Airline bankruptcies, ceased operations, restructurations

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LJ
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Re: Airline bankruptcies, ceased operations, restructurations

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As from the homepage, SunExpress Deutschland will cease operations as of June 26th.

https://www.aviation24.be/airlines/luft ... ys-active/

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Re: Airline bankruptcies, ceased operations, restructurations

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El Al Israeli Airlines says it found a financial institution willing to extend it a US$400 million loan to save it from permanent closure. The carrier is still proposing a smaller public offering of $40 million and the sale of $110 million in convertible debentures to the government.

Flybe could resume operations in the near future, as shareholder Cyrus Capital (US) said it was hoped that the business could emerge from administration to restart some operations.

LATAM Brazil expected to lay off around 8,000 employees, including pilots, flight attendants and ground crew. Between pilots and flight attendants alone, about 2,700 layoffs will occur.
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Re: Airline bankruptcies, ceased operations, restructurations

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Avianca has offered its employees to maintain unpaid contracts for a period of between 6 and 12 months and a voluntary layoff plan for people with a fixed contract.

Camair-Co auditor warns of a possible cessation of operations or a dissolution of the company due to weak finances and lack of aircraft.

Kenya Airways is now likely to move forward with a buyout by minority shareholders at a premium and converting shares held by banks into Treasury bonds, as Parliament tabled a bill that would sell the carrier to the State.

OSM Aviation of Norway has now filed for bankruptcy as liquidity dried up, with three subsidiaries affected in Sweden, Finland and Norway.

Ravn Air Group is granted bankruptcy court approval for a plan to sell the company in whole or in part to satisfy creditors in early July 2020. There are 30 bidders, with five interested in the entire company.
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Re: Airline bankruptcies, ceased operations, restructurations

Post by rwandan-flyer »


Antigua's PM announces plan to liquidate LIAT


St John’s – Prime Minister of Antigua and Barbuda, Gaston Browne has announced plans to liquidate the regional carrier, LIAT.

Browne, who made the announcement on Saturday, said a new entity will be formed and a meeting of all shareholders will be held shortly to discuss the matter. https://www.nationnews.com/nationnews/n ... idate-liat

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Re: Airline bankruptcies, ceased operations, restructurations

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rwandan-flyer wrote:
19 Jun 2020, 18:51
sn26567 wrote:
25 Apr 2020, 00:19
Daily review:

Aeromexico is working with the Mexican government to strengthen liquidity. The carrier is also working on an extensive list of initiatives to obtain US$400 million in additional liquidity, including sale/leasebacks of owned aircraft and financing from European credit agencies and the Ex-Im Bank (US). B737 MAX compensation from Boeing to also contribute.

Mexican newspaper says that Aeromexico could file for Chapter 11. It's an opnion from a journalist of El Financiero

https://translate.google.fr/translate?h ... r-11-en-ny



Aeromexico files for bankruptcy

Grupo Aeromexico, the parent company of Mexican flag carrier Aeromexico, has filed for Chapter 11 bankruptcy protection in the US after the coronavirus pandemic decimated its business.

https://www.flightglobal.com/strategy/a ... SpYkqtEIdM

The list is growing for Delta. There is LATAM which has gone under chapt11 too, as well as Virgin Australia. It remains to be seen what will become of Virgin Atlantic. Is this going to affect DL. Even if the economic situation does not help, it seems that DL is the new Ethiad

More infos about Chapt 11 https://vuela.aeromexico.com/reorganiza ... nfo-EN.pdf

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Re: Airline bankruptcies, ceased operations, restructurations

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Virgin Australia headquarters look set to remain in Queensland after the government secured a deal with Bain Capital. Bain was given up to US$137.3 million and other incentives to remain in Brisbane.
Hi. I'm T., spotter and aviation geek. Join me on Facebook & Twitter @TLspotting

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Re: Airline bankruptcies, ceased operations, restructurations

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El Al Israel Airlines has cancelled all flights planned for 01 July 2020 and ordered all of the company’s aircraft to return to Israel until further notice, after the pilot’s union announced that pilots would not embark on flights due to the company’s financial crisis.
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Re: Airline bankruptcies, ceased operations, restructurations

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rwandan-flyer wrote:
01 Jul 2020, 11:13
Aeromexico files for bankruptcy

Grupo Aeromexico, the parent company of Mexican flag carrier Aeromexico, has filed for Chapter 11 bankruptcy protection in the US after the coronavirus pandemic decimated its business.

Aeromexico CEO Andres Conesa says it will be necessary to readjust the size of the company, but that the business model is still in force, after announce Chapter 11 in the US.
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Re: Airline bankruptcies, ceased operations, restructurations

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Aeromexico remains in talks to obtain DIP (debtor-in-possession) financing as part of the restructuring process. Aeromexico is confident that it will finalise formal commitments for DIP financing that, along with available cash, would provide sufficient liquidity to meet its obligations going forward.

Comair business rescue practitioners announced that the group’s creditors had approved another extension for the publication date of the business rescue plan, to 28 July 2020.

