The International Air Transport Association (IATA) updated its analysis of the revenue impact of the COVID-19 pandemic on the global air transport industry. Owing to the severity of travel restrictions and the expected global recession, IATA now estimates that industry passenger revenues could plummet US$252 billion or 44% below 2019’s figure. This is in a
Norwegian has reported that two Nordic banks have obtained credit committee approval to provide a guarantee for the required 10% for the first tranche of NOK 300 million. Norwegian will secure the necessary headroom to pursue further guarantees from the Norwegian Government. On March 19, the Norwegian Government proposed a guarantee of NOK 6 billion
Lufthansa Technik AG continued on its growth path in the past financial year and closed 2019 with record revenue and earnings. Revenue rose by 13% to €6.9 billion. Earnings before interest and taxes (adjusted EBIT) grew by around eleven percent to €493 million. The extent of the effects of the worldwide aviation crisis affecting Lufthansa
Lilium, the Munich-based aviation company developing an all-electric, vertical take-off and landing aircraft for regional air mobility, has completed an internal funding round worth more than US$240 million. The round was led by Tencent, with participation from other existing investors including Atomico, Freigeist and LGT. The new funds bring the total sum raised to date
Sabre Corporation, the software and technology company that powers the global travel industry, is taking significant measures to strengthen its financial position in response to the current industry conditions. The travel industry continues to be adversely affected by the global health crisis caused by the outbreak of COVID-19, as well as by government directives that
Boeing has confirmed that to assist with its request for government aid to aid both itself and other manufacturers in the aerospace supply chain, it will suspend paying any dividends, the company CEO will forego his salary, and the current embargo on share buybacks will remain in place, indefinitely. Like many companies in the aerospace
Airbus will bolster its liquidity and balance sheet in response to the COVID-19 pandemic as it continues to assess the ongoing situation and the impact on its business, customers, suppliers and the industry as a whole. Airbus’ management has received approval from the Board of Directors to secure a new credit facility amounting to €15
Finnair is implementing a substantial funding plan in order to secure the company’s future even in a prolonged coronavirus situation. The plan includes funding instruments such as available credit lines, sale and leasebacks of unencumbered aircraft and a substantial, market-based pension premium loan. The available credit lines included in the funding plan consist of a
The coronavirus crisis has seen share values in the aerospace sector tumble drastically, and a combination of cash problems at Boeing and a huge drop in Embraer’s share value has left the 2017 deal for Boeing to acquire an 80% stake in the commercial arm of the Brazilian planemaker on a knife edge. The situation
Lufthansa Group has achieved adjusted EBIT of €2 billion in the financial year 2019, in line with the forecast despite considerable charges. The main drivers for the decline were a €600 million increase in fuel costs and a noticeable economic slowdown, especially in the Group’s home markets. Earnings development was also impacted by high price
