Category: Financial

Qantas Group projects domestic capacity to return to 90% of pre-COVID levels in Q4 FY21

©Qantas

Qantas Group has released encouraging projections for Q4 FY21, ending June 30, highlighting its recovery from the effects of the COVID-19 pandemic on air travel. While Group domestic capacity should reach 90% of pre-COVID levels for the last quarter, subsidiary Jetstar looks likely to exceed 100% thanks to a strong leisure demand. Forward projections into FY22 should see Qantas operating at 107% pre-COVID level and Jetstar at 120%. According to Group CEO Alan Joyce: “Corporate travel, including the small business segment, is now back to around 65% of pre-COVID levels, and increasing month-on-month.” The Group had been hard hit by Read more

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Delta Air Lines reports first-quarter pre-tax loss of US$2.9 billion

Delta Air Lines ©AirTeamImages

Delta Air Lines has reported financial results for the first quarter 2021, posting AN adjusted pre-tax loss of US$2.9 billion excluding US$1.2 billion of benefit related to the first payroll support program extension (PSP2), which is partially offset among other items, by the debt extinguishment charges incurred when pre-paying its US$1.5 billion slots, gates and routes term loan Delta reported adjusted operating revenue of US$3.6 billion a decline of 65% on 55% lower sellable capacity versus the first quarter of 2019. Total operating expense, which includes the US$1.2 billion benefit related to PSP2, decreased US$3.9 billion over the first quarter Read more

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Norwegian Air to raise additional NEK6 billion before exiting bankruptcy protection

©Norwegian

Norwegian Air Shuttle (Norwegian) has increased its target of cash being raised prior to exiting bankruptcy protection. Courts in both Dublin and Oslo had recently agreed for the airline to convert debt to stock, but only on the condition that it raised a further NEK4.5 billion. However, that figure has been increased to NEK6 billion in fresh capital to shore up its resources prior to exiting bankruptcy protection, despite the precarious situation being faced by commercial airlines during the COVID-19 pandemic. On Wednesday, Norwegian’s Chief Executive Jacob Schram said in a statement: “We want to take a conservative approach at Read more

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Government of Canada and Air Canada reach deal on relief package

©Air Canada

Air Canada has entered into a series of debt and equity financing agreements with the Government of Canada, which will allow Air Canada to access up to CA$5.879 billion in liquidity through the Large Employer Emergency Financing Facility (LEEFF) program. The financial package provides for fully repayable loans that Air Canada would only draw down as required, as well as an equity investment, and is comprised of: Gross proceeds of CA$500 million for Air Canada shares at a price of CA$23.1793 per share. As part of the financial package, Air Canada has agreed to a number of commitments related to customer Read more

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Causeway Aero Group acquires Pitch Aircraft Seating Systems

The PF3000 economy class seat ©Causeway Aero Group

Causeway Aero Group has acquired Pitch Aircraft Seating Systems for an undisclosed sum. This follows the award, in March 2019, of a contract for Causeway to certify, manufacture, and assemble the Pitch PF3000 lightweight, fixed back economy class seat, at its facility in Lisburn, Northern Ireland. The Pitch brand completes Causeway’s ‘nose to tail’ aero interiors capability and represents a unique opportunity for Causeway to have an important role in the recovery of the commercial aviation industry in the wake of the COVID-19 pandemic, especially as low-cost carriers will be a key element in re-generating travel. While Causeway will continue Read more

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Premier Aviation Quebec (PAQ) announces ownership change

Premier Aviation Quebec (PAQ) has finalized its sale to Sylvain Perron current COO of PAQ and former CFO of the Premier Aviation Group. Ronnie Di Bartolo, outgoing CEO and President, says: “The reputation of PAQ in the regional market has been established as one of the industry leading Regional MRO shops. Today I am pleased to announce that our COO, Sylvain Perron has acquired the company and is very well positioned for the next chapter of growth. The most important thing for me was to secure my most valuable asset – our employees”. “As Premier Aviation is looking to grow Read more

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RINA acquires Interconsulting Engineering in move to strengthen Space and Defense arm

RINA, the multinational inspection, certification and engineering consultancy company, has acquired the entire share capital of Interconsulting Engineering, headquartered in Rome, through its subsidiary RINA Consulting. Interconsulting Engineering brings cutting-edge know-how in the design and development of integrated systems, applications and high-tech solutions in avionics to the group. With a turnover of approx. €5 million (US$6 million) and 50 employees specializing in electronic systems, the company has participated in major Italian and international aerospace programs. The acquisition, which has obtained the sector-specific authorizations, represents a further step forward in the implementation of RINA’s strategy to grow in the Space and Read more

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EU gives go-ahead for €4 billion Air France state bail-out, despite Ryanair protestations

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The EU has given the green light for the French government to inject up to €4 billion into Air France by increasing its current 14.3% stake in Air France KLM to 30%. The deal has been subject to weeks of negotiations as the EU has always been keen to ensure that any aid given to European carriers does not give them an unfair advantage. To mitigate the situation, the commission, which is the EU’s anti-trust regulator, has demanded Air France to release up to 18 slots per day at Paris’ second-largest airport, Orly. “This gives competing carriers the chance to Read more

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Arrangement Agreement between Transat and Air Canada terminated by mutual consent

©Air Transat

Transat A.T. (Transat) has released that the contemplated arrangement with Air Canada under the revised Arrangement Agreement between Transat and Air Canada dated October 9, 2020 (the Arrangement Agreement) has been terminated by mutual agreement of Transat and Air Canada, effective immediately. The parties have reached this agreement after having been advised by the European Commission that it would not approve the transaction. In connection with the termination of the Arrangement Agreement, Air Canada has agreed to pay a CA$12.5 million termination payment to the corporation and to waive its entitlement to a US$10 million termination fee in the event of Read more

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RINA acquires Interconsulting Engineering in move to strengthen Space and Defense arm

RINA, the multinational inspection, certification and engineering consultancy company, has acquired the entire share capital of Interconsulting Engineering, headquartered in Rome, through its subsidiary RINA Consulting. Interconsulting Engineering brings cutting-edge know-how in the design and development of integrated systems, applications, and high-tech solutions in avionics to the group. With a turnover of approx. €5 million (US$6 million) and 50 employees specializing in electronic systems, the company has participated in major Italian and international aerospace programs. The acquisition, which has obtained the sector-specific authorizations, represents a further step forward in the implementation of RINA’s strategy to grow in the Space and Read more

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