Long before the COVID-19 pandemic had any effect on Thai Airways International Plc’s finances, the Southeast Asian Carrier was already in trouble, having failed to post a profit in all but one year since 2012 and reported losses of 12.04 billion baht (US$377.3 million) in 2019. The state-controlled airline has struggled to deal with bloated
Ethiopian Airlines’ (Ethiopian) chairman, Tewolde Gebremariam, has confirmed that he anticipates the settlement of a compensation package with Boeing in relation to lost revenue owing to the grounding of the 737 MAX after the crash of one of the jets belonging to Ethiopian in March 2019. “We have invited Boeing to discuss compensation. It’s compensation
ACC Aviation Group have secured a US$100,000,000 Non-Owned third-party Legal Liability (NOL) policy, covering aircraft charter and wet leasing business undertaken by the company. While the COVID-19 pandemic has significantly impacted the global business community, ACC has continued working with airline suppliers to support their clients worldwide, repatriating displaced nationals and keeping critical supplies and equipment moving. The NOL
With the COVID-19 pandemic bringing international air travel to a standstill and millions of customers now demanding cash refunds for canceled trips TUI, the world’s largest holiday company has begun what it sees as only the first round of redundancies as it announces 8,000 staff, approximately 10% of its workforce, are being laid off. Despite
The European Union Aviation Safety Agency (EASA) has agreed on concrete measures that will offer financial relief to companies in the aviation industry whose business has been severely impacted by the COVID-19 crisis. These measures take account of the continued sustainability of EASA and have been agreed with the support of the European Commission. The
Mesa Air Group reported second-quarter fiscal 2020 financial and operating results. Mesa’s second-quarter 2020 results reflect net income of US$1.9 million, compared to net income of US$13.2 million the previous year. Mesa’s pre-tax income was US$3.2 million, compared to US$17.3 million for the second-quarter of 2019. In addition, Mesa’s Adjusted EBITDA for the second-quarter was
Columbia’s Avianca Holdings SA, South America’s second-largest airline, has filed for Chapter 11 bankruptcy. The carrier had a looming bond payment deadline and had been unable to secure any financial aid from the government to help it through the pandemic. In the filing lodged with the U.S. Bankruptcy Court for the Southern District of New
Willis Lease Finance has reported first-quarter pre-tax profit and total revenues of US$8.5 million and US$81.6 million, respectively. The company’s first quarter 2020 pre-tax results were impacted by both lower revenue in the core leasing business, which was influenced by a reduction in reported asset usage and reduced spare parts sales, and the one-time expense
Fly Leasing has reported its financial results for the first quarter of 2020. FLY is reporting net income of US$38.1 million for the first quarter, compared to net income of US$45.0 million for the same period in 2019. The first-quarter 2020 results include a US$9.4 million unrealized fair value loss related to investments in ABS
TAG Aero and Unique Airmotive Services have completed a dual acquisition and merger facilitated by Mill Hill Capital. UAS Holdings Company has been formed as the parent company and migrates both facilities under one brand, TAG Aero. The combined companies will bring together a leading APU repair station with capabilities reaching 20,000 aircraft worldwide. Unique
