Gulf Air and Standard Chartered Bank (SCB) have finalized the terms for the provision of a three-year syndicated term loan facility of USD 75 million that will be used to finance ongoing investment and growth in 2006. The deal will be signed in early January.
Malaysia Airlines will introduce a rigorous and disciplined cash management programme to stop and reduce the cash-burn rate of the company, both in terms of operating cost and also capital expenditure. It also seeks avenues to secure immediate short-term cash injection and financing, including sale of assets. MAS is currently in discussion with the Government
Northwest Airlines reported a net loss of $129 million and an operating loss of $64 million for November 2005.
Northwest Airlines mechanics rejected the recent contract proposal and will continue strike. The strike began in August 2005 and Northwest was able to continue flying by hiring temporary workers.
The BTS reported for the third quarter 2005, that the domestic U.S. passenger airline industry operating margin, represented by 21 selected carriers, declined from a 0.4% profit margin in the second quarter of 2005 to a 2.0% loss margin in the third quarter. The seven largest regional airlines and the seven largest low-cost carriers each
UAL Corporation reported that all the classes of creditors voting on its Plan of Reorganization have accepted the Plan.
World Airways said that the National Mediation Board (NMB) has released the company and its pilots, represented by the International Brotherhood of Teamsters (IBT), from the mediation process that began in January 2004. The NMB issued notice of the release Dec. 28, 2005, initiating a 30-day cooling-off period before either party can engage in self-help.
Independence Air will voluntarily discontinue all scheduled flights planned to depart after January 5th, 2006. Independence Air Chairman and CEO Kerry Skeen said,
Avio Holding reported an EBITDA for the nine months ended September 30, 2005 of
Continental Airlines has reached agreement with the IAM covering the company’s flight attendants. Details of the agreement were not released. Results of the ratification process are expected in January 2006. The agreement between Continental Airlines and the IAM, along with previously announced pay and benefit reductions for other work groups, concludes the negotiation process with
