All Strategy news – Page 147
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News
Air Canada and Transat sharply discount takeover deal
Air Canada and Transat AT, the parent company of Air Transat, have renegotiated the terms of their planned tie-up, sharply discounting the price per share. The move was prompted by the devastating impact of the coronavirus on the air transport industry. The two Montreal-based carriers stated on 10 October that ...
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NewsNorwegian opens consultation over Gatwick job cuts
Scandinavian low-cost carrier Norwegian has opened a formal consultation over staff cuts at its London Gatwick base as the sustained impact of the global pandemic on air travel continues. The consultation relates primarily to short-haul pilots and cabin crew at Norwegian’s Gatwick base and potentially covers 259 roles. The airline ...
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NewsRyanair chief expects 737 Max return ‘in next month or so’
Ryanair mainline chief executive Eddie Wilson expects Boeing 737 Max jets to enter service in the USA imminently.
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NewsAllegiant burned $1.3 million daily during third quarter
The parent company of Allegiant Air burned a daily average of $1.3 million in cash during the third quarter, including debt payments, rising from its daily cash burn average of $900,000 during the second quarter.
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NewsAirports saw 58% drop in passengers during first half of 2020
Worldwide airport passenger numbers were down 58.4% year on year during the first half of 2020 as the pandemic weighed on travel demand, according to ACI World data released today.
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NewsPortuguese government completes TAP stake increase
Portugal’s government has completed its acquisition of an additional 22.5% stake in TAP, clearing the way for the airline to access the rest of its state loan.
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Airline BusinessCreditors face painful choice over AirAsia X
AirAsia X has asked creditors to accept an epic debt haircut, offering two painful options amid an airline industry in crisis. Announced on 6 October, the plan, if approved, would see liabilities of some MYR63.5 billion ($15.3 billion) reduced to just MYR200 million payable within the next five years at ...
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NewsEasyJet expects full-year losses of more than £800m
EasyJet is set to make a group headline loss for the year ended 30 September of between £815-£845 million ($1-$1.1 billion) and expects to fly only a quarter of its planned capacity over the remainder of the calendar year as the pandemic continues to hit demand.
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NewsCebu Pacific to raise $500 million in fresh capital
Cebu Pacific announced plans to raise up to $500 million in additional capital — by selling preferred shares and bonds — as it undertakes a restructuring exercise that sees it cut its fleet and network to cope with reduced travel demand. The Philippine low-cost carrier discloses that it will raise ...
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NewsAustrian cuts back winter capacity as Covid-19 cases rise
Austrian Airlines has become the latest European carrier to scale back winter capacity amid rising coronavirus infections and ongoing travel restrictions.
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NewsWizz Air to launch domestic Norwegian services
Wizz Air plans to establish a base at Oslo Gardermoen airport and operate domestic Norwegian services to Bergen, Tromso and Trondheim from early November.
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NewsTrump halts negotiations on bill that included airline aid
Hope that lawmakers might agree to a second airline financial aid package grew dim on 6 October, after President Donald Trump called an end to negotiations, leaving thousands of furloughed aviation workers with no immediate prospect of returning to their jobs.
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NewsSouthwest to cut pay in order to avoid furloughs through 2021
Southwest Airlines will cut employee pay in order to attempt to prevent furloughs through the end of 2021.
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NewsAirAsia X to shed aircraft and restructure debts
Grounded long-haul low-cost carrier AirAsia X has unveiled a restructuring plan under which it aims to get debts waived and cut aircraft from its fleet in the hope that it will be able to avoid liquidation and raise fresh equity. AirAsia X says it “will not be able to meet ...
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NewsNorwegian September passenger numbers at just 10% of 2019 levels
Norwegian carried just 320,000 passengers in September, less than 10% of the number it flew in the same month last year as the airline remains in hibernation mode. The low-cost carrier had flown 3.3 million passengers in September 2019. The reduction is even starker as measured in RPKs, as ...
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NewsAvianca boosted as US court clears it to access $2 billion in financing
Colombia-based Avianca has received approval from the US Bankruptcy Court for the Southern District of New York to access the $2 billion debtor-in-possession financing for which it had secured funding commitments on 21 September.
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NewsSouthwest’s chief Kelly seeks concessions from unions
Southwest Airlines’ chief executive Gary Kelly has reiterated that there will be no involuntary furloughs or pay cuts at the Dallas-based carrier through the end of the year, whether or not the federal government extends the US CARES Act’s payroll support programme.
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NewsAir New Zealand announces executive changes
Air New Zealand has announced further changes to its executive team – the addition of a new role as well as the resignation of its finance chief. Leanne Geraghty has been appointed to the newly created position of chief customer and sales officer, reporting directly to chief executive Greg Foran. ...
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NewsAirAsia Group confirms AirAsia Japan closure
Malaysia’s AirAsia Group has officially announced it will shut operations in Japan. “The company wishes to announce that it has today been notified of the decision taken by the board of directors of AirAsia Japan to cease its operations with immediate effect,” AirAsia Group says today in a Bursa Malaysia ...
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NewsEuropean regulators propose extending temporary state aid exemptions
European Commission regulators are proposing extending by a further six months and widening the scope of the temporary relaxations around state aid rules under which a string of airlines have been supported through the global pandemic. As the coronavirus crisis hit the Commission introduced, through three separate amendments, temporary measures ...