El Al Israel Airlines confirms it deferred some lease payments by mutual agreement, while lease agreements for two B737-800s expected to enter service in 2020 were cancelled, and three wet-leased aircraft were returned. El Al also sold four engines for a gain of US$10 million. In June 2020, five other engines were sold and a capital gain of $1.5 million was recorded. The B777 fleet renewal was suspended or cancelled. El Al Israel Airlines says it will not operate flights until 31 July 2020, following the recent grounding over its dispute with unions.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote:
02 Jul 2020, 22:15
Aeromexico CEO Andres Conesa says it will be necessary to readjust the size of the company, but that the business model is still in force, after announce Chapter 11 in the US.
Aeromexico will return 23 of its aircraft to its lessors — 19% of its fleet — to allow the firm to cut its obligations to its creditors in order to clean up its finances. Five B737-800s, five B737-700s, nine E170s, and four E190s are affected.

Air Namibia needs US$412 million in the current financial year to survive. The amount also takes into account an outstanding debt of over $294 million, which includes leaseholds. The Cabinet had not taken any decision to liquidate the airline, as different options to restructure are being considered.

Thai Airways International will speed up the drafting of its rehabilitation plan to submit it to the Central Bankruptcy Court on 17 Aug 2020, when the court is scheduled to begin examining the airline’s rehabilitation request.

Antigua and Barbuda says its country is not yet ready to resign from the financially burdened LIAT, even though the imminent start of the liquidation process is already underway.
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Re: Airline bankruptcies, ceased operations, restructurations

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Avianca Brasil asks the court to be declared bankrupt after it was unable to overcome the phase of the process known as judicial recovery.

El Al Israeli Airlines has reached a bailout deal with the government that could lead to its nationalisation. The carrier will receive loans of US$250 million and raise an additional $150 million via share sale. The state will buy the shares if investors do not.

RavnAir Group lenders to begin the auction process today, with 14 bidders intending to participate. The grounded carrier owes nearly US$100 million to an array of lenders.
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Re: Airline bankruptcies, ceased operations, restructurations

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Hi,

And EXIT of Level France and its three A332...

Only BCN based Level survives for now..with only three routes !

CXB
New types flown 2020 : A321neo,B781
New types planned : E140

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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote:
06 Jul 2020, 22:30
Air Namibia needs US$412 million in the current financial year to survive. The amount also takes into account an outstanding debt of over $294 million, which includes leaseholds. The Cabinet had not taken any decision to liquidate the airline, as different options to restructure are being considered.
Another page of African aviation is surely turning. After the troubles for South African Airways (technically bankrupt), the state which will take over Kenya Airways while it was the first African airlines to be privatized in 1996, the end seems to be near for Air Namibia (73 years old)

Namibian civil aviation suspends Air Namibia's license. The airline will be grounded this evening from midnight. Only "emergency" flights will be authorized https://www.namibian.com.na/92583/read/ ... -suspended

The airline was already suffering long time before the covid crisis19.

Although Lufthansa ended Namibia service long time ago, competition was strong to Germany, its biggest market, with LTU / Air Berlin, then Eurowings and Condor. The WDH FRA by Air Namibia is a loss making route. In addition South African Airways represented a very good alternative to come and visit the country (several daily flights to Johannesburg). Air Namibia ended its London Gatwick service, in 2009. Arrivals of KLM, Ethiopian Airlines and Qatar Airways have put more pressure on Air Namibia

The Luanda route was its most profitable route, but the Angolan economy started to suffer in the mid-2010s. Https://aviationtribune.com/airlines/af ... to-luanda/

Air Namibia tried to create a "mini hub", between West Africa and Southern Africa, by launching a line on Ghana and Nigeria (2 attempts). The results were promising. Load factors were good and the airline started to earn money, but again visa stories, as is unfortunately the case in Africa, which hinders the movement of people and is an obstacle to the development of air transport, in Africa. https://neweralive.na/posts/air-namibia ... eria-route

After hesitating on medium and long haul fleet (B747-400, B747SP, MD11, Beech 1900D, Fokker 28, Casa 235 (civil version) B737-200, B767), the company finally opted for A330 and A319, for replace the A340 and B737-500. The Beech 19000D by ERJ135.
http://www.airnamibia.com/new-airbus-a330-200/
https://www.airbus.com/newsroom/press-r ... a319s.html
https://www.aviationnews-online.com/lea ... -regional/

Recently the Namibian president asked to liquidate the company. Unions are against https://www.namibian.com.na/91790/read/ ... ir-Namibia

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Re: Airline bankruptcies, ceased operations, restructurations

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Air Mauritius is now selling a part of its fleet :cry:


Aircraft that will be sold are 2 A340s (they were planned to be replaced by A350s), its 2 A319s and 1 A330. The airline is also trying to find a solution about their 2 A350s, that currently leased to SAA. I guess they want to end the leasing contract with SAA.

