News from FlightGlobal – Page 564
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NewsCanberra wants ‘market-led’ solution for Virgin Australia recap
Canberra does not want to bail out Virgin Australia and wants to see a “market-led” solution to the airline’s recapitalisation efforts. Australia’s treasurer Josh Frydenberg told a press conference today: “Virgin Australia is a very good airline, performing a very important role and this is a difficult day for its ...
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NewsChinese airline market faces consolidation: HSBC
Consolidation among Chinese carriers appears likely, given the “unprecedented challenges” that the global airline industry is facing. A HSBC Global Research report into the Chinese airline industry says it does not “rule out the possibility of further consolidation”, adding that the three largest Chinese carriers — Air China, China ...
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NewsVirgin Australia enters voluntary administration
Virgin Australia has entered voluntary administration as it seeks to recapitalise the business. “The decision comes as the group has continued to seek financial assistance from a number of parties, including state and federal governments, to help it through the unprecedented crisis, however is yet to secure the required support,” ...
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NewsMesa accepts $93 million in payroll grants
Mesa Air Group, the parent of Phoenix-based Mesa Airlines, will accept $93 million in payroll support from the federal CARES Act. The US Treasury will not require Mesa to enter into a loan or equity agreement in exchange for the funds because the amount is less than $100 million, a ...
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NewsUnited reports preliminary $2.1 billion first-quarter loss
United Airlines has reported a preliminary pre-tax loss of $2.1 billion for the first quarter of 2020 and a $1 billion pre-tax loss on an adjusted basis.
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NewsFour of Norwegian’s crew subsidiaries file for bankruptcy
Scandinavian budget carrier Norwegian has confirmed that four subsidiaries which employ more than 4,000 pilots and cabin crew members in Denmark and Sweden have filed for bankruptcy.
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NewsVirgin Atlantic needs state support to survive: Branson
Virgin Atlantic needs government support to survive the coronavirus crisis, the airline’s founder warned today.
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NewsANA lowers full-year forecast on coronavirus impact
All Nippon Airways’ parent company has revised down its financial results forecast for the fiscal year ended 31 March 2020, as the coronavirus outbreak batters air traffic. ANA Holdings expects operating revenues to come in at Y1.97 trillion ($18.3 billion), Y120 billion lower than the previous forecast disclosed on 29 ...
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NewsCDB cancels 29 737 Max orders, defers others
CDB Aviation is cancelling 29 of 99 Boeing 737 Max orders while making adjustments to the rest of its orderbook for the type. It plans to push back the delivery of 20 undelivered aircraft to “various dates in 2024, 2025 and 2026” and, without providing further details, downgauge all remaining ...
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NewsIndian carriers to fully refund ‘lockdown’ tickets
Indian airlines have been asked to issue a full refund for tickets booked for travel during the country’s recently extended lockdown period, and this could impact their cash position. In a memorandum published on its official Twitter account, the Directorate General of Civil Aviation (DGCA) said on 16 April that ...
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NewsChinese carriers warn of ‘substantial’ Q1 loss from pandemic hit
Two of China’s largest airlines have warned of a “substantial loss” for their first-quarter financial results. Both China Eastern and China Southern Airlines flagged the financial hit in their monthly traffic results for March, where they note that even with “timely measures” taken to mitigate the of the coronavirus outbreak, ...
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NewsVirgin Australia bailout intensifies local war of words
Qantas does not conceal its distaste for any state support tailored to its rival Virgin Australia, which recently requested a A$1.4 billion ($890 million) bailout from the federal government to ride out the coronavirus-induced downturn. Alan Joyce, Qantas’s chief executive, said in a television interview on 20 March that it ...
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NewsWestJet lays off 1,700 workers amid wage subsidy
WestJet will lay off 1,700 pilots across its mainline carrier, regional subsidiary Encore and low-cost carrier Swoop, while keeping them on payrolls through the duration of Canada’s wage subsidy that ends in June. The Calgary-based airline tells Cirium that the layoffs will be staggered beginning on both 1 May and ...
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NewsUnited sells 22 jets for leaseback including 787s
United Airlines is selling six Boeing 787-9s and 16 737 Max jets in a leaseback deal with the US division of Singaporean lessor BOC Aviation. BOC Aviation has disclosed the details of the transaction to the Hong Kong stock exchange. It states that the transaction covering the 22 aircraft is ...
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NewsEmirates A380 dipped below 400ft as crew mistakenly chased glideslope
Investigators have determined that an Emirates Airbus A380 descended far below the glideslope at Moscow Domodedovo after its crew entered a rapid descent, erroneously believing the jet was too high for the correct approach path. It descended to 504ft above ground – with a rate of descent of 1,600ft/min – ...
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NewsCathay Pacific to close three US bases
Cathay Pacific will close its three US cabin crew bases to preserve cash while the global air transport market remains “virtually halted” by the coronavirus pandemic.
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NewsLATAM extends 95% capacity cuts through May
LATAM Airlines has extended through May its 95% reduction in planned capacity, citing continued travel restrictions and a lack of demand because of the coronavirus pandemic.
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NewsPorter takes wage subsidies as operations remain halted
Porter Airlines will receive funds from Canada’s wage subsidy programme, allowing the carrier to pay many of the hundreds of workers it furloughed in March after grounding its fleet and suspending all operations until June.
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NewsALPA accuses FAA of cowing to airlines, pleas for health oversight
The Air Line Pilots Association (ALPA) continues sparring with the Federal Aviation Administration over the FAA’s decision not to require airlines to follow health and sanitation guidelines aimed at protecting workers from catching coronavirus.
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NewsGE Capital Aviation Services cancels orders for 69 737 Max
Aircraft lessor GE Capital Aviation Services has terminated orders for 69 Boeing 737 Max, further reducing Boeing’s Max backlog amid a downturn that has hammered airlines and the global aerospace industry.