Bondholders in Virgin Australia Holdings (Virgin Australia) have made an application to the Takeover Panel seeking approval to submit an alternative purchase proposal to creditors to consider against the currently accepted offer from private equity group Bain Capital for an as-yet undisclosed sum. Bondholders are not the only ones to object to what they see
Under a US$25 billion emergency loan program, five American airlines have confirmed they have successfully concluded negotiated loan deals with the U.S. Treasury. Unlike previous financial assistance in the form of payroll assistance which did not have to be repaid, this new financial aid will be in the form of a repayable loan, though the
Leonardo successfully issued a €500 million bond (US$560 million). The offering, targeted at Italian and international institutional investors, has a 5.5-year tenor, maturity January 2026, and a fixed-rate coupon of 2.375%. The issue price was 98.933%. Coupons are paid annually in arrears. The notes will be listed on the Luxemburg Stock Exchange. The success of
With Latin American (LaTam) governments refusing to bail out their struggling airlines, Aeromexico has become the latest LatAm carrier to file for Chapter 11 bankruptcy as the effect of the Covid-19 pandemic continue to wreak havoc with the travel industry. Aeromexico has made it clear that the bankruptcy filing was totally “voluntary” and that to
Dubai Aerospace Enterprise (DAE) has released the following updates on business activity, liquidity and customer deferral requests: DAE’s owned, managed and mandated-to-manage fleet stayed stable at 400+ aircraft. During the first half of 2020, DAE sold or novated 17 aircraft, acquired five aircraft, transitioned or extended leases on 23 aircraft, and negotiated 41 lease extensions
The shareholders of Deutsche Lufthansa AG have voted in favor of accepting the capital measures and the participation of the Economic Stabilisation Fund (WSF) of the Federal Republic of Germany in Deutsche Lufthansa AG. The corresponding proposal received the necessary majority at the Extraordinary General Meeting. The package provides for stabilization measures and loans of
Gardner Standard has announced the acquisition of Shadin, L.P. d.b.a Shadin Avionics (Shadin Avionics) from The Wright Group. Based in Eden Prairie, Minnesota, Shadin Avionics maintains a rich history of designing, manufacturing, and providing support services for fuel flow systems, engine trend monitoring, altitude management systems, air data computers and other instrumentation for turbine, piston
Textron Inc (Textron) has announced that its plant in Montreal, Canada, which manufactures flight simulators is to suspend production until further notice, endangering approaching 2,000 jobs across a number of business units. The suspension of operations is as a result of the effect the coronavirus pandemic has had on the travel industry. Textron also anticipates
Air Canada has closed two additional financing transactions for net proceeds of CA$1.23 billion. Since the start of the COVID-19 pandemic in the first quarter of 2020, Air Canada has raised CA$5.5 billion of liquidity. On June 22, 2020, Air Canada completed a private offering of CA$840 million aggregate principal amount of 9.00% Second Lien
American Airlines, has announced a proposed private offering of US$1.5 billion aggregate principal amount of secured senior notes due 2025 (the Notes). The Notes will be guaranteed on a senior unsecured basis by American Airlines Group (the Guarantor). The company also announced it intends to enter into a new US$500 million Term Loan B facility
