All articles by Cirium – Page 28
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NewsSwiss removes 28 A320s from service for winter
Lufthansa subsidiary Swiss is temporarily withdrawing 28 older Airbus A320-family aircraft from service for the winter timetable to save costs, and instead deploying “more efficient” Airbus A220s, A320neos and A321neos across its short- and medium-haul network.
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NewsLufthansa Group names new chief financial officer
Lufthansa Group has appointed Remco Steenbergen to serve as chief finance officer from 1 January. He currently holds the same position at Swiss chocolate and cocoa manufacturer Barry Callebaut Group. Lufthansa says its finance department will be “re-established” with Steenbergen’s appointment. The airline’s previous finance chief, Ulrik Svensson, stepped down ...
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NewsUnion conflict erupts at TUIfly over restructuring plan
Management at German leisure carrier TUIfly and pilot union Vereinigung Cockpit are blaming each other for a breakdown in talks about restructuring measures amid the air transport crisis.
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NewsWizz signs ‘indefinite’ contract with chief Varadi
Wizz Air chief executive Jozsef Varadi has agreed to lead the central European budget operator indefinitely. In a 10 November stock-exchange notice, Wizz says it has agreed a new service contract with Varadi. Source: BillyPix “The contract term is indefinite and the terms of his service agreement ...
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NewsNorwegian flags ‘significant’ bankruptcy risk amid heavy losses
Scandinavian budget carrier Norwegian has today warned that it faces a “significant risk” of insolvency, as it revealed a third-quarter net loss of NKr980 million ($108 million). Still reeling from the Norwegian government’s 9 November announcement that it would not provide any more financial support to the struggling airline, the ...
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NewsWizz pares new Norwegian domestic routes
Wizz Air is temporarily pulling back several of its new Norwegian domestic services during November. That carrier says it has “decided to implement some short-term temporary flight cancellations” following recommendations from the Norwegian government that individuals hold back from domestic travel. Source: Wizz Air “The airline continues ...
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NewsSouth Africa's Comair to restart with 15 aircraft on 1 December
South African carrier Comair will initially operate 15 aircraft across its two airline brands when it restarts flights from 1 December.
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NewsLufthansa prepares ground for possible part-sale of MRO unit
Lufthansa Group is making preparations for responding to enquiries from investors interested in taking a stake in its MRO division.
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NewsGerman airports edge closer to receiving state support
Germany’s federal and regional governments will discuss over the next two weeks the possibility of providing state aid to airports in the country to help them recover from the Covid-19 crisis. The European Commission in August approved a proposal by Germany that would enable authorities at federal, state and municipal ...
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NewsKLM gets green light for €3.4 billion state loan package
KLM has received final approval for its “crucial” €3.4 billion ($4 billion) loan package from the Dutch government. The airline states in a 6 November stock-exchange notice that following agreements with eight trade unions, it has now “satisfied a key requirement” for accessing the aid, “ensuring final approval” of the ...
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AnalysisLessors submit proposals to Thai Airways – reluctantly
Thai Airways’ lessors were given a 4 November deadline to tell the carrier what by-the-hour rates, rental haircuts, and other concessions they would be willing to offer the struggling flag carrier to help with its restructuring. Sixteen lessors have exposure to the airline and its subsidiaries, to the tune of ...
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NewsLufthansa outlines long-haul fleet plan for Eurowings
Lufthansa Group foresees that Eurowings will operate no more than seven long-haul aircraft in 2021 amid plans for the low-cost subsidiary’s intercontinental operations to be consolidated in new unit Ocean.
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NewsNorwegian debt-equity swap follows 90% fall in October traffic
Scandinavian low-cost carrier Norwegian has converted another €1.7 million ($2 million) of debt into equity after perpetual bondholders agreed to swap loans for shares. The bonds are being converted into nearly 4.6 million new, freely tradeable shares in the company, states Norwegian in a 5 November notice to the Oslo ...
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NewsPandemic shakes banks’ trust in state support of flag carriers
The Covid-19 crisis has forced lenders to reassess their traditional view of flag carriers as relatively safe credits due to their implied government support, two aviation financiers have suggested. Going into the crisis in March, Deutsche Bank’s Richard Finlayson expected Asian governments to be more supportive of their airlines and ...
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NewsNok Air green-lit to pursue restructuring
Nok Air has gained court approval to restructure under a business-rehabilitation process. In a 4 November notice to the Thai stock exchange, Nok chief executive Wutthiphum Jurangkool states that the central bankruptcy court has “ordered granting the company to be in business rehabilitation”. Source: Nok Air The 737-800 ...
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NewsSabena Technics acquires military support specialist
French MRO provider Sabena Technics has acquired military aircraft support specialist AeroTech Pro to strengthen in the defence arena.
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NewsQatar Airways activates Boeing 787-9 fleet
Qatar Airways has begun operating its Boeing 787-9 fleet, putting four of the long-haul twinjets into service.
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NewsGerman carrier Sundair in restructuring under ‘protective shield’
Sundair has launched a restructuring process under a ‘protective shield’ procedure that enables the German leisure airline to continue operations. It tells Cirium that the process, enshrined in German legislation, is not an insolvency procedure, but rather applies to companies that “recognise business problems at an early stage” and have ...
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NewsPool of financeable airlines down to a handful: Wings Capital
The pool of airlines that lenders are willing to accept as collateral has gone “really just down to a handful” amid the Covid-19 pandemic, the chief financial officer of Wings Capital Partners has said. At the beginning of the crisis, everyone in the industry was “just trying to assess what ...
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NewsAircastle’s profit falls to $5.8 million in Q3
Lessor Aircastle has posted a $5.8 million profit for the third quarter ended 30 September, a significant drop on the same quarter last year when the lessor made $43.3 million in profit. Total lease revenue for the three months was down 12.5% to $189 million, while total revenues dropped 18.8% ...