Over recent weeks, billionaire Sir Richard Branson has been on the receiving end of negative press in relation to his request to the British government for a £500 million (US$625 million) bailout to stop Virgin Atlantic going bust. Many feel he should use part of his estimated £4.7 billion (US$5.88 billion) personal fortune instead. Branson
Mesa Air Group has released that it expects to receive US$92.5 million in assistance from the Treasury Department under the Payroll Support Program as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The funds can only be used for the continuation of payment of employee wages, salaries, and benefits for the period
As countries like Spain and Italy now look to have the COVID-19 pandemic under control and death tolls easing, both easyJet and Ryanair, Europe’s top-two low-cost carriers, have both issued strong statements about the near future of air travel once travel bans have been lifted. Shares in easyJet rose 6.2% after it announced it had
Seabury Capital Group’s London- and New York-based Aerospace and Defense (A&D) Investment Banking teams assisted Hong Kong Aircraft Engineering Company Limited (HAECO Group), in the acquisition of Texas-based aero-engine maintenance provider, Jet Engine Solutions (JES). The acquisition marks HAECO Group’s debut in North America’s on- and near-wing, aero-engine market, forming part of HAECO Group’s strategy
Alaska Airlines and Horizon Air have agreed to general terms with the U.S. Treasury regarding their participation in the Payroll Support Program (PSP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The program will provide Alaska and Horizon with a total of US$992 million, to be used exclusively for the cost of employee
Spirit AeroSystems (Spirit) the American airframe maker has announced that for the first quarter of 2020, it is likely to post a loss of US$160 million as opposed to a profit of US$163 million for the same period last year, generating approximately U$1.1 billion in first quarter revenue, down about 46% from U$2.0 billion for
Qatar Airways and Standard Chartered have successfully signed a US$850 million financing in respect of seven Boeing 787-9 aircraft. Qatar Airways Group Chief Executive His Excellency Mr. Akbar Al Baker stated: ”I am grateful to Standard Chartered for their continued support to Qatar Airways. The bank has been a close partner of Qatar Airways for
Among the ten airlines that have agreed to the rescue package are the four largest U.S. carriers Delta, American, United and Southwest Airlines. American Airlines Group has released that the U.S. Department of the Treasury has approved US$5.8 billion in financial assistance from the Payroll Support Program (PSP) created through the Coronavirus Aid, Relief, and
KfW and TUI AG have signed the state aid bridging loan for €1.8 billion. The loan had been committed by the German Federal Government on March 27, as part of the COVID-19 state support program. TUI’s current Revolving Credit Facility “RCF” banking consortium supports the KfW loan and the addition of the €1.8 billion into
In a bid to deal with the economic ramifications of the COVID-19 pandemic Norwegian, Europe’s third-largest low-cost carrier, is now looking to convert up to US$4.3 billion of debt into equity and will be issuing new shares in an attempt to stay afloat. The strategic move is in response to the requirements needed to meet
