Strategy – Page 122
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NewsSouthwest plans to furlough 42 workers after cost-cutting talks break down
Southwest Airlines has warned a group of employees that their jobs are in danger after talks with the workers’ union about cost-cutting measures across the company broke down.
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NewsLufthansa prepares ground for possible part-sale of MRO unit
Lufthansa Group is making preparations for responding to enquiries from investors interested in taking a stake in its MRO division.
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NewsKLM gets green light for €3.4 billion state loan package
KLM has received final approval for its “crucial” €3.4 billion ($4 billion) loan package from the Dutch government. The airline states in a 6 November stock-exchange notice that following agreements with eight trade unions, it has now “satisfied a key requirement” for accessing the aid, “ensuring final approval” of the ...
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NewsFinnair defers delivery of three remaining Airbus A350s
Finnair has reached an agreement with Airbus to defer delivery of its three outstanding A350-900s by around two years. The Oneworld carrier says the three A350-900s were originally scheduled for delivery from the second quarter of next year through to the second quarter of 2022. Finnair says the new delivery ...
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NewsSIA seals Airbus deferrals, Boeing negotiations reach ‘advanced stage’
Singapore Airlines Group has confirmed that its outstanding Airbus aircraft on order have been deferred and that it is close to concluding similar talks with Boeing. In today disclosing record half year losses amid the coronavirus crisis, SIA Group states that it has “concluded negotiations with Airbus on a revised ...
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NewsSteep impairment costs drag SIA to record S$3.5 billion net loss for half year
Singapore Airlines Group took on a hefty impairment charge of S$1.33 billion ($987 million) from the early retirement of 26 older aircraft — including seven Airbus A380s — which led to a record net loss in its half-yearly earnings. The group says that the 26 aircraft were “deemed surplus to ...
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NewsJAL to raise Y168 billion in foreign and domestic share placements
Japan Airlines is looking to raise nearly Y168 billion ($1.6 billion) in share placements, part of which will go toward fleet development, as well as to its newly-formed low-cost unit Zipair Tokyo. The Oneworld carrier will issue more than 90 million shares, with nearly two-thirds to be offered in domestic ...
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NewsEasyJet further cuts winter capacity and sells more aircraft
EasyJet will now operate no more than 20% of its planned capacity in the last quarter of the calendar year and has sealed sale-and-leaseback deals covering a further 11 aircraft as it continues efforts to counter the crisis.
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NewsNorwegian debt-equity swap follows 90% fall in October traffic
Scandinavian low-cost carrier Norwegian has converted another €1.7 million ($2 million) of debt into equity after perpetual bondholders agreed to swap loans for shares. The bonds are being converted into nearly 4.6 million new, freely tradeable shares in the company, states Norwegian in a 5 November notice to the Oslo ...
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NewsLufthansa to scale winter capacity back after further losses in third quarter
Lufthansa Group will cut capacity to no more than a quarter of previous-year levels for the rest of the 2020 after disclosing a third-quarter net loss of almost €2 billion ($2.3 billion).
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NewsThai puts 34 aircraft on sale, including entire 747 fleet
Embattled Thai Airways has put up its entire Boeing 747 and its 777-200/300 fleet up for sale, as it aims to raise cash amid a long-drawn business rehabilitation process. The Star Alliance carrier disclosed on its aircraft trading website that 34 aircraft from its fleet will be put up for ...
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NewsTigerair Taiwan gets capital boost from parent China Airlines
China Airlines plans to inject more capital into low-cost unit Tigerair Taiwan, as part of a move to “optimise the capital structure” of the LCC. The SkyTeam carrier discloses that it will pump about NT$657 million ($23 million) into Tigerair Taiwan, bringing its total shareholding to nearly 76%. ...
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NewsBrazil’s Gol reports Q3 loss, sees important recovery metrics
Brazilian airline Gol lost R1.7 billion ($301 million) in the third quarter but sees signs of industry improvement, as leisure passengers return to air travel.
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NewsNok Air green-lit to pursue restructuring
Nok Air has gained court approval to restructure under a business-rehabilitation process. In a 4 November notice to the Thai stock exchange, Nok chief executive Wutthiphum Jurangkool states that the central bankruptcy court has “ordered granting the company to be in business rehabilitation”. Source: Nok Air The 737-800 ...
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NewsAirline passenger demand ‘hit wall’ in September: IATA
Weak international travel demand continued to weigh heavily on the airline industry’s performance in September, according to the latest data from IATA.
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NewsGerman carrier Sundair in restructuring under ‘protective shield’
Sundair has launched a restructuring process under a ‘protective shield’ procedure that enables the German leisure airline to continue operations. It tells Cirium that the process, enshrined in German legislation, is not an insolvency procedure, but rather applies to companies that “recognise business problems at an early stage” and have ...
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NewsWhat messages do BA and EasyJet chiefs have for Greta Thunberg?
Sustainability was firmly establishing itself as the airline industry’s greatest long-term challenge before the coronavirus pandemic hit.
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NewsStobart bids for fresh Aer Lingus deal to speed regional airline sale
Stobart Group has entered a tender to secure a long-term flying agreement with Aer Lingus beyond 2022 as part of its effort to dispose of regional carrier Stobart Air before the end of March 2021.
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NewsMexico’s Interjet future unclear amid strike, operational halt and reports of near-bankruptcy
Mexico’s low-cost carrier Interjet is on the verge of collapse after the airline cancelled flights over the weekend and a union representing its workers called for a strike to protest unpaid wages, reports say.
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NewsKLM clears path to bailout with union deals
KLM has reached an agreement with the FNV Cabine, FNV Luchtvaart and VNV unions – representing flight attendants, ground personnel and pilots – clearing the Dutch carrier to receive €3.4 billion ($4 billion) in government loans and guarantees.