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LATEST NEWS
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Monday, January 31st, 2022
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As one of three Latin American carriers which have filed for bankruptcy protection since the outbreak of the COVID-19 pandemic, Aeromexico has received court approval for its restructuring plan.
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"I could not be more pleased to tell you the plan of reorganization is confirmed," U.S. Bankruptcy Judge Shelley Chapman commented after the agreement to pay a settlement to the creditors was announced. As a consequence, Aeromexico will now be able to emerge from potential bankruptcy with new majority shareholders.
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Aeromexico filed for bankruptcy protection in June 2020 and has been in negotiations with both secured and unsecured creditors since then. The approved plan will allow for an injection of capital for Aeromexico with Apollo Global Management becoming the major shareholder. Delta Air Lines, which had already invested in Aeromexico, will be increasing its stake to 20%. Apollo Global Management frequently invests in distressed companies. Previously, a group of junior creditors had opposed certain Aeromexico proposals as it was felt that Delta Air Lines and four individual Mexican investors were being given preferential treatment.
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In addition, Aeromexico has agreed to pay Invictus Global Management US$1.1 million in cash, and a further US$880,000 to cover the legal fees of a group of junior creditors. The day prior to receiving approval for financial restructuring, Aeromexico had reached an agreement with an official committee which represented unsecured creditors in the bankruptcy proceedings. (£1.00 = US$1.35 at time of publication).
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Ryanair has released that Q3 scheduled revenues increased 345% to €0.79 billion as traffic recovered strongly from 8.1 million to 31.1 million guests (at an 84% load factor). Despite a strong start to Q3, especially the school’s mid-term break in October, the Omicron-variant and return of travel restrictions in early December, significantly damaged (higher yielding) close-in Christmas and New Year bookings. Average fares in Q3 were just €25 (down 24% on the same quarter pre-Covid). Ancillary revenue delivered a solid performance, generating €22 per passenger (+8%), as guests choose priority boarding and reserved seating. Total revenues increased by over 330% to €1.47bn in Q3. Ryanair reported third-quarter net loss of €96 million compared to €321 million net loss in Q3 2020.
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While sectors more than doubled (+220%) and traffic rose 286%, operating costs increased by just 136% to €1.59bn, driven primarily by lower variable costs such as airport & handling, route charges and improved fuel burn as more Gamechangers enter the fleet (offset by the higher cost of jet fuel). Lower costs, coupled with rising load factors, saw unit cost per passenger in Q3 (ex-fuel) reduce to €32, an excellent performance.
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After a five-month selection process, Norse Atlantic Airways, a new low-fare long-haul airline based in Norway, has chosen AMOS in autumn 2021. The evaluation of a maintenance and engineering software was part of Norse’s business fundamentals and it started discussions with Swiss-AS very early in its start-up phase, putting confidence and trust in Swiss-AS that AMOS will support the carrier in getting its brand-new airline off the ground.
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The very lean project is already well underway and the Swiss-AS project team is assisting Norse in setting up its processes. The aim is to adopt what has emerged as “best practice” as a result of the experience of more than 190 preceding successful AMOS implementations. The Swiss-AS project team is now pressing ahead to complete the data transfer for Norse.
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Norse Atlantic Airways’ goal is to manage a single-type fleet of all B787 aircraft in AMOS. The go-live will include the full range of AMOS Airline modules and will enable Norse to exploit the advanced functionality for which AMOS is highly valued by its loyal customer base. The first flights are expected to take-off in spring of 2022.
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FL Technics Engine Services has received ISO EN 9110:2018 approval, certifying teams’ operations to serve CFM-family engines at full scale, including repair, replacement, installation, rectification and preservation services.
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Provided at the FL Technics base maintenance and hub painting location, such service creates a unique value for aviation operators and lessors to leverage benefits, with an opportunity to align business interests. Would it be a full-scale aircraft remarketing project, or a partial asset management case.
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Valerij Deveikis, CEO at FL Technics Engine Services, commented the achievement: “Business development is based on resilience and ability to focus on prospects, despite the circumstances. That is the case demonstrated by our team at FL Technics Engine Services, who has proven excellence and expertise in aircraft engines’ maintenance during 2021 and has been awarded with ISO EN 9110:2018 certification. This is a solid proof of capacity and capabilities we possess for future development in 2022 and beyond.”
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Swissport in Germany has won a major contract from Eurowings at the airline’s home base at Cologne Bonn Airport. The cooperation covers passenger services and aircraft turnaround coordination and will start this summer. For the new contract, Swissport will hire approximately 180 new employees.
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The new contract between Swissport and Eurowings, the leisure airline of the Lufthansa Group, is set to come into effect at Cologne Bonn Airport (CGN) latest in July 2022. Swissport, one of the leaders in airport ground services and long-time partner of Lufthansa and SWISS, is expected to serve approximately 310 Eurowings flights per week or 16,000 flights per year. Swissport will serve Eurowings passengers at check-in and at the gate, run the lost and found service as well as the ticket office and also coordinate aircraft turnarounds for the Eurowings fleet at Cologne Bonn. For the new contract, Swissport will soon start to recruit approximately 180 new employees.
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Alaska Air Group has reported another quarter of improvement in its financial results for the fourth quarter and full year ended December 31, 2021.
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The Group reported net income for the fourth quarter and full year 2021 under Generally Accepted Accounting Principles (GAAP) of US$18 million and US$478 million respectively. These results compare to a net loss for the fourth quarter and full year 2020 of US$447 million and US$1.3 billion respectively.
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Alaska Air Group reported net income for the fourth quarter and net loss for the full year 2021, excluding special items and mark-to-market fuel hedge accounting adjustments, of US$31 million and US$256 million respectively. These results compare to a net loss for the fourth quarter and full year 2020, excluding special items and mark-to-market fuel hedge accounting adjustments, of US$316 million and US$1.3 billion respectively.
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The Group reported adjusted pre-tax margin for the fourth quarter of 2021 of 2.4%, marking the second profitable quarter on an adjusted basis since the onset of the pandemic.
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The Group recorded US$42 million and US$151 million of incentive pay in the fourth quarter and full year 2021 earned by employees for meeting or exceeding cash flow, cost management, and safety goals, representing approximately three weeks pay for most employees.
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