Rex has signed an agreement with PAG Regulus Holdings (PAG), a subsidiary of leading Asia-Pacific focused investment firm PAG that will see an investment by PAG of up to AU$150 million to be used exclusively to support the launch of Rex’s domestic jet operations scheduled to commence on March 1, 2021. The funding comprises first
After more than eight months of heavily reduced demand for flights as a consequence of the COVID-19 pandemic, Europe’s second-largest low-cost carrier, easyJet, has posted an annual loss of £1.27 billion as at the end of September. However, the recent positive announcements concerning vaccines aimed at combatting the coronavirus have resulted in a 50% increase
Korean Air has announced its intention to acquire ailing Asiana Airlines (Asiana) despite strong protests from Asiana’s shareholders. Korea Development Bank (KDB) will be providing Korean Air with a loan of 800 billion won to help finance the deal. KDB is also a major creditor of Asiana. KDB hopes to finalize the deal by the
Singapore Airlines (SIA) has successfully raised S$850 million via a convertible bond issue that has been placed with a variety of institutional investors. The offer was more than four times oversubscribed with strong investor interest. As a result, the issuance was upsized from the initial S$750 million to S$850 million with more attractive terms for
On November 10, Lufthansa and the ver.di union agreed on an initial crisis package after intensive negotiations. The measures, with a volume of more than €200 million (US$236 million), will help to overcome the economic effects of the crisis. They mainly apply to the ground staff of Deutsche Lufthansa AG, Lufthansa Technik AG and Lufthansa
Chorus Aviation has reported net income of CA$20.5 million for the third quarter of 2020, a decrease of CA$3.7 million due to the impact of COVID-19 on its results, offset by a change in unrealized foreign exchange of CA$24.9 million. Adjusted net income decreased CA$18.2 million to of CA$10.9 million and Adjusted EBITDA was CA$85.9
Embraer has delivered seven commercial jets and 21 executive jets (19 light / two large) in the third quarter of 2020 (3Q20), and the company’s firm order backlog at the end of the quarter was US$15.1 billion. Excluding special items, adjusted EBIT and EBITDA were US$(45.3) million and US$(0.6) million, respectively, negatively impacted by weak
Norway’s Industry Ministry and the Ministry of Transportation said in a statement on Monday that there would be no further funds made available to Norwegian Air (Norwegian) as the stricken airline struggles to cope with crippling debt and financial problems exacerbated by the COVID-19 pandemic. The low-cost carrier has been a pioneer of cheap transatlantic
With no domestic market to rely on, Singapore Airlines has seen passenger numbers plummet by 98.6% for the month of September when compared to the same month in 2019. Additionally, the volume of cargo carried in September 2020 compared to September 2019 fell by 42.3%. The result of the global pandemic has seen the airline
KLM is in the midst of the worst crisis in its 101-year history, with the COVID-19 pandemic eroding its strong performance of recent years. The €3.4 billion loan package, consisting of a government loan and guarantees on bank loans, is crucial to securing the future of the airline and its network for the Netherlands. The
