All Icelandair articles – Page 5
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NewsIcelandair reaches crucial restructuring pact with cabin crew union
Icelandair Group has achieved a breakthrough in its restructuring efforts, with a provisional productivity agreement with cabin crew representatives. While the company had reached new deals with its pilots and aircraft mechanics, cabin crew union FFI was holding out and Icelandair Group was pessimistic over progress. But it states that ...
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NewsIcelandair rejigs restructuring timeline as crucial talks continue
Icelandair Group has pushed back by two weeks a provisional deadline for reaching restructuring agreements with various partners, forcing it to revise the timeline for a planned share offering. It has notably yet to reach a deal with cabin crew representatives, and the company is expressing “concern” that no “significant ...
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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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NewsIcelandair Group seeks to raise $200m through new shares
Icelandair Group is planning to issue up 30 billion new shares to support its financial position, with the aim of raising up to $200 million in equity. The company has about 5.4 billion shares in issue, giving it a market capitalisation of around IcKr12.9 billion ($88.6 million). Icelandair Group has ...
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NewsIcelandair cuts staff and salaries to survive
Icelandair is axing 2,000 staff and imposing reduced working hours and wage cuts on its remaining employees as it looks to shore up its finances.
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NewsIcelandair converting 767s for Chinese medical supply flights
Icelandair Group is to reconfigure three Boeing 767s to transport cargo after reaching an agreement to operate freight flights between China and Germany. It has entered a pact with German firm DB Schenker, which is owned by rail company Deutsche Bahn. Icelandair Group says the 767s will have their passenger ...
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NewsIcelandair plans new share issue to prop up financial position
Icelandair Group is preparing to issue new shares to shore up its liquidity and strengthen its financial position during the coronavirus-driven downturn. The company has yet to disclose the size of the share issue planned. But it says the intention of the offer is to ensure its “long-term competitiveness” after ...
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NewsIncorrectly-sized parts found after Icelandair 757 gear collapse
Investigators have found incorrectly-sized components on the landing-gear assembly of an Icelandair Boeing 757-200 which suffered a main landing-gear collapse at Reykjavik earlier this year. Icelandic investigation authority RNSA has recommended specific safety checks on four aircraft serviced by Landing Gear Technologies, to ensure that parts which have undergone undersizing ...
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NewsIcelandair Group studies options to avoid liquidity depletion
Icelandair Group has recruited advisors to look into options for reinforcing its capital structure, and explore possibilities for strengthening its competitiveness. It states that its liquidity position is still “well above” its minimum level of $200 million. But it adds that – given the assumption of “minimum revenue generation” in ...
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NewsIcelandair to absorb regional Air Iceland Connect operation
Icelandair Group will fold the activities of Air Iceland Connect into its mainline operation and eliminate the position of the regional arm’s managing director.
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NewsIcelandair Group shifts nearly all staff to temporary working
Icelandair Group has disclosed that it is operating only 14% of its flight schedule and expects this to reduce further, and that it is taking steps to move 92% of employees to temporary part-time working. But it is also cutting 240 personnel across its divisions. The group employs just over ...
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NewsIcelandair expects 25% cut in summer capacity
Icelandair Group is expecting a summer season capacity cut of at least 25% on the previous forecasts, and is working with unions to secure salary reductions. The airline operates a business model based on transatlantic connections via Reykjavik, and has been hit by US-European travel restrictions linked to the coronavirus ...
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NewsIcelandair 757 suffers main-gear collapse at Keflavik
One of Icelandair’s Boeing 757-200s appears to have suffered a landing-gear collapse upon arrival at Reykjavik’s Keflavik airport. Images from the scene circulating on social media, purporting to show the aftermath, indicate that the right-hand main landing-gear has collapsed, leaving the twinject (TF-FIA) listing to the right with its starboard ...
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NewsIcelandair reiterates interest in potential Airbus order
Icelandair intends to decide over “the next few months” whether to introduce Airbus types to its all-Boeing fleet.
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NewsIcelandair counts costs of 737 Max grounding
Icelandair Group estimates that the Boeing 737 Max grounding has had a net negative effect of $100 million on the company’s EBIT to date.
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NewsIcelandair expects minimal impact from new 737 Max delay
Icelandair says that it has made contingency plans so that the renewed delay of the Boeing 737 Max’s return to service will have minimal impact on its summer 2020 schedule and its financial bottom line.
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NewsIcelandair not expecting 737 Max return before May 2020
Icelandair Group’s pessimism over the Boeing 737 Max’s return to service has deepened, with the company disclosing that it does not expect to re-introduce the twinjet before May next year. The company says the delay will have “minimum impact” on Icelandair’s flight schedule and its passengers, because the carrier has ...
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NewsIcelandair expects 737 Max to re-enter service in March
Icelandair is expecting the Boeing 737 Max to return to service in March next year, 12 months after its grounding.
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Icelandair secures additional 737 Max compensation
Icelandair Group has reached a second agreement with Boeing regarding partial compensation for the 737 Max suspension.
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Shift of 737 Max costs cuts Icelandair full-year loss forecast
Icelandair Group has slashed its forecast full-year losses, partly owing to its extending the suspension of Boeing 737 Max services.