SAS has signed a SEK 3.3 billion three-year revolving credit facility agreement, 90% guaranteed by the Swedish and Danish states. Since the announcements from the Scandinavian governments on credit guarantees to airlines, SAS has worked with four Nordic banks as well as respective government agencies to clarify the criteria and terms for the guarantees. The
The Qantas Group has secured a further AU$550 million in funding against three of its wholly-owned Boeing 787-9 aircraft. This follows the AU$1.05 billion raised in March against seven Boeing 787-9 aircraft. Net debt is now within the middle of the target range, at AU$5.8 billion. The Group has no financial covenants on any existing
French finance minister Bruno Le Maire has announced that the €7 billion (US$7.7 billion) package of state and bank loans being offered to the ailing French-flag-carrying Air France will come with significant “green strings” attached to it. The principal demand is that in return for financial support, Air France sets itself a target of becoming
United Airlines (UAL) has reported first quarter 2020 financial results with a net loss of US$1.7 billion, and an adjusted net loss of US$639 million. The company’s total liquidity as of the close of business on Wednesday, April 29, 2020 was approximately US$9.6 billion, including US$2 billion under its undrawn revolving credit facility. The company
O2 Aero Acquisitions has acquired Shaw Aerox (Aerox), a leading designer and manufacturer of installed and portable oxygen systems and accessories for aviation and medical users, for an undisclosed amount. Scott E. Ashton, O2 Aero Acquisitions Managing Director, has been named President and CEO. The company, which has been rebranded as Aerox Aviation Oxygen Systems,
Boeing has posted first-quarter revenue of US$16.9 billion, a net loss which amounted to US$641 million, primarily reflecting the impacts of COVID-19 and the 737 MAX grounding. Boeing recorded operating cash flow of US$-4.3 billion. As the pandemic continues to reduce airline passenger traffic, Boeing is seeing significant impact on the demand for new commercial
In the first quarter of 2020, MTU Aero Engines generated revenue of €1,272.7 million, an increase of 13% compared with the prior-year period (2019: €1,131.2 million). The operating profit declined by 3% from €187.6 million to €181.8 million due to the revenue mix. The adjusted EBIT margin was 14.3% (2019: 16.6%). Adjusted net income was
In a virtual shareholders’ meeting on Monday this week, Boeing CEO David Calhoun warned that the world’s second-largest planemaker will need to raise further cash over the next six months and will be unlikely to pay any shareholder dividends for many years to come. “That process could take three to five years… It’s going to
Airbus has reported consolidated financial results for its first-quarter 2020. Consolidated revenues decreased to €10.6 billion, down 15% compared to the first-quarter of 2019, reflecting the difficult market environment impacting the commercial aircraft business with 40 less deliveries than a year earlier, partly offset by a better mix and a more favorable foreign exchange environment.
Boeing let the midnight deadline on April 24 pass before announcing that it was pulling out of the deal to acquire the commercial aircraft arm of Brazil’s Embraer first agreed in 2018. Boeing has cited that Embraer failed to meet a number of conditions required for the transaction to be closed. Embraer has retaliated by
