Despite the wealth of its parent company IAG, Europe’s third-largest airline by pax and owner of British Airways, Iberia, Aer Lingus and Vueling Group, Level Europe has filed for insolvency citing the effects of the COVID-19 pandemic as the reason it has been forced to stop trading. The move does not affect Level, another subsidiary
On June 17, 2020, Air Lease Corporation has announced the pricing of its public offering of US$850.0 million aggregate principal amount of 3.375% senior unsecured medium-term notes due July 1, 2025 (the Notes). The sale of the Notes is expected to close on June 24, 2020, subject to satisfaction of customary closing conditions. The Notes
The Swedish Government has put forward a proposal to the Swedish Parliament to support SAS AB with up to SEK 5 billion as part of the company’s necessary recapitalization plan due to the negative effects of COVID-19. In addition, the Danish government has communicated political unity for a recapitalization of SAS. The company estimates that
As part of a US$5 billion recapitalization package which the airline announced on Tuesday this week, Cathay Pacific has made it clear it intends to repay the Hong Kong government for US$2.52 billion of preference shares within five years. According to Reuters news agency, the notes carry a coupon rate of 3% for the first
The French government has announced that a total rescue package of €15 billion is in place to protect the country’s aerospace industry. €7.0 billion of this has already been earmarked to support Air France during a time when demand for air travel has fallen by up to 95%, along with an acceleration of orders for
Element Materials Technology (Element) has invested in aerospace testing capabilities at its Montreal, Quebec laboratory. Formerly known as Exova Pointe-Claire, the laboratory was traditionally used for transportation and industrials testing with a focus on rolling stock. Element recognized that the laboratory’s proximity to other key players in the Quebec aerospace industry and converted operations in
Lilium, the Munich-based aviation company developing an all-electric vertical take-off and landing aircraft for regional air mobility, has welcomed investment management partnership Baillie Gifford as a new investor. Known for its track record of investing in high-impact technology companies such as Amazon, Tesla, Airbnb, Spotify and SpaceX, the partnership has invested US$35 million in the
As a result of the corona-virus pandemic and its unprecedented impact on the air transport sector, SWISS incurred an operating loss of CHF84.1 million for the first quarter of 2020 (which compares to an operating profit of CHF 48.3 million for the prior-year period). First-quarter revenues also declined to CHF923 million, some 20% below prior-year
Proactively and in light of the COVID-19 pandemic, shareholders of Nordic Aviation Capital (NAC), the regional aircraft lessor, agreed to inject US$60 million (€53.5 million) of new equity into the company. Separately, the company has had constructive discussions with its largest lenders over a possible debt standstill and deferral to counteract the negative impact that
Singapore Airlines (SIA) has raised S$10 billion of liquidity through its recent Rights Issue, as well as a mix of secured and unsecured credit facilities. This puts SIA on a steady footing as it tackles the challenges posed by the global Covid-19 outbreak. SIA secured S$8.8 billion in liquidity through the successful completion of the
