Finnair and the State of Finland have signed an agreement on a hybrid loan of maximum €400 million to support Finnair. The decision was made by the Plenary Session of the Government on February 18, 2021. The arrangement has the approval of the EU Commission’s competition authority in line with the European Union’s state aid
Fraport AG Frankfurt Airport Services worldwide (Fraport) has released its financial results for fiscal year 2020, ending December 31. For the first time in 20 years net profit for the Group dropped into negative territory at €-690.4 million, despite the implementation of extensive cost-cutting measures. Group revenue decreased by 54.7% year-on-year to €1.68 billion. Adjusting
Leonardo’s wholly owned subsidiary in the U.S., Leonardo US Holding, has launched its initial public offering (IPO) for a minority stake of Leonardo DRS, (DRS) common shares. The initial public offering consists of 31,900,000 shares of DRS common stock to be offered at an anticipated initial public offering price range of between US$20.00 and US$22.00
Having received backing for a £1.2 billion rescue deal back in August 2020 which Virgin Atlantic claimed would secure its future for approximately 18 months, the struggling carrier has announced it is raising a further £160 million in new financing to help combat the effects of the global pandemic on demand for flights. It is
Rolls-Royce CEO Warren East has remained confident about the company’s future, despite revealing a £4 billion loss for 2020. Cash burn is expected to halve in 2021 from £4.2 billion to £2.0 billion and will likely turn positive for the latter half of the year as post-vaccination air travel begins to recover. This projection is
BOC Aviation has reported financial results for the full year ended December 31, 2020. BOC Aviation’s core business continued to perform well in the most challenging year in aviation history. Net profit after tax was US$510 million, total revenues and other income exceeded US$2 billion for the first time in 2020, up 4% year-on-year, and
AerCap Holdings N.V. (AerCap), the global leader in aircraft leasing, has entered into a definitive agreement with General Electric under which AerCap will acquire 100% of GE Capital Aviation Services (GECAS), a GE business. The combined company will be an industry leader across all areas of aviation leasing, with over 2,000 owned and managed aircraft,
The Norwegian government has temporarily suspended the sale of Rolls-Royce-owned Bergen Engines. The sale had been agreed between Rolls-Royce and a company controlled by Russia’s TMH Group as Rolls-Royce looks to reduce the impact the COVID-19 pandemic has had on the British engine maker. Located in Bergen on the west coast of Norway, Bergen Engines
Lufthansa Technik has released its annual report for 2020 in which revenue and earnings were significantly lower than 2019 due to the effects of the COVID-19 pandemic on the aerospace sector. The crisis has had a considerable adverse effect on the development of the MRO business, with a significant decline in flight hours across the
Boom Supersonic has announced a strategic investment from American Express Ventures. The funds will support the continued development of Boom’s flagship product, the supersonic airliner Overture. Overture is Boom’s 65- to 88-seat supersonic airliner, capable of running on 100% sustainable aviation fuel. The supersonic aircraft is slated to roll out in 2025 and begin commercial