The A319s were mainly served Saint Pierre (La Réunion), Dar Es Salaam (Tanzania), Nairobi (Kenya) and Durban (South Africa). They also served Maputo (Mozambique), few month ago, before MK ends the service. Others regional routes (Cape Town, Johannesburg, La Reunion and Antananarivo) were mainly served by A340s, A333Ceos / Neos and A350s

MK fleet will be: 2 A330Neo, 2 A350s, 1 A330ceo and 3 ATR-72s

Air Mauritius looking for buyers, five aircraft put on sale

Air Mauritius (MK, Mauritius) has sold part of its wholly owned aircraft fleet - two A340-300s, one A330-200 and two A319-100s - as part of its fundraising campaign.

https://www.zinfos-moris.com/Air-Maurit ... 15935.html (FR)

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Re: Airline bankruptcies, ceased operations, restructurations

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cathay belgium wrote:
08 Jul 2020, 17:16
Hi,

And EXIT of Level France and its three A332...

Only BCN based Level survives for now..with only three routes !

CXB
https://www.aviation24.be/airlines/inte ... ctivities/
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Re: Airline bankruptcies, ceased operations, restructurations

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One Caribbean of Saint Vincent and the Grenadines could begin regional flights as soon as 12 July 2020, as part of its efforts to fill the void left by LIAT (the bankrupt airline of Antigua). The carrier aims to start operations with two Saab 340Bs and one 19-seat aircraft. Another Saab may join soon.

RavnAir Group sold off dozens of its small planes to several Alaska aviation companies at auction, with the largest planes and AOCs to be sold on 08 July 2020.
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Re: Airline bankruptcies, ceased operations, restructurations

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rwandan-flyer wrote:
08 Jul 2020, 19:37
sn26567 wrote:
06 Jul 2020, 22:30
Air Namibia needs US$412 million in the current financial year to survive. The amount also takes into account an outstanding debt of over $294 million, which includes leaseholds. The Cabinet had not taken any decision to liquidate the airline, as different options to restructure are being considered.
Another page of African aviation is surely turning. After the troubles for South African Airways (technically bankrupt), the state which will take over Kenya Airways while it was the first African airlines to be privatized in 1996, the end seems to be near for Air Namibia (73 years old). Namibian civil aviation suspends Air Namibia's license. The airline will be grounded this evening from midnight. Only "emergency" flights will be authorized https://www.namibian.com.na/92583/read/ ... -suspended
The airline was already suffering long time before the covid crisis19. Although Lufthansa ended Namibia service long time ago, competition was strong to Germany, its biggest market, with LTU / Air Berlin, then Eurowings and Condor. The WDH FRA by Air Namibia is a loss making route. In addition South African Airways represented a very good alternative to come and visit the country (several daily flights to Johannesburg). Air Namibia ended its London Gatwick service, in 2009. Arrivals of KLM, Ethiopian Airlines and Qatar Airways have put more pressure on Air Namibia. The Luanda route was its most profitable route, but the Angolan economy started to suffer in the mid-2010s.
Https://aviationtribune.com/airlines/af ... to-luanda/
Air Namibia tried to create a "mini hub", between West Africa and Southern Africa, by launching a line on Ghana and Nigeria (2 attempts). The results were promising. Load factors were good and the airline started to earn money, but again visa stories, as is unfortunately the case in Africa, which hinders the movement of people and is an obstacle to the development of air transport, in Africa.
https://neweralive.na/posts/air-namibia ... eria-route
After hesitating on medium and long haul fleet (B747-400, B747SP, MD11, Beech 1900D, Fokker 28, Casa 235 (civil version) B737-200, B767), the company finally opted for A330 and A319, for replace the A340 and B737-500. The Beech 1900D by ERJ135.
http://www.airnamibia.com/new-airbus-a330-200/
https://www.airbus.com/newsroom/press-r ... a319s.html
https://www.aviationnews-online.com/lea ... -regional/
Recently the Namibian president asked to liquidate the company. Unions are against https://www.namibian.com.na/91790/read/ ... ir-Namibia
The Namibian High Court has overturned the decision (06/07/2020) by the Transportation Commission of Namibia to suspend Air Namibia's Scheduled Air Services Licence. Air Namibia's spokesperson Paul Nakawa: "We are free to continue flying. Our domestic flights continue as per the published schedule. We continue carrying the spirit of Namibia”.

Source:
https://www.namibian.com.na/92607/read/ ... -unclipped

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Re: Airline bankruptcies, ceased operations, restructurations

Post by rwandan-flyer »

Thx for the info. Fingers are crossed that the airline can be saved, but i guess they will be probably focus on short haul network, if they want to survive.

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Re: Airline bankruptcies, ceased operations, restructurations

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Thai Airways International forms a so-called “Survival Team” to work out a business plan to support the debt rehabilitation of the carrier.
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Re: Airline bankruptcies, ceased operations, restructurations

Post by globetrotter »

sn26567 wrote:
08 Jul 2020, 22:56
One Caribbean of Saint Vincent and the Grenadines could begin regional flights as soon as 12 July 2020, as part of its efforts to fill the void left by LIAT (the bankrupt airline of Antigua). The carrier aims to start operations with two Saab 340Bs and one 19-seat aircraft. Another Saab may join soon.

What happened to their single 747-400 purchased in 2019.

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