Strategy – Page 141
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NewsLufthansa to cut 22,000 jobs
Lufthansa Group has outlined plans to cut the equivalent of 22,000 full-time jobs, half of which will be in Germany, and operate 100 fewer aircraft as it recovers from the effects of the Covid-19 crisis.
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NewsUK government issues flight-resumption guidance
UK government officials have published new guidelines aimed at enabling the country’s air transport sector to “bounce back” safely when Covid-19 travel restrictions are eased.
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NewsAlliance Aviation plans $85m equity raise to acquire aircraft
Australia’s Alliance Aviation is looking to raise around A$122 million ($85 million) in equity capital, for acquiring aircraft to take advantage of growth opportunities. This comprises $A91.9 million via a fully underwritten institutional share placement and a A$30 million target from a non-underwritten share purchase plan extended to existing shareholders. ...
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NewsAir New Zealand addresses media report on capital raising
Air New Zealand says it continues to assess funding options available to it, in response to a recent media report about a potential capital raising. The airline is listed on both New Zealand’s Exchange and the Australian Securities Exchange. It said in an 11 June stock-exchange disclosure: “Air New Zealand ...
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NewsAmerican Airlines sees encouraging demand trend
American Airlines says it has transported an average of 127,000 passengers daily in June so far, up from a low of 32,000 passengers in April, as travelers once again take to the sky while the global coronavirus crisis enters its fourth month.
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NewsEuropean Commission approves €1.2 billion bailout for TAP
Portugal has won approval from the European Commission to provide a €1.2 billion ($1.4 billion) state rescue loan to its national carrier TAP to address “immediate liquidity needs”.
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NewsHyundai Development renegotiating Asiana acquisition: reports
Hyundai Development (HDC) is looking to renegotiate its acquisition of a 31% stake in Asiana Airlines from Kumho Industrial. This has been sparked by an increase in Asiana’s debt burden and HDC appealed to the airline’s state-funded creditors to offer it support, Reuters reported on 9 June. HDC has notified ...
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NewsAlbrecht and Browne proposed for Norwegian board
Experienced airline executives Jaan Albrecht and Chris Browne, together with Aercap’s chief risk officer Anton Joiner are among nominations to join the board at Norwegian.
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News‘Nothing off the table’ in Cathay business review: Chairman
Cathay Pacific chairman Patrick Healy has warned that “tough decisions will need to be made” by the fourth quarter of the year as part of “right-sizing” efforts.
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NewsCathay Pacific set to receive big government bailout
The Hong Kong government has stepped in to provide beleaguered Cathay Pacific with a financial lifeline, as part of the airline’s group HK$39 billion ($5 billion) recapitalisation plan. Cathay, which has been hard hit by a collapse in travel demand from the coronavirus outbreak, states that the recapitalisation plan ...
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NewsThai proposes oil and gas executive as additional rehab planner
Thai Airways International has proposed appointing an additional person with state-owned enterprise credentials to join the five other people, as well as a professional services firm, tasked with drafting a turnaround plan for its beleagured business. The Thai flag carrier, which had its application for business rehabilitation accepted by a ...
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NewsTUIfly plans job and fleet cuts: union
German leisure carrier TUIfly intends to cut around 700 jobs and approximately halve its fleet in response to the coronavirus crisis, according to pilot union Vereinigung Cockpit.
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NewsIAG and Ryanair threaten legal challenge to UK’s quarantine plan
Willie Walsh, the chief executive of British Airways parent IAG, has disclosed that the group is considering legal action over the UK government’s mandatory two-week quarantine for travellers arriving in the country from 8 June.
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NewsAirAsia evaluating proposals to raise capital
The AirAsia Group is evaluating proposals to strengthen its equity base and liquidity through a capital raising exercise, as it works to overcome challenges caused by the coronavirus pandemic.
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NewsSwiss to cut fleet as crisis drags carrier to Q1 loss
Lufthansa subsidiary Swiss is planning to reduce its fleet, after incurring a Swfr84.1 million ($86.1 million) operating loss in the first quarter.
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NewsLufthansa steps up restructuring as it confirms big jump in Q1 losses
Lufthansa Group has confirmed its earlier guidance that it made an adjusted EBIT loss of €1.2 billion ($1.3 billion) in the first quarter and warns it still expects around 300 aircraft to be parked next year.
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NewsAir Canada looking to quit Transat deal: reports
French-language media in Canada report that legacy carrier Air Canada is looking to exit its planned takeover of Transat AT, the parent company of Air Transat, as Canada’s biggest airline attempts to manage through the coronavirus crisis while preserving its liquidity.
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NewsIATA figures show collapse of air-freight demand in April
Global air freight demand was down nearly 28% in April compared with a year earlier, according to IATA – the sharpest fall ever recorded.
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NewsBain Capital and Cyrus Capital on Virgin Australia shortlist
Bain Capital and Cyrus Capital Partners are on the final shortlist of potential buyers for Virgin Australia. “The next stage in this sale process begins today,” administrator Deloitte said on 2 June. Deloitte will facilitate engagement between the preferred bidders and business stakeholders in the coming weeks, ...
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NewsEmirates concludes that job cuts are required as coronavirus takes toll
Emirates plans to cut an unspecified number of jobs as the coronavirus pandemic takes its toll on the Gulf carrier. The Dubai-based airline said on 31 May that it has come to the conclusion that “we unfortunately have to say goodbye to a few of the wonderful people that worked ...