Aigle Azur, France’s second largest airline, closes down

Aigle Azur ©AirTeamImages

Having ceased all commercial operations and filed for bankruptcy protection earlier this month, leaving 19,000 travelers stranded, Aigle Azur, France’s second-largest carrier, has now closed down. Having immediately been put up for sale, those carriers who expressed interest in Aigle Azur included easyJet and Vueling, while confirmed bids to take over assets were received from Air France, Groupe Dubreuil (owners of Air Caraïbes and French Bee) and Lu Azur. While a joint bid between Air France and Groupe Dubreuil looked the most promising, legal problems relating to the conditions on which personnel would be transferred to a new owner were Read more

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DAE signs new US$300 million 7-year unsecured term loan

Dubai Aerospace Enterprise (DAE) has signed a US$300 million 7-year unsecured term loan with a group of six banks. Abu Dhabi Commercial Bank served as Initial Mandated Lead Arranger, Bookrunner and Underwriter. The loan will be used to repay secured debt and support the future financing needs of the business. Firoz Tarapore, Chief Executive Officer of DAE said: “We are pleased to enter into this loan led and arranged by Abu Dhabi Commercial Bank. This incremental unsecured loan further underpins our ambition to structure our funding and liquidity predominantly around unsecured debt. This transaction brings the total liquidity we have Read more

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German courts look to protect Condor, the Thomas Cook subsidiary airline

Condor ©AirTeamImages

With the U.K.s Thomas Cook airline and travel agency now mired in compulsory bankruptcy proceedings, elsewhere the Group’s subsidies are now scrambling to protect themselves from a similar fate. In Germany, a Frankfurt court has instigated investor protection proceedings in a bid to have Condor Flugdienst GmbH (Condor) restructured. Along with Thomas Cook GmbH, Condor is an independent unit of the British parent company Thomas Cook Group and the German government has already confirmed it will shore up the leisure travel carrier with a €380 million (US$4019 million) bridging loan. The U.K.’s government was approached for and rejected a request Read more

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International Airlines Group (IAG) lowers annual guidance


British Airways’ parent company International Airlines Group (IAG) has updated its full-year 2019 operating profit guidance. In a press release, IAG stated that during September, BALPA’s (British Airways main pilots’ union) industrial action initially scheduled for the 9, 10 and 27 of the month, led to an initial cancellation of 4,521 flights over a period of seven days. Subsequently, 2,196 flights were reinstated, leaving 2,325 cancellations. British Airways also introduced flexible commercial policies on 4,070 flights not directly affected by the industrial action. These policies enabled customers to re-book flights or receive a refund. The net financial impact of the Read more

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Struggling Adria Airways halts flights through cash crisis

Adria Airways ©AirTeamImages

Slovenia-based Adria Airways has been forced to temporarily suspend operations on all but one of its routes as a consequence of a lack of liquid funds. The announcement comes only a day after the U.K.s Thomas Cook ceased all flights and entered into compulsory liquidation. The carrier will continue to operate between Ljubljana in Slovenia, and Frankfurt, Germany. Adria Airways has indicated it hopes the suspension will last for no more than two days while it explores solutions with a potential investor. Slovenia media has reported the suspension of flights has affected many thousands of passengers and the current situation Read more

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Thomas Cook goes bust, ceases all operations – 600,000 travelers still to be repatriated

©Thomas Cook

Thomas Cook, the world’s first and oldest travel agent, has gone bust, ceased all operations, and entered into compulsory liquidation early on Monday Morning, U.K. time. The fallout has left over 600,000 travelers across the globe requiring repatriation. In the U.K. alone there are over 150,000 Thomas Cook customers currently on foreign shores. The majority of these British passengers will be repatriated as part of ‘Operation Matterhorn’ under the Air Travel Operators License (ATOL) a U.K. organization which ‘underwrites’ all package holidays sold by tour operators. However, this scheme does not cover those who only bought flight tickets. This is Read more

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STS Aviation Group acquires Apple Aviation

STS Aviation Group (STS), a leading global aviation solutions company, has acquired Apple Aviation, a world-wide MRO organization based out of the United Kingdom. With this acquisition, STS continues its recent global expansion. The company will immediately begin to offer aircraft Maintenance, Repair & Overhaul (MRO) services to customers at a state-of-the-art aircraft maintenance facility located in Newquay, England. The facility houses more than 150,000 ft² of space; 40,000 of which is dedicated as a parts processing facility. Mark Smith, president of STS Aviation Group, said “As some may recall, STS made a strategic move into Europe earlier this year Read more

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DAE receives US$1.4 billion investment mandate

©Dubai Aerospace Enterprise (DAE)

Dubai Aerospace Enterprise (DAE) had been mandated by one of the world’s largest fund managers to source and manage aircraft valued at approximately US$1.4 billion. DAE will acquire the assets and DAE’s Aircraft Investor Services (AIS) platform will manage the assets on behalf of the investor. The multi-year mandate will involve sourcing and managing the aircraft and assisting the investor with the capital structure for the acquired aircraft. The mandate will primarily target used narrow-body and wide-body aircraft sourced through DAE’s global relationships in secondary market trading and sale- and-leaseback channels. The addition of this mandate will bring DAE’s managed Read more

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CataCap to acquire AerFin

Private equity firm CataCap has agreed to acquire U.K.-based AerFin Holdings from U.S.-based CarVal Investors in partnership with management. AerFin is a leading global specialist in providing cost-saving aftermarket support solutions to the aviation industry. Led by an experienced team of aviation experts, they offer completely bespoke services ranging from whole aircraft and engine sale or lease, through to tailored flight-hour component support solutions based upon used serviceable material. CataCap will become the majority shareholder in the group, which is expected to generate revenues of approximately DKK 780 million and an operating profit of approximately DKK 115 million in the Read more

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Aegean posts first-half 2019 financial results

Aegean has announced its first-half 2019 results with consolidated revenue at €519.4 million, 14% higher compared to 2018 and net losses narrowing to €13.0 million from €13.8 million in 2018, including the effect of implementation of IFRS 16 for the first time. The adoption of IFRS 16 has a negative impact on results of €3.8 million. Therefore, net losses on a comparable basis, excluding IFRS 16 would have been €9.2 million as opposed to €13.8 million in 2018. Total traffic in the first half of the year reached 6.5 million passengers, 9% higher than 2018. Passengers carried on domestic flights Read more

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