SR Technics, a leading provider of MRO solutions for aircraft, engines, components, engineering and training, has announced it has secured a CHF120 million (US$127 million) additional credit line from its existing consortium of banks, supported by 60% surety by the Swiss Confederation. Having posted results that exceeded expectations for Q1 2020, growth collapsed in April
Shareholders in Latvia’s carrier airBaltic have approved a €250 million (US$285 million) investment by the Republic of Latvia in order to assist it through the COVID-19 crisis. Martin Gauss, the CEO of airBaltic, said: “With this new equity investment we are executing our new business plan Destination 2025 CLEAN. This investment will facilitate the successful
As the COVID-19 pandemic shows no sign of receding and numbers of reported cases increasing in over 35 U.S. states, the uncertain demand for future air travel has seen Delta Air Lines (Delta) halve its anticipated 1,000 flight increase for the month of August to just 500 flights. Having posted a net quarterly loss of
In the wake of the grounding of nearly one-third of all Pakistan International Airlines’ (PIA) pilots, the U.S has followed in the footsteps of the European Union Air Safety Agency (EASA)and has revoked the permission for PIA charter flights to fly to the U.S. The U.S. Department of Transportation took such action on the recommendation
With the effects of the COVID-19 pandemic seeing flight hours of Rolls-Royce engines halved, the British company has advised that it has already burned through £3 billion (US$3.8 billion) and anticipates that a further £1 billion (US$1.3 billion) of outflow will transpire in the second half of the year. For the months of April through
Air Asia’s future is in “significant doubt” according to Ernst & Young auditors. Asia’s largest low-cost carrier has been hit hard by the massive drop in air travel as a consequence of the COVID-19 pandemic and strict travel restrictions. In a statement issued to the Kuala Lumpur stock exchange by Ernst & Young, the carrier’s
Within a week of Norwegian Air Shuttle cancelling an order for 92 of the 737 MAX, aircraft lessor BOC Aviation cancelling an order for 30 of the jets and subsequent to its April cancellation of 75 ordered 737 MAX jets, aircraft lessor Avolon has announced it is cancelling orders for a further 27 of the
Bondholders in Virgin Australia Holdings (Virgin Australia) have made an application to the Takeover Panel seeking approval to submit an alternative purchase proposal to creditors to consider against the currently accepted offer from private equity group Bain Capital for an as-yet undisclosed sum. Bondholders are not the only ones to object to what they see
The flag carrying airline Air France, along with its low-cost subsidiary Hop!, are to make substantial staffing cuts as a direct consequence of the effect of the COVID-19 pandemic on air travel. Air France has indicated that it will shed 6,000 jobs from a workforce of approximately 41,000 staff, while Hop! will reduce its approximate
Under a US$25 billion emergency loan program, five American airlines have confirmed they have successfully concluded negotiated loan deals with the U.S. Treasury. Unlike previous financial assistance in the form of payroll assistance which did not have to be repaid, this new financial aid will be in the form of a repayable loan, though the
