In its 2019 annual results announcement dated March 11, 2020, the Cathay Pacific Group disclosed that it expected to incur a substantial loss for the first half of 2020. Based on the unaudited results of the Group for the six months ended June 30, 2020, the Directors of Cathay Pacific Airways estimate that the Group
Shareholders in Latvia’s carrier airBaltic have approved a €250 million (US$285 million) investment by the Republic of Latvia in order to assist it through the COVID-19 crisis. Martin Gauss, the CEO of airBaltic, said: “With this new equity investment we are executing our new business plan Destination 2025 CLEAN. This investment will facilitate the successful
As the COVID-19 pandemic shows no sign of receding and numbers of reported cases increasing in over 35 U.S. states, the uncertain demand for future air travel has seen Delta Air Lines (Delta) halve its anticipated 1,000 flight increase for the month of August to just 500 flights. Having posted a net quarterly loss of
Virgin Atlantic has taken a big step forward in securing its future, by launching a court-backed process as part of a solvent recapitalization of the airline and holiday business, with a restructuring plan that, once approved and implemented, will keep Virgin Atlantic flying. The restructuring plan is based on a five-year business plan, and with
British company Senior Plc (Senior) has announced that it will now be cutting a further 12% of its 8,200-strong workforce, taking the total to 17%, while 19% remain on furlough. Established in 1933 the company operates in two distinct sectors – aerospace where it is responsible for manufacturing parts such as airframes and engine build-up
With the effects of the COVID-19 pandemic seeing flight hours of Rolls-Royce engines halved, the British company has advised that it has already burned through £3 billion (US$3.8 billion) and anticipates that a further £1 billion (US$1.3 billion) of outflow will transpire in the second half of the year. For the months of April through
AerCap has announced its major business transactions during the second quarter of 2020: AirCap has raised funding of US$3 billion, including US$2.5 billion of unsecured bonds during the second-quarter. The company purchased two new aircraft, Airbus A320neo Family aircraft, and executed sale transactions for nine owned aircraft, including three Airbus A320 Family aircraft, five Boeing
Air Asia’s future is in “significant doubt” according to Ernst & Young auditors. Asia’s largest low-cost carrier has been hit hard by the massive drop in air travel as a consequence of the COVID-19 pandemic and strict travel restrictions. In a statement issued to the Kuala Lumpur stock exchange by Ernst & Young, the carrier’s
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
