell 63% to Y61 billion ($569 million), ...
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NewsSwiss to modify 777s for cargo-only flights
Swiss intends to reconfigure three Boeing 777s as cargo aircraft under a plan to operate more than 100 freight services to Asia and North America by the end of May. The Lufthansa Group carrier says it will establish “a new network of cargo-only services” to operate up to three daily ...
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Airline BusinessNew AAPA chief sees multilateral effort as key to restoring air travel
The Association of Asia Pacific Airlines (AAPA) is optimistic about the future of air travel in the region, but stresses that rebooting the air travel sector will take substantial coordination. Subhas Menon is the new director general of the AAPA, succeeding Andrew Herdman. Prior to joining the association he spent ...
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NewsNorwegian sets out survival plan and sounds warning on cash
Norwegian will run out of cash by mid-May if it does not secure the remainder of its state aid package, the Scandinavian budget carrier has warned in a report to bondholders which lays out plans for a “new Norwegian” that will not start to take off until 2021.
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NewsStobart agrees to buy back regional unit and aircraft lessor
Stobart Group has agreed with the administrators of Connect Airways to buy back Irish regional carrier Stobart Air and aircraft lessor Propius in a deal aimed at handling outstanding financial commitments.
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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.
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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.
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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 ...
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NewsThai carriers prepare to restart domestic flights
Some airlines in Thailand are preparing to restart domestic flights on 1 May with distancing and temperature screening measures in place. The Civil Aviation Authority of Thailand met with representatives from 20 airlines to discuss guidelines and rules for the resumption of flights, the Tourism Authority of Thailand said on ...
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NewsSIA to move a fifth of A380 fleet to desert storage
Singapore Airlines (SIA) will shift four Airbus A380s to long-term storage at Alice Springs airport in central Australia. The first of four double-deckers arrived on 26 April, according to a Facebook post by Alice Springs airport; the jets will be stored at Asia Pacific Aircraft Storage. Video: A380 ...
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NewsVietnam domestic market shows signs of life
Vietnam’s domestic air travel market is taking tentative steps back to normality with the country’s airlines adding flights as the coronavirus pandemic ebbs. Vietnam Airlines has started operating four to six flights daily on the key Hanoi-Ho Chi Minh City route, with this to grow to 11 flights daily in ...
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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 – ...