Bombardier is to continue its transition from plane and trainmaker to solely a business jet manufacturer as it looks to lay off 1,600 of its staff. The majority, 800, will be mostly those based in Quebec, though some 250 in Wichita are also likely to go as operations on the poorly performing Learjet are to
Spirit Airlines has reported fourth quarter 2020 results. Total operating revenues for the fourth quarter 2020 were US$498.5 million, a decrease of 48.6% year over year as the COVID-19 pandemic continues to severely affect demand for air travel. For the fourth quarter 2020, total revenue per passenger flight segment decreased 14.5% year over year to
Mesa’s first-quarter 2021 results reflect net income of US$14.1 million, compared to net income of US$10.8 million in the first quarter of 2020. Mesa’s pre-tax income in the first quarter was US$18.9 million, compared to US$10.8 million for the first quarter of 2020. Adjusted pre-tax income was US$18.0 million, compared to US$14.3 million in the
On Monday, February 8, the Irish Strategic Investment Fund (ISIF) released details of its commercial investments in COVID-19 pandemic-hit businesses, which includes a three-year, €150 million loan to IAG’s Irish airline, Aer Lingus, and a €40 million loan to the Dublin Airport Authority. The ISIF was launched in 2014 to invest in supporting economic activity
TUI continued to realign the Group in the first financial quarter of 2021 (October to December) against a backdrop of widespread lockdowns and massive travel restrictions and is prepared for a relaunch of its tourism business in the coming weeks. Tourism was the first industry to be affected by massive COVID-19 restrictions which came into
Russia’s TMH Group, a supplier of rolling stock, has agreed to buy Norway-based Bergen Engines from Rolls-Royce for a net price of €150 million (US$180 million). The deal is one of a number of sales involving its smaller businesses in an attempt to mitigate the financial hardship the conglomerate is suffering as a result of
Deutsche Lufthansa AG has successfully issued a bond with a total volume of €1.6 billion. The bond with a denomination of €100,000 was placed in two tranches with a term of four and seven years respectively: The tranche with a term until February 11, 2025, has a volume of €750 million and bears interest of
SIA Group revenue fell S$3,404 million (-76.1%) year-on-year to S$1,067 million during the third quarter, as all three passenger airlines within the Group (SIA, SilkAir, Scoot) recorded a sharp drop in passenger flown revenue due to low traffic. This was partially offset by improvements in cargo flown revenue, as the global airfreight capacity crunch continued
As a result of a petition from an unnamed creditor, the Hainan High People’s Court has initiated bankruptcy reorganisation proceedings against HNA Group. “On January 29, 2021, HNA Group received a formal notice from the Hainan High People’s Court,” the holding said in a statement. “The main content of the notice is: a creditor has
ANA Holdings (ANA HD) has released its financial results for the financial period ended December 31, 2020. In the first nine months (April 1, 2020 – December 31, 2020) of fiscal year 2020 ANA faced an unprecedented, worldwide and severe contraction, resulting from passenger demand which dramatically decreased by immigration restrictions and stay-at-home requests in
