Lufthansa has signed agreements with its works council and trade unions to introduce short-time working for cabin and ground staff in Frankfurt and Munich. This also applies to the management. An agreement with the pilots union “Vereinigung Cockpit” has not yet been reached. The extent of reduced working hours is determined for employees depending on
International Airlines Group (IAG) has released that British Airways has extended its US dollar secured Revolving Credit Facility for one year from June 23, 2020 to June 23, 2021. The amount available under the extended facility is US$1.38 billion. Including the extended facility and some smaller additional facilities recently arranged, IAG has total undrawn general
The future of Singapore Airlines (SIA) amidst the COVID-19 outbreak looks assured with a successful rescue package being put in place, headed by state investor Temasek Holdings, amounting to SG$19 billion. The figure represents the largest aid package to date for any airline struggling with the dramatic decrease in air travel. The package comprises SG$5.3
Hong Kong Aircraft Engineering Company (HAECO Group) has acquired Jet Engine Solutions, (JES), an engine MRO based in Dallas, Texas, U.S. JES specializes in quick-turn repairs and lease-returns for commercial aircraft engines. The acquisition of JES forms part of HAECO’s strategy to grow its Global Engine Support business. This includes the opening of a new
FACC, owned by China’s Aviation Industry Corporation, is rapidly reassessing its €33 million (US$36 million) project to build an automated, digitized production complex in Croatia. In addition, the company has opted not to pay a dividend for last year. The situation has come about through the aviation industry’s reaction to the COVID-19 outbreak and, as
Triumph Group has provided an update on the current impact of the coronavirus (COVID-19) on the business and the steps the company is taking to mitigate it. The company is expanding its actions to limit the spread of COVID-19 consistent with U.S. and international government safeguards. Although the situation remains fluid, all factories remain operational.
The Qantas Group has completed a new round of debt funding, securing AU$1.05 billion in additional liquidity to strengthen its position as it manages through the coronavirus outbreak. This debt has been secured against part of the Group’s fleet of unencumbered aircraft, which were bought with cash in recent years. The loan has a tenure
U.S. airline stocks surged as U.S. lawmakers came much closer to agreeing up to US$32 billion in grants, as opposed to loans, for passenger and cargo airlines, together with associated contractors. Shares in American Airlines Group Inc rose 35% to $13.90, Delta Air Lines increased 22%, United Airlines went up 25% and JetBlue Airways Corp
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
