With further problems ahead for one of Europe’s largest low-cost carriers, easyJet has announced it has managed to raise an additional US$266 million through a sale-and-leaseback deal of aircraft. This brings the total raised for the sale and leaseback of 23 aircraft to US$1.09 billion, which is at the upper end of guidance for proceeds.
The International Air Transport Association (IATA) is urging governments to get together and lift border restrictions as well as finding alternatives to quarantine measures if further economic damage is to be avoided. Despite a more recent increase in air traffic over the last months, helped by the reopening of borders between Schengen and non-Schengen EU
TUI, the world’s leading integrated tourism group, has received backing from the German government for an additional tranche of €1.05 billion that extends its exiting tranche with KfW, the German state-owned development bank based in Frankfurt. The extension of the existing credit line by €1.05 billion will be subject to TUI issuing a Convertible Bond
While the British engine manufacturer struggles to deal with the financial consequences of the COVID-19 pandemic, the company’s Trent XWB engine has been hit with technical problems. Having incurred costs approaching £2.4 billion (US$3.1 billion) as a consequence of problematic turbine blades fitted to its Trent 1000 engine which powers the Boeing 787, this is
The Iranian government has refused Ukraine’s request for compensation for the loss of the Ukrainian Airlines Boeing 737 that was accidentally shot down shortly after take-off from Tehran Imam Khomeini International Airport on January 8 this year. While the government does not rule out paying compensation for the victims, even though an initial offer made
An Air India Express Boeing 737 repatriation flight carrying 190 passengers and crew has crashed at Calicut International airport, killing 18 passengers and crew, including both pilots. The plane, arriving from Dubai, was making its second attempt to land in poor conditions on the ‘table-top’ runway on August 7, when it shot off the end
The U.S. Federal Aviation Administration (FAA) is proposing to fine Boeing US$1.25 million for managers at its South Carolina plant exerting undue pressure on staff who were carrying out safety oversight on behalf of the FAA. It is alleged that certain managers put pressure on workers to perform inspections on an aircraft before it was
The world’s third-largest planemaker, Brazil’s Embraer, has announced that in the second quarter of 2020, revenue from its commercial aircraft sector has fallen 82% to US$109 million compared to last year. The company also reported a loss of US$315 million for the last quarter. The drop in revenue has been blamed on the worldwide fallout
A month after announcing that it had secured financing to ensure the airline’s continuation for the next 18 months, Britain’s Virgin Atlantic has filed for Chapter 15 bankruptcy protection in the U.S. The move is a strategic one employed by non-U.S. companies to restrict creditors from tying up assets or filing a lawsuit in the
The US Federal Aviation Administration (FAA) has announced that it intends to issue an airworthiness directive for the troubled Boeing 737 MAX, which involves the updating of flight-control software, revised display-processing software to generate alerts, revising a number of flight-crew operating procedures, and changing the routing of certain wiring bundles. While significant, the announcement does
