All Strategy news – Page 165
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News
Bankruptcy is not a financial tool: American chief
American Airlines chief executive Doug Parker expects all the major US airlines to survive the current zero-revenue environment created by coronavirus pandemic, including the one he leads. Despite the many millons of dollars being burned daily by American (and by its peers), filing for bankruptcy protection is not perceived by ...
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United reshuffles management to prepare for post-coronavirus world
United Airlines says that it is reshuffling top management roles to better prepare itself for a post-coronavirus transformation.
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American sees signs of travel rebound
American Airlines says it sees promising signs of a rebound in air travel after the coronavirus pandemic decimated the industry earlier this year, but warns that the bounce in demand is tenuous, and from a vanishingly low level.
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Kenya Airways losses widen in 2019 on higher costs
Kenya Airways pre-tax losses deepened to KSh13 billion for the year ending December 2019 despite increasing passenger levels and revenues.
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Administrators see ‘reasonable’ prospect of SAA rescue
Business rescue practitioners at South African Airways describe as “reasonable” the prospects of rescuing the struggling carrier, though stress this is dependent on the necessary funding.
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Lufthansa board delays state aid approval over EU conditions
Lufthansa’s supervisory board has postponed pushing ahead with approving crucial state-supported funding because of European Commission conditions attached to the package.
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SAA rescuers pour cold water on plan to resume domestic flights
South African Airways’ plan to restart domestic flights in mid-June has been called into question by its rescuers, who have criticised the airline for releasing an “unvetted” public statement that created an “unfair expectation” among stakeholders.
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Hainan reduces shareholding in MRO arm, divests training unit
Hainan Airlnes will reduce its stake in its MRO unit and divest its training unit to other HNA Group companies as it seeks to intensify its focus on the core passenger and cargo business. Hainan will reduce its stake in MRO unit HNA Technic to about 68%, with the ...
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Airline Business
More Latin American airlines could face liquidity shocks
LATAM and Avianca are Latin America’s first carriers to file for bankruptcy protection amid the pandemic, but they are unlikely to be last considering the slow pace at which the region’s governments have implemented financial assistance programmes.
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IATA spells out airline failure fears from rising debt burden
IATA is warning that the increased debt levels being racked up by airlines to counter the revenue shortfall during the coronavirus grounding means a slower recovery and the potential for failures remain even though state interventions have been made.
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Thai government reduces stake in Thai Airways
The Thai government is no longer a majority shareholder in Thai Airways after the country’s finance ministry reduced its stake to 47.86% from 51.03%. “After the reduction of shareholding percentage held by the Ministry of Finance in the company, the company shall cease to be a state enterprise under the ...
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Jet2 pushes back resumption of flights to 1 July
UK budget carrier Jet2 will restart operations on 1 July, having previously said it would begin flying again on 17 June.
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EasyJet shareholders back airline’s board in Stelios dispute
EasyJet founder Stelios Haji-Iaonnou has failed in his attempt to oust the airline’s management team
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United plans to remove seats from regional jets, CEO seeks union concessions
United Airlines says it is working on drawing up plans to remove middle seats on some regional aircraft if it is forced to furlough pilots due to the slow recovery following the global coronavirus pandemic.
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Finnair seeks further layoffs to match reduced flying schedule
Finnair will enter talks with its entire workforce to secure additional temporary layoffs aimed at downsizing the number of employees to match its much-reduced flying schedule over the coming months.
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News
Norwegian secures key state loan after sealing equity restructuring
Norwegian has completed its financial restructuring under which it converted NKr12.7 billion ($1.27 billion) debt into equity to enable it to access NKr3 billion in lifeline state aid.
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Airline Business
Why airline loyalty programmes must go back to their roots
Ravindra Bhagwanani, managing director at frequent flyer programme specialists Global Flight, considers why the coronavirus crisis means airlines will need to look to the past and improve the value proposition of their loyalty schemes if they are to keep customers in future
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KKR to buy six Delta A321s in sale-leaseback deal
Investment company KKR has signed an agreement to buy six Airbus A321s from Delta Air Lines, which it will lease back to the Atlanta-based carrier.
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Hawaiian Airlines hopes for speedy end to quarantine
Hawaiian Airlines chief executive Peter Ingram says the lifting of Hawaii’s blanket coronavirus quarantine order for all inbound travelers will be integral to returning to normalcy for the airline, and the state, for which tourism is an essential industry.
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Delta aims to reduce cash burn to zero by year-end
Delta Air Lines says it aims to reduce its daily cash burn to zero by the end of the year as it begins to ramp up its schedule to accommodate a small uptick in demand after the global coronavirus pandemic decimated air travel several weeks ago.