The shareholders of Deutsche Lufthansa AG have voted in favor of accepting the capital measures and the participation of the Economic Stabilisation Fund (WSF) of the Federal Republic of Germany in Deutsche Lufthansa AG. The corresponding proposal received the necessary majority at the Extraordinary General Meeting. The package provides for stabilization measures and loans of
Two weeks after Swissport Belgium, part of Swissport International Ltd. filed for insolvency, ground handling company Swissport UK has announced it is reducing its U.K. staffing levels from 8,500 to under 4,000. The Swissport group of companies, Swissport, which handles services such as passenger baggage and cargo for airlines, employed 64,000 workers worldwide prior to
SunExpress Deutschland GmbH (Sun Express Germany), the joint venture carrier involving Lufthansa and Turkish Airlines, is to close with the loss of approximately 1,200 jobs. Sun Express Germany is a separate company to Turkish Sun Express, the latter concentrating predominantly on flights between Germany and Turkey, while the former serves a number of leisure destinations
Textron Inc (Textron) has announced that its plant in Montreal, Canada, which manufactures flight simulators is to suspend production until further notice, endangering approaching 2,000 jobs across a number of business units. The suspension of operations is as a result of the effect the coronavirus pandemic has had on the travel industry. Textron also anticipates
Airbus has announced that it will be extending staff furloughs in various company sectors in both the U.K. and Spain. In the UK, some 2,200 Airbus workers will have their period of furlough extended up until August 9, while in Spain, most of the Company’s SL employees will be furloughed until September 30, which extends
Akbar al-Baker has confirmed that Qatar Airways will be suspending delivery of all aircraft on order from Boeing until 2022 and that deliveries beyond that will be based on the knock-on effect of these delays owing to the effects on air travel resulting from the global coronavirus pandemic. The Gulf carrier has billions of dollars’
The International Air Transport Association (IATA), which represents approximately 290 airlines across the globe, has colled on governments to support airlines during what is anticipated to be a very harsh winter from an economic standpoint as a result of ongoing COVID-19 concerns. It has been estimated that, globally, airlines will post a combined loss approaching
Utilizing the company’s existing technology, software, services and certification Expertise, Honeywell has decided to form a new business unit which will be dedicated to both the Unmanned Aerial Systems (UASs) and Urban Air Mobility (UAM) industries. “Urban Air Mobility and Unmanned Aerial Systems will play an increasing role in the future of aerospace, with potential
The Swedish Government has put forward a proposal to the Swedish Parliament to support SAS AB with up to SEK 5 billion as part of the company’s necessary recapitalization plan due to the negative effects of COVID-19. In addition, the Danish government has communicated political unity for a recapitalization of SAS. The company estimates that
Despite agreeing a US$10 billion bailout plan which would give a German government stabilization fund a 20% stake in the beleaguered carrier, Lufthansa has confirmed that continued pandemic-related reductions in worldwide travel demand may lead to the shedding of up to 22,000 of its 135,9000 full-time staff. The flag-carrying airline, which also includes Swiss, Australian
