News from FlightGlobal – Page 559
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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 ...
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NewsLufthansa pilots offer to waive 45% of salaries
Lufthansa pilots represented by trade union Vereinigung Cockpit have offered to waive up to 45% of their salaries for two years, in return for job security, to help the airline navigate the coronavirus crisis.
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NewsComair expects to remain grounded until at least October
South Africa’s Comair is in “a very difficult financial position” due to coronavirus-related travel restrictions and does not anticipate being able to resume flights until October or November, the carrier has disclosed.
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NewsA350s become freighters through Airbus pallet-for-seat swap
Airbus is offering carriers a modification and regulatory support scheme to convert passenger A350s, A330s and A340s temporarily into main-deck freighters by swapping out seats and fitting pallets onto their floor tracks. Modification is provided to operators under an Airbus service bulletin which sets out not just the engineering work ...
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NewsStick-shaker ambiguity led to unnecessary 747 stall-recovery action
Boeing is amending Boeing 747-400 flight manuals to clarify unreliable airspeed procedures after a British Airways crew erroneously believed a stall warning was genuine and repeatedly attempted a stall recovery manoeuvre. The aircraft (G-BNLN) had reached top-of-climb at 33,000ft, during a transatlantic service to Phoenix from London Heathrow on 9 ...