News from FlightGlobal – Page 443
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NewsCathay Pacific mulls parking aircraft outside Hong Kong
Cathay Pacific Group is considering parking some aircraft outside of its Hong Kong base to protect them from the city’s hot and humid summer. The company tells Cirium it is looking into this “for operation management reasons”. “At the present time our aircraft are parked at Hong Kong International Airport, ...
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NewsAuditor questions AirAsia Group’s survival
Accounting firm Ernst & Young has questioned the AirAsia Group’s ability to remain a going concern, citing deteriorating finances amid the coronavirus pandemic. It notes that the group suffered a full-year net loss of MYR283 million ($66 million) in 2019, a year in which liabilities exceeded assets by MYR1.8 billion. ...
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NewsAerCap sees big drop in Q2 lease agreements
Lessor AerCap signed lease agreements covering only 10 aircraft in the second quarter of 2020, down from 48 in the same period last year. The 10 aircraft comprise one widebody and nine narrowbodies, while in Q2 2019 AerCap signed deals for four widebodies and 44 narrowbodies, says the company. Aircraft ...
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NewsJiangxi Air applies to start international operations
Chinese carrier Jiangxi Air has applied to the country’s civil aviation authorities to start international passenger and cargo operations. A notice from the Civil Aviation Administration of China (CAAC) states the Nanchang-based airline had applied to be able to fly to Hong Kong, Taiwan, as well as flights to “neighbouring ...
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NewsKorean Air to sell in-flight catering and retail businesses
Korean Air is selling its in-flight catering and duty-free businesses and has signed a memorandum of understanding with local private equity fund, Hahn & Company. The investment firm describes itself as “specialising in buyouts and corporate restructurings in South Korea”, according to its website. Korean said in a statement today ...
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NewsUnited sees cancellations rise, warns of furloughs
United Airlines says cancellations of forward bookings are once again rising due to new travel restrictions and increasing numbers of coronavirus cases across the southern sun belt states, prompting a warning that furloughs will be inevitable.
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NewsCanada’s Nolinor announces launch of new airline
Canadian passenger and freight charter airline Nolinor Aviation has announced plans to launch a new airline later this year despite the coronavirus crisis that has decimated much of the travel industry.
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NewsAeromexico looks to quit 19 aircraft leases
Grupo Aeromexico, the parent company of Mexico’s flag carrier, has petitioned to be released from aircraft and engine leases as it seeks to shrink its fleet to reduce costs.
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NewsVolaris chief lauds flexible cost base but fleet will be flat to 2023
Mexican ultra-low-cost carrier Volaris is weathering the coronavirus storm thanks to its variable cost base, but still expects its fleet size to be flat through to 2023 as demand inches back.
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NewsBlue Air takes creditor protection step as it rebuilds network
Romanian carrier Blue Air has taken a preventative measure under local insolvency law as it further restores its network after the coronavirus grounding. Blue Air says it has taken the protective measure of ’concordant procedure’ - a preventative action under which companies seek to reach agreement with creditors. ...
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NewsKenya to reopen international flights on 1 August
Kenya has become the latest African country to announce dates for the resumption of scheduled flights, amid reports that its flag carrier plans to make job cuts ahead of a possible nationalisation.
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NewsAeroflot chief sets out expectations for restoration of international network
Russia’s Aeroflot Group is hoping to restore 80% of its international services by the end of this year, and restore the network fully by the end of the winter season in March 2021. Chief executive Vitaly Saveliev has outlined the ambition during a meeting with Russian president Vladimir Putin. Saveliev ...
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NewsLufthansa halves new-aircraft intake and cuts jobs
Lufthansa will halve the number of new aircraft it takes through to end-2023 as part of a second set of restructuring measures announced today.
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NewsVirgin Australia bondholders challenge sale to Bain Capital
Two parties representing Virgin Australia bondholders have challenged the airline’s sale to Bain Capital with the intention of making an alternative proposal. In an application to the Australian Takeovers Panel, Singapore-based fund manager Broad Peak Investment Advisers (Broad Peak) and Hong Kong’s Tor Investment Management submit that “certain circumstances regarding ...
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NewsHK Express pushes flight resumption back to August
Hong Kong low-cost carrier HK Express will not resume flights until the first week of August, over three weeks later than previously announced. The airline, which was purchased by Cathay Pacific Airways in July 2019, planned to resume flights on 11 July, but said yesterday it will postpone the resumption ...
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NewsTrent-powered 787 operators to check for disc fin cracks
Operators of Rolls-Royce-powered Boeing 787s are set to be instructed to conduct inspections of certain Trent 1000 low-pressure turbine discs, over a possible cracking risk. Assessment of certain discs in service has revealed that rubbing contact with interstage static seals can lead to cracks in the front seal fins – ...
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NewsEl Al could be renationalised as it opts for share issue
Israeli flag-carrier El Al has given up pursuing a $400 million state-backed loan and opted for an alternative fundraising package which could result in the airline being renationalised. El Al’s board has chosen a $250 million bank loan, which would have a state guarantee, alongside a $150 million share issue, ...
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NewsPandemic pushes AirAsia into the red
AirAsia Group slipped to a MYR953 million ($223 million) net loss in the first quarter, down from a MYR102 million profit in the same three-month period of 2019, as Covid-19 caused demand to plummet.
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NewsAir Arabia Abu Dhabi to open flights with Egyptian routes
Middle Eastern budget carrier Air Arabia’s new Abu Dhabi-based spin-off is to open services in mid-July with initial operations to two Egyptian cities. Air Arabia Abu Dhabi is to operate to Alexandria, from 14 July, and Sohag from the following day. It will commence services with a pair of Airbus ...
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NewsJapan’s ANA and JAL secure $1.6bn in export-credit guarantees
The Japan Bank for International Cooperation is providing guarantees totalling Y174 billion ($1.6 billion) for aircraft-import loans to ANA Holdings and Japan Airlines. The export-credit agency on 9 June signed an agreement with private financial institutions to provide a Y88.4 billion guarantee against the principal and interest of their loans ...