Effective October 1, 2020, SR Technics’ design engineering solutions department will be transferred to groWING.aero, as part of a sale that ensures the continuity of these services. This is due to the industry-wide COVID-19 crisis and the changing market environment where SR Technics has decided to focus on engine services and line maintenance in Switzerland.
Rolls-Royce, the British jet engine manufacturer, has announced its intention to raise approximately £2.5 billion in an attempt to strengthen its balance sheet as the continued effects of the COVID-19 pandemic affect demand both for jet engines and ancillary services. One of the options being considered by the company is a rights issue, though debt
Atlanta-based Delta Air Lines (Delta) has announced it is to raise US$9.0 billion, up from a previous estimate of US$6.5 billion, through a series of bonds and loans which will be backed by its SkyMiles loyalty program. The carrier is currently burning through US$27 million on a daily basis and the capital is being raised
Spirit Airlines announced the closing of a private offering of US$850 million in principal amount of 8.00% senior secured notes due 2025 offered by two newly-formed Spirit subsidiaries. The notes are guaranteed by Spirit and secured by Spirit’s customer loyalty programs and brand intellectual property. “We’ve spent the past six months confronting the COVID-19 crisis
A three-judge Cundinamarca Administrative court has blocked a loan from the Colombian government to stricken Avianca Airlines (Avianca) in response to a citizen’s lawsuit filed by Jonathan Ruiz Tobon. Avianca, which is currently in Chapter 11 bankruptcy proceedings in the U.S. Cundinamarca is a department and administrative suburb of Bogotá. Little is known about Tobon,
Air Transat suspended all of its flights as of April 1, because of the COVID-19 pandemic and therefore had no more sales from that date, until the partial resumption of airline operations on July 23, 2020. As a result, these factors caused a steep fall in revenues. The corporation recognized revenues of CA$9.5 million during the quarter, a
Emirates has returned over AED 5 billion (US$ 1.4 billion) in COVID-19 related travel refunds to date, making strong and steady progress on its commitment to customers to complete pending refunds. More than 1.4 million refunds requests have been completed since March, representing 90% of the airline’s backlog. This includes all requests received from customers
Norwegian Air Shuttle (Norwegian), Norway’s flag-carrying airline, posted passenger numbers for August 2020 which reveal a 91% drop compared to the same period last year, 313,316 as opposed to 3.5 million, respectively, while the majority of its fleet remains grounded. Currently the airline has plans to operate between 25 and 30 of its planes, leaving
The Qantas Group has confirmed a 10-year, AU$500 million unsecured bond issue as part of ongoing management of its debt maturity profile. Once settled, the proceeds will strengthen short-term liquidity and then be used to pay AU$400 million in bonds due to expire in June 2021. The coupon for the new bond, which was oversubscribed,
Spirit Airlines has reported that Spirit IP Cayman and Spirit Loyalty Cayman (the Issuers), each a newly formed Cayman Islands exempted company incorporated with limited liability and an indirect wholly-owned subsidiary of Spirit, intend to commence a private offering to eligible purchasers of US$600 million in aggregate principal amount of senior secured notes due 2025
