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
With Latin American (LaTam) governments refusing to bail out their struggling airlines, Aeromexico has become the latest LatAm carrier to file for Chapter 11 bankruptcy as the effect of the Covid-19 pandemic continue to wreak havoc with the travel industry. Aeromexico has made it clear that the bankruptcy filing was totally “voluntary” and that to
Speaking to German newspaper Die Welt, Airbus CEO Guillaume Faury confirmed plans for the world’s largest planemaker to reduce output by 40% over the next two years to counter the drop in demand for aircraft and delivery delay requests resulting from the effects on global travel by the COVID19 pandemic. The company is now in
With initial investigations into the cause of crash involving a Pakistan International Airlines (PIA) Airbus A320 near Karachi on May 22 which killed 97 of the 99 passengers and crew on board, and one civilian on the ground, primarily being put down to pilot error, Pakistan’s Aviation minister, Ghulam Sarwar Khan announced on June 26
