Rolls-Royce, the British jet engine manufacturer, has announced its intention to raise approximately £2.5 billion in an attempt to strengthen its balance sheet as the continued effects of the COVID-19 pandemic affect demand both for jet engines and ancillary services. One of the options being considered by the company is a rights issue, though debt
Atlanta-based Delta Air Lines (Delta) has announced it is to raise US$9.0 billion, up from a previous estimate of US$6.5 billion, through a series of bonds and loans which will be backed by its SkyMiles loyalty program. The carrier is currently burning through US$27 million on a daily basis and the capital is being raised
US congressional investigators have released a 239-page report on the 737-MAX crashes where it identifies both Boeing Co (Boeing) and the Federal Aviation Administration (FAA) for “repeated and serious failures”, together with a culture of “concealment” instigated by Boeing to withhold important information from the FAA. The report identified Boeing’s sense of urgency to launch
EasyJet’s Chief Executive, Johan Lundgren, has demanded European governments focus on developing coherent air travel policies as opposed to shielding national carriers as carriers struggle to deal with the effects of the COVID-19 pandemic. Lundgren was quite blunt in his criticism of varying restrictions and quarantine measures which he felt had contributed to the slump
Lima Airport Partners (LAP), which has been part of the Fraport Group since 2001, has signed a US$450 million financing agreement for its airside development program at Jorge Chávez International Airport in Lima, Peru. KfW IPEX-Bank, the Bank of Nova Scotia, Sumitomo Mitsui Banking Corporation, and Banco Bilbao Vizcaya Argentaria – are providing the loan.
A three-judge Cundinamarca Administrative court has blocked a loan from the Colombian government to stricken Avianca Airlines (Avianca) in response to a citizen’s lawsuit filed by Jonathan Ruiz Tobon. Avianca, which is currently in Chapter 11 bankruptcy proceedings in the U.S. Cundinamarca is a department and administrative suburb of Bogotá. Little is known about Tobon,
Singapore Airlines has announced that it is to pare back staffing levels by approximately 20%, shedding 4,300 jobs as it struggles to deal with the drop in demand for air travel as a consequence of the COVID-109 pandemic. Taking into account voluntary departure schemes, standard attrition and a freeze on recruitment, the actual number of
Boeing has announced the likely delay in deliveries of its 787 Dreamliner after confirming that it has identified three production flaws. This could be a major problem for Boeing as it has pinned its hopes on the Dreamliner as a source of cash revenue to offset the financial crisis originally created by safety problems with
International Airlines Group (IAG) has confirmed that Luis Gallego, the former chairman of Iberia, one of the Group’s carriers, has officially taken over from Willie Walsh as Chief Executive, effective Tuesday September 8, immediately after the Group’s Annual General Meeting. Commenting on his new position, Gallego said: “It’s an honour to become IAG’s chief executive,
Norwegian Air Shuttle (Norwegian), Norway’s flag-carrying airline, posted passenger numbers for August 2020 which reveal a 91% drop compared to the same period last year, 313,316 as opposed to 3.5 million, respectively, while the majority of its fleet remains grounded. Currently the airline has plans to operate between 25 and 30 of its planes, leaving
