All Strategy news – Page 151
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NewsKumho’s effort to sell Asiana stake collapses
A deal that would have seen HDC Hyundai Development (HDC) obtain control of Asiana Airlines has fallen through. Kumho Industrial, which owns a controlling stake in the carrier, informed the airline’s main creditor, Korea Development Bank (KDB), of the deal’s collapse, according to a report by the official Yonhap news ...
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NewsLATAM names former JetBlue executive as new commercial chief
Chile’s LATAM Airlines has appointed Marty St. George to be its new chief commercial officer.
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NewsTransat’s fiscal Q3 yields 99% decline in revenue
Canada’s Transat AT, the parent company of leisure carrier Air Transat, posted revenues of just C$9.5 million ($7.2 million) in its third fiscal quarter. During that period, it had just a single week of operations due to business interruptions from the coronavirus pandemic.
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NewsSingapore Airlines to slash 4,300 jobs across group as pandemic takes toll
Singapore Airlines Group is to cut 4,300 positions across its airlines in a further sign of the scale of the impact of the coronavirus pandemic on the air travel industry. SIA expects to only be operating less than half its capacity by the end of the current financial year in ...
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NewsJin Air to modify one 777-200ER for cargo-only operations
South Korea’s Jin Air is scheduled to remodel one Boeing 777-200ER passenger aircraft for cargo-only operations. The modifications are due to take place in October and will increase the aircraft’s cargo capacity by 10t to 25t. Source: FlightGlobal file photo Jin Air will modify one Boeing 777-200ER to ...
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NewsAir NZ extends 777 grounding to September 2021, or beyond
Air New Zealand will ground its Boeing 777 fleet for nearly one more year, as it notes that recovery from the coronavirus pandemic will be “slower than initially thought.” Instead of resuming 777 operations at the end of the year, the carrier says it will store the aircraft “until at ...
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NewsVolaris seeks shareholder approval for $162 million capital raise
Volaris is seeking to raise up to 3.5 billion Mexican pesos ($162 million) through a rights offering, share sale or debt issuance to strengthen its balance sheet and enable it to take advantage of market opportunities.
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NewsKorean Air starts cargo operations with converted 777-300ER
Korean Air has began cargo operations with a freight-optimised Boeing 777-300ER, after it received regulatory approval to modify the popular widebody. The aircraft, registered HL8208, operated its first cargo flight on 8 September, from Seoul Incheon to Columbus, Ohio in the USA. Source: Greg Waldron Korean ...
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NewsLufthansa makes case for expanding airport Covid testing scheme
Lufthansa has disclosed that 150,000 passengers were monitored for Covid-19 at the Frankfurt airport testing facility it opened in late June with Fraport and Centogene, and about 1% of samples taken over the last six weeks gave a positive result for the disease.
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NewsAirAsia Group seeks to raise up to $600 million by end of 2020
Malaysia’s AirAsia Group is looking to raise up to MYR2.5 billion ($600 million) before the end of the year. The company confirms to Cirium that it is talking to private equity, strategic partners, as well as both local and foreign conglomerates. It plans to raise up to MYR1.5 billion from ...
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NewsEasyJet latest to scale back capacity amid travel restrictions
EasyJet has become the latest European carrier to cut capacity plans in the light of demand being negatively hit by increased travel restrictions.
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NewsChina Eastern unit OTT Airlines seeks regulatory approval
OTT Airlines, the newly-launched subsidiary of China Eastern Airlines, has applied to the Civil Aviation Administration of China (CAAC) for regulatory approval to commence operations. The CAAC discloses that OTT was established with registered capital of CNY1.5 billion ($219 million) and is solely funded by China Eastern. Source: ...
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NewsUK to set out ‘aviation recovery strategy’ this autumn
UK ministers intend to publish an ”aviation recovery plan” this autumn setting out how they will get the sector back on track, as industry stakeholders continue to press for action amid the stalled restoration of passenger services.
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NewsTAP awarded first €500 million of state rescue loan
TAP Portugal has received just under €500 million ($591 million) of its potential €1.2 billion state rescue loan from the Portuguese government, the airline has disclosed. In June, the European Commission approved Portugal’s plan to lend the carrier up to €1.2 billion to help address “immediate liquidity needs” arising from ...
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NewsStobart confirms Falko among possible buyers for regional unit
Stobart Group has confirmed it is in ‘early stage’ discussions with a number of parties including Falko Regional Aircraft over the possible sale of its regional arm Stobart Air and aircraft lessor Propius.
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NewsEC clears €200m Italian aid for Alitalia
A direct government grant of almost €200 million ($236 million) to Alitalia has been approved by the European Commission to compensate the airline for damage caused by the Covid-19 pandemic.
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NewsVirgin Atlantic to cut 1,150 more jobs after restructuring approved
UK carrier Virgin Atlantic is to cut a further 1,150 jobs after formally securing court approvals for a restructuring plan which will unlock £1.2 billion ($1.6 billion) worth of refinancing.
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Airline BusinessWhy airline lifelines might be followed by more rescue measures
News that Virgin Atlantic has secured court approval for its planned recapitalisation marks the latest in series of rescue deals that have been struck to ensure airlines around the world can stay airborne. Some have simply secured protection from creditors while they re-organise. Others have secured fresh capital – be ...
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NewsVirgin Australia creditors give green light for Bain sale
Virgin Australia’s creditors have approved the sale of the carrier to US private equity group Bain Capital, with the full transfer of ownership expected to complete by end October. At the second creditors’ meeting on 4 September, the carrier’s creditors voted in favour of Bain’s proposal, which will see unsecured ...
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NewsRyanair eyes liquidity boost as it targets €400m from share issue
Ryanair is to launch a share issue aimed at raising gross proceeds of around €400 million ($475 million) to help de-risk the group’s debt repayments and better position it to capitalise on fresh growth opportunities in the market