In December 2019, Lufthansa Group and gategroup concluded a purchase agreement for the European operations of LSG Group. This accounts for about one third of LSG Group’s total business. gategroup now meets all requirements of the European Commission. Thus, the purchase agreement could now be executed, the so-called “closing” has taken place. Both parties have
TUI, the world’s largest holiday company, has secured a third major financial bailout to help it cope with the knock-on effects of the COVID-19 pandemic on the travel industry. Having already secured €3 billion in state loans this year, the company has announced that it has struck a deal with the German government, banks and
FL Technics, a global provider of aircraft maintenance, repair and overhaul (MRO) services, has acquired Wright International, an independent provider of line maintenance services in Canada. For FL Technics as well as its parent company Avia Solutions Group, this marks the entry into the North American aviation services market. Wright International provides aircraft line maintenance
BOC Aviation has released that it has increased the amount of the committed, unsecured revolving credit facility (the RCF) from its largest shareholder, Bank of China and extended the maturity to 2026. The new terms of the facility now provide the Company with US$3.5 billion to support its future growth, an increase of US$1.5 billion.
While remaining an asset of the now defunct Thomas Cook Group, Condor Flugdienst GmbH (Condor) the German charter airline, has announced that it is once again a healthy company. On September 25, 2019 Condor obtained credit facilities of €380 million (US$460 million) while on December 19, 2019 “Schutzschirmverfahren” (protective shield proceedings) began under the Frankfurt
Established in 2014 through the merger of Mechtronix and OPNICUS with part of the Textron Systems division, the Textron subsidiary TRU Simulation + Training (TRY Canada) is to sell certain of its non-U.S. businesses to CAE Inc. for US$40 million excluding post-closing adjustments and subject to regulatory approval. TRU Canada is a Canadian-American manufacturer of
Singapore Airlines (SIA) has successfully raised S$500 million via a private placement of new ten-year bonds. The offer was launched at an offer size of S$300 million in response to an initial expression of interest, and was increased to S$500 million after strong appetite was apparent from a select group of private investors. The ten-year
Precision Aviation Group (PAG), a leading provider of products and value-added services to the worldwide aerospace and defense industry, has announced the acquisition of São José dos Campos, Brazil-based EFIX Aviation Support (EFIX). EFIX specializes in Maintenance, Repair and Overhaul (MRO) services for the South American Aerospace and Defense market, with a diverse capabilities’ list
VoltAero, based in Médis, France, has been awarded an initial grant of €2.1 million (US$2.5 million) by the European Innovation Council in support of Europe’s Green Deal Strategy and Recovery Plan. The company has been identified from a total of 2,077 candidates for funding as one of several game-changing startups, having received a “seal of
Following the government of Norway’s decision to withhold further support from the airline, and the ongoing COVID-19 pandemic, Norwegian Air Shuttle ASA (Norwegian) has decided to initiate an examinership process in Ireland relating to its subsidiary Norwegian Air International Limited (NAI), its wholly-owned asset company Arctic Aviation Assets DAC (AAA) and some of AAA’s subsidiaries;
