All news – Page 950
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NewsIcelandair Group reduces cash drain as it faces $200m first-quarter loss
Icelandair Group is expecting employee cuts to reduce its cash outflow by $12 million per month over the next three months, taking into account measures by the government to pay partial salaries. The company is expecting to reveal a first-quarter loss of $208 million when it details its performance for ...
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NewsJuneyao Air slips into first-quarter loss
China’s Juneyao Air swung to a loss in the first quarter of this year and expects further losses for the remaining first half of 2020 as the coronavirus pandemic puts a damper on demand. The Shanghai-based carrier posted a net loss of over CNY491 million ($69.5 million) in the first ...
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NewsVirgin Australia targets end-June sale: administrator
Twenty parties are interested in recapitalising Virgin Australia, administrator Deloitte said after the first creditors meeting held virtually on 30 April, and the airline aims to receive binding offers in June. “A large number of parties have expressed an interest, eight have signed non-disclosure agreements and negotiations are continuing with ...
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NewsNorthrop to prototype communications gateway for fifth-generation fighters
Northrop Grumman will develop the prototype of a new system that enables improved communications among diverse platforms. The company labels the system gatewayOne, and is undertaking the work under the US Air Force’s (USAF’s) Advanced Battle Management System (ABMS) effort, following a contract with the service’s Life Cycle Management Center. ...
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NewsWarren Buffett’s investment firm sells out of four major US carriers
Renowned investor Warren Buffett has dumped his stakes in four major US carriers, four years after joking that his firm Berkshire Hathaway was set to benefit from airlines’ tendency to increase fares ahead of its shareholder events. Buffett disclosed the decision to shareholders during Berkshire Hathaway’s 2020 event on 2 ...
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NewsOpposition heaps scorn on detail-light plan for SAA transformation
South Africa’s political opposition is insisting the government detail an agreement with South African Airways unions setting out plans to establish a successor to the crumbling flag-carrier. In a response accusing the department of public enterprises of undermining SAA’s business rescue practitioners, the Democratic Alliance says it will seek a ...
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NewsBoeing clinches $25 billion in milestone capital raise
Boeing is raising $25 billion in a multi-tranche bond offering, as it buffers liquidity amid an air travel downturn that could take years from which to recover. In March, as the pandemic shut down air travel globally, Boeing had suggested that the broader US aerospace and manufacturing sector might require ...
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NewsSpirit lays off another 1,450 staff due to airframer production cuts
Spirit AeroSystems will lay off more than 1,450 additional staffers in response to Boeing’s and Airbus’ plans to reduce commercial aircraft production rates.
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NewsAeroVironment wins $76 million contract for Switchblade loitering munitions
AeroVironment has won a $76 million contract to supply an undisclosed quantity of Switchblade loitering munitions to the US Army and US Marine Corps.
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NewsFlybe administrators fight to retain carrier’s operating licence
UK regional carrier Flybe’s administrators intend to appeal to the government in a bid to retain the airline’s operating licence, warning that a sale of the business would become improbable if the licence is revoked. Flybe ceased operations on 5 March and voluntarily suspended its operating and maintenance licences. The ...
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NewsCoronavirus travel restrictions blunt Gulfstream’s first-quarter output
Travel restrictions imposed by the coronavirus outbreak resulted in around a third of completed Gulfstream business jets remaining undelivered in the first quarter, according to parent company General Dynamics. The constrained travel environment is also impacting sales of new aircraft due to the challenge of closing a deal, it says.
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NewsDelta upsizes secured private placement to $3.5bn
Delta Air Lines has priced $3.5 billion of five-year notes at 7% as it boosts its liquidity position to manage through the coronavirus pandemic.
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NewsAmerican lightens fleet load in pursuit of liquidity
American Airlines is counting on cost-saving fleet retirements and a $4.75 billion US CARES Act loan to boost its liquidity sufficiently to help see it through the next two quarters while waiting for travel demand to revive somewhat during the summer months.
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NewsFastjet negotiates loan as liquidity squeeze continues
African budget operator Fastjet Group has negotiated a $600,000 loan and is holding discussions to obtain creditor discounts to reduce its liabilities. The loan – initially for a six-month term – has been obtained from shareholder Solenta Aviation Holdings to provide working capital and liquidity while Fastjet’s operations are suspended ...
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NewsTalks continue as Norwegian fails to get bondholder majority for debt conversion plan
Norwegian is holding “constructive dialogue” with bondholders over whether a majority in favour of its debt-to-equity conversion plan can be reached, after it was rejected in an initial vote on the proposal.
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NewsFirst image of Racer helicopter’s completed cockpit breaks cover
Airbus Helicopters has offered a first glimpse of the ‘face’ of its high-speed Racer technology demonstrator with the release of an image of the completed nose section.
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NewsSafran keeps close watch on supply chain for signs of coronavirus stress
Safran is monitoring its entire global supply chain for signs of weakness amid the coronavirus pandemic, with the aerospace giant ready to deploy a range of remedies for the most seriously afflicted.
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NewsCoronavirus delays European ADS-B deadline
European Commission pushes deadline for fitting precision flight-tracking technology back six months to December, while retrofits will have until June 2023.
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OpinionEmbraer must present convincing ‘Plan B’
Collapse of merger with Boeing leaves the Brazilian airframer needing to detail an alternative.
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In depthCalifornia’s aerial firefighters face clear and present dangers
In California, the four seasons are sometimes half-jokingly said to be earthquake, mudslide, drought and fire; none of these, of course, is funny - and the wildfire management team has a fleet of 50 aircraft to prove just how serious they can be