Strategy – Page 145
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NewsFrench government sets green conditions for Air France bailout
Air France must slash domestic flights and agree to work towards becoming the world’s “most environmentally friendly” airline, if it is to satisfy the conditions of its government bailout.
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NewsICAO recovery task force aims for first outcomes by end of May
Representatives from 36 countries on the governing council of ICAO have established an aviation recovery task force and aims to have its first outcomes by the end of May.
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NewsMarch figures reveal scale of initial coronavirus hit on airline traffic
Figures from IATA for March show global airline passenger traffic already down by more than 50% and collective load factors down more than 20 percentage points in a further illustration of how sharply the coronavirus crisis has hit the sector.
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NewsBritish Airways mass redundancies reflect pared-back ‘new normal’
British Airways‘ drastic announcement that it could cut up to 12,000 jobs is the latest suggestion that normality in the airline industry is a thing of the past and efforts should turn instead to preparing for a slimmed-down ’new normal’ once travel restrictions begin to lift.
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NewsEight Thai carriers seek $771m loan from Thai govt: reports
Eight Thai carriers have sought a soft loan of around Bt25 billion ($771 million) from the Thai government, according to a 24 April Reuters report that cites a Thai AirAsia executive. Tassapon Bijleveld, the executive chairman of Thai AirAsia and its parent company Asia Aviation, added that the carriers ...
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NewsFinnair to launch €500m rights offering as coronavirus losses mount
Finnair is to launch a €500 million ($542 million) rights offering to rebuild its equity after disclosing it expects to lose around €2 million a day during the second quarter.
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NewsSouthwest plans for recession after $900 million cash burn
Southwest Airlines paired its 28 April disclosure of a first-quarter net loss of $94 million and a cash burn of $900 million in April with the announcement of additional liquidity enhancements, as it looks ahead to a near-term environment virtually devoid of travel demand.
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NewsSouthwest delays deliveries of 59 737 Max to post-2021
Southwest Airlines, among the world’s top Boeing 737 Max customers, has pushed back deliveries of 59 Max aircraft in response to the travel downturn caused by the coronavirus pandemic.
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NewsIcelandair cuts staff and salaries to survive
Icelandair is axing 2,000 staff and imposing reduced working hours and wage cuts on its remaining employees as it looks to shore up its finances.
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NewsSouthwest to boost liquidity with concurrent deals
Southwest Airlines will enhance its liquidity position through a common stock offering and a $1 billion convertible bond, both announced 28 April.
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NewsSAS initiates work on cutting up to 5,000 jobs
Scandinavian carrier SAS has begun work on cutting up to 5,000 full-time positions from its future workforce as it warns it is likely to take “some years” before air travel demand returns to pre-crisis levels. SAS will hold talks with unions over the proposed cuts, which will apply to staff ...
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NewsChinese carriers shift more operations to Beijing Daxing
The third wave of operational transfers to Beijing’s Daxing international airport has taken place, with China Eastern Airlines and Xiamen Airlines shifting to the Chinese capital’s newest airport. China Eastern states that from 26 April to 2 May, it will gradually move 57 daily flights from Beijing Capital to ...
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NewsNorwegian sets out survival plan and sounds warning on cash
Norwegian will run out of cash by mid-May if it does not secure the remainder of its state aid package, the Scandinavian budget carrier has warned in a report to bondholders which lays out plans for a “new Norwegian” that will not start to take off until 2021.
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NewsStobart agrees to buy back regional unit and aircraft lessor
Stobart Group has agreed with the administrators of Connect Airways to buy back Irish regional carrier Stobart Air and aircraft lessor Propius in a deal aimed at handling outstanding financial commitments.
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NewsEstonia makes merger a condition of Nordica capital increase
Estonia’s government is to increase the share capital of local carrier Nordica by €30 million ($33 million) to help the airline through the coronavirus crisis – an investment which is conditional on the merger of Estonian aviation assets.
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NewsCondor secures future as €550 million German state loan granted
European Commission regulators have approved a €550 million ($595 million) loan from the German state to help struggling leisure carrier Condor through the coronavirus crisis.
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NewsSIA Group reserves liquidity for aircraft purchases
SIA Group has set aside S$3.3 billion ($2.3 billion) of the S$8.8 billion it plans to raise, from issuing equity and mandatory convertible bonds, for aircraft purchases and aircraft related payments. “The rationale for these [aircraft] purchases remains valid even under the present scenario given that it would enable SIA ...
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NewsVirgin Australia owes creditors $4.4 billion: administrators
Virgin Australia owes just over A$6.8 billion ($4.4 billion) to more than 12,000 creditors, its administrators have disclosed. Meanwhile, Perth Airport has already moved to seize a number of Virgin Australia aircraft over outstanding payments. “Virgin has significant outstanding invoices from Perth Airport for airfield and terminal use charges – ...
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NewsJet2 expects £109m coronavirus hit and cancels 12 aircraft leases
UK leisure carrier Jet2 expects to take a £109 million ($135 million) hit from suspending operations during the coronavirus pandemic, and has cancelled plans to lease 12 aircraft for the summer season. The airline’s parent company, Dart Group, says in a disclosure to the London Stock Exchange that “due to ...
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NewsIndia’s Air Deccan eyes post-crisis relaunch with new aircraft
Air Deccan is in talks with an aircraft manufacturer as the Indian carrier prepares to restart operations once the coroanvirus crisis stabilises, chief executive Arun Kumar Singh has disclosed.