The German government and the Hessian state government have pledged their support to Germany’s leisure airline Condor, through a guarantee for a loan from the federal government’s corona-shield program. Condor will receive a loan of €294 million (US$320 million) as corona-aid as well as €256 million (US$279 million) to fully refinance the bridging loan that
Following several weeks of discussions with the French state and banking institutions, the Air France-KLM Group and Air France were able to finalize various components of a support mechanism dedicated to Air France on which principle agreements are being finalized. This support mechanism is comprised of a French state-backed loan of €4 billion (US$4.36 billion)
Luftfahrtgesellschaft Walter (LGW) has filed for insolvency in its own administration with the Düsseldorf Local Court. On Wednesday, April 22, attorney Dirk Andres was appointed as provisional administrator. Attorney Michael Wilbert will also join the company’s management as a further managing director. In view of the current economic situation in the aviation industry, there is
In November 2019, International Airlines Group (IAG) agreed to buy Spanish-owned Air Europa for one billion euros (US$1.13 billion), subject to European regulatory approval. In March this year IAG, which also owns Spanish carriers Iberia and low-cost carrier Vueling, agreed to offload a number of routes to fellow Spanish carrier Volotea which would reinforce competition
The Lufthansa Group has published preliminary results for the first quarter of 2020. On a preliminary basis, Group revenues fell by 18% to €6.4 billion (previous year: €7.8 billion) in the first quarter. In March alone, revenues declined by almost €1.4 billion. Cost reductions could only partially offset the revenue decline in the quarter. On
Delta Air Lines has reported financial results for the March quarter of 2020, posting a net loss of US$534 million. Total revenue of US$8.6 billion, was down 18% versus the prior year, with total unit revenue down 13%. Total expense decreased US$450 million driven by lower fuel usage, partially offset by higher revenue- and capacity-related
Lockheed Martin Corporation has reported first quarter 2020 net sales of US$15.7 billion, compared to US$14.3 billion in the first quarter of 2019. Net earnings in the first quarter of 2020 were US$1.7 billion, compared to US$1.7 billion in the first quarter of 2019. Cash from operations in the first quarter of 2020 was US$2.3
Virgin Australia Holdings (Virgin Australia) has called in Vaughan Strawbridge of Deloitte to act as administrator for Australia’s second-largest airline which has accrued debts of AU$5 billion (US$3.15 billion). Having failed to operate profitably for the last seven years and the impact of the COVID-19 pandemic, failing to obtain a bailout loan of AU$1.4 billion
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
