News from FlightGlobal – Page 467
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NewsFlybe administrators work to sell aircraft support operations
Administrators of collapsed UK regional carrier Flybe are finalising the sale of its aircraft support operation, Flybe Aviation Services, which has continued to trade. The EY administrators, in a statement of proposals, say they are aiming to complete the transaction “in the coming days” after receiving offers for the division. ...
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NewsNorwegian secures bondholder and lessor support ahead of crunch vote
Norwegian expects to convert more than Nkr10 billion in debt to equity after reaching agreement with more lessors and bondholders, clearing the path to unlocking crucial further state aid.
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NewsHainan optimistic of rebound amid steep Q1 loss
Hainan Airlines swung back into the red for its first-quarter results for 2020, joining other Chinese carriers who reported losses amid the coronavirus outbreak. However, the carrier, China’s fourth largest, is optimistic its financial results will improve in the second quarter, as it “adjusts its business strategy” and cuts ...
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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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NewsJuneyao Air slips into first-quarter loss
China’s Juneyao Air swung to a loss in the first quarter of this year and expects further losses for the remaining first half of 2020 as the coronavirus pandemic puts a damper on demand. The Shanghai-based carrier posted a net loss of over CNY491 million ($69.5 million) in the first ...
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NewsVirgin Australia targets end-June sale: administrator
Twenty parties are interested in recapitalising Virgin Australia, administrator Deloitte said after the first creditors meeting held virtually on 30 April, and the airline aims to receive binding offers in June. “A large number of parties have expressed an interest, eight have signed non-disclosure agreements and negotiations are continuing with ...
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NewsWarren Buffett’s investment firm sells out of four major US carriers
Renowned investor Warren Buffett has dumped his stakes in four major US carriers, four years after joking that his firm Berkshire Hathaway was set to benefit from airlines’ tendency to increase fares ahead of its shareholder events. Buffett disclosed the decision to shareholders during Berkshire Hathaway’s 2020 event on 2 ...
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NewsOpposition heaps scorn on detail-light plan for SAA transformation
South Africa’s political opposition is insisting the government detail an agreement with South African Airways unions setting out plans to establish a successor to the crumbling flag-carrier. In a response accusing the department of public enterprises of undermining SAA’s business rescue practitioners, the Democratic Alliance says it will seek a ...
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NewsFlybe administrators fight to retain carrier’s operating licence
UK regional carrier Flybe’s administrators intend to appeal to the government in a bid to retain the airline’s operating licence, warning that a sale of the business would become improbable if the licence is revoked. Flybe ceased operations on 5 March and voluntarily suspended its operating and maintenance licences. The ...
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NewsDelta upsizes secured private placement to $3.5bn
Delta Air Lines has priced $3.5 billion of five-year notes at 7% as it boosts its liquidity position to manage through the coronavirus pandemic.
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NewsAmerican lightens fleet load in pursuit of liquidity
American Airlines is counting on cost-saving fleet retirements and a $4.75 billion US CARES Act loan to boost its liquidity sufficiently to help see it through the next two quarters while waiting for travel demand to revive somewhat during the summer months.
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NewsFastjet negotiates loan as liquidity squeeze continues
African budget operator Fastjet Group has negotiated a $600,000 loan and is holding discussions to obtain creditor discounts to reduce its liabilities. The loan – initially for a six-month term – has been obtained from shareholder Solenta Aviation Holdings to provide working capital and liquidity while Fastjet’s operations are suspended ...
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NewsTalks continue as Norwegian fails to get bondholder majority for debt conversion plan
Norwegian is holding “constructive dialogue” with bondholders over whether a majority in favour of its debt-to-equity conversion plan can be reached, after it was rejected in an initial vote on the proposal.
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NewsCoronavirus delays European ADS-B deadline
European Commission pushes deadline for fitting precision flight-tracking technology back six months to December, while retrofits will have until June 2023.
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NewsLufthansa aims for autumn restart ‘at the earliest’
Lufthansa Group will remain grounded throughout the summer and does not expect a new market “balance” to be found until 2023, chief executive Carsten Spohr will tell the company’s annual general meeting on 5 May, in a speech pre-released on its website.
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NewsQatar 787 drifts into A350 after being spun by Doha gale
Qatar Airways states that a Boeing 787-8 and Airbus A350-900 belonging to the carrier suffered only minor damage after the 787 was spun by strong winds and drifted into contact with the adjacent parked A350. Surveillance video indicates the stationary 787 initially weathercocked some 90° to the left as a ...
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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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NewsIAG’s Spanish carriers secure €1bn in financing under state-backed loans
IAG’s Spanish units Iberia and Vueling have secured financing for €750 million and €260 million respectively under a syndicated agreement which will be guaranteed by the state-owned bank Instituto de Credito Oficial (ICO).
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NewsRyanair signals 3,000 job cuts as it discusses fleet deferrals
Ryanair is expecting to cut up to 3,000 jobs from July and shut a number of European bases, as it projects that a post-crisis recovery will take at least two years. The airline is negotiating with Boeing to reduce planned deliveries of new 737s for the next 24 months, and ...
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NewsA220 operators advised to monitor compressor over stall risk
Carriers using Airbus A220s are being advised to monitor the operating performance of low-pressure compressors, to warn of stalls, following measures to address engine failures on the type. A220s are fitted with Pratt & Whitney PW1500G powerplants, which have been the subject of scrutiny following a series of engine failures ...