The Regional Express (Rex) Group has released its preliminary final report announcing a statutory loss after tax of AU$$19.4 million, on a turnover of AU$$321.8M for the financial year 2020 (FY20). Rex Executive Chairman Lim Kim Hai said, “The COVID-19 pandemic devastated almost every industry with aviation being hit the hardest. Even Rex, which had
Swissport has agreed to a comprehensive restructuring with creditors and shareholders including a debt-for-equity swap and a new €500 million long-term debt facility. The restructuring will deliver a significant deleveraging for the company. Swissport has also finalized the €300 million additional interim facility. Following the announcement on August 21, 2020 of an agreement ‘in principle’,
Norwegian has reported its results for the first half year of 2020. The figures are, as expected, heavily impacted by the COVID-19 pandemic with a net loss of NOK 5.3 billion. During the first half of 2020, 5.31 million customers travelled with the company; a decrease of 71% compared to the same period last year.
SIA Engineering Company (SIAEC) has entered into an agreement to acquire the remaining 35% issued and paid-up share capital of HMSS, representing 9,625,000 ordinary shares in the capital of HMSS from Airbus Services Asia Pacific (ASAP), a Singapore incorporated wholly owned subsidiary of Airbus SAS. HMSS was incorporated in Singapore in October 2016 to provide
After posting its first loss in nearly 20 years, Air New Zealand plans to draw down on a government-backed NZ$900 million loan to help the carrier deal with the fallout from the COVID-19 pandemic. However, the loan will come at a cost, with an interest rate of between seven and nine percent, while the government
Rolls-Royce has released its first half 2020 (H1) results, with the global COVID-19 pandemic severely impacting its H1 performance and medium-term forecasts. The most pronounced effect was seen in Civil Aerospace with large engine deliveries and flying hours both down around 50% in H1 including a 75% reduction in engine flying hours in the second-quarter
Singapore’s Broad Peak and Hong Kong’s Tor Investment Management, who between them hold approximately AU$300 of Virgin Australia’s AU$2 billion of unsecured bonds, have withdrawn plans for recapitalization of the struggling airline, leaving Bain Capital with an unobstructed path for its own recapitalization plans. The withdrawal comes after a court ruling last week which would
On July 24, Brussels Airlines reached an agreement with the Belgian Federal Government and Lufthansa to secure the future of Belgium’s home carrier and herewith the long-term development of the airline through a stabilization package. On August 17, the package was approved by the German Economic Stabilization Fund (WSF) and on August 21 the EU
Regional aircraft lessor Nordic Aviation Capital (NAC), has posted its financial results for the 12-month period ending June 30, 2020. 2019/2020 was an extremely challenging year for the business and while NAC posted its strongest ever first-half financial performance, it was followed by its most challenging last quarter to date on the back of the
Qantas has posted a full-year net loss of AU$1.964 billion for the financial year ended June 30. One of its largest ever losses, this one has been driven by impairment charges and restructuring costs intended to shore up the company during the pandemic. Alan Joyce, Qantas CE, confirmed that the carrier was operating among the
