Airline bankruptcies, ceased operations, restructurations

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Re: Airline bankruptcies, ceased operations, restructurations

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Avianca Brasil bankruptcy was decreed by the courts, The carrier has 60 days to present a list of its assets, which will be auctioned to pay part of its debts.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 13 May 2020, 22:21 Air Italy (which I thought completely out of the game) applies for renewal of its exemption authority to provide foreign scheduled and charter air transportation to the full extent of the open skies air transport agreement currently in place between the US and the EU.
Air Italy could restart soon. A member of Sardinia parliament says that there are plans to make fly this brand again. «According to what I have learned from absolutely reliable sources, in the last few months several highly qualified professionals have been working on a business plan aimed at the birth of a new airline», Roberto Li Gioi told. They are looking for investors.

If it succeeds, the airline will fly first from Sardinia and if everything goes well, national and international operations.
Hi. I'm Thibault Lapers. @ThibaultLapers & @TLspotting

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Re: Airline bankruptcies, ceased operations, restructurations

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Air Asia may shut down its Indian subsidiary, the Indian owners are also not keen on retaining the loss making carrier and rejected offer to buy 49% remaining stake held by the Malaysian owners.India has been given the right to exit the group first.

Jet Star Pacific is renamed Pacific Airlines as a Vietnam Airlines subsidiary, ending its links with Qantas LCC Jet Star.

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Re: Airline bankruptcies, ceased operations, restructurations

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Jet Time files for bankruptcy due to the impact from the pandemic. Owner Lars Thuesen has recently registered a new company called Jettime (!), which will take over certain assets, including some employees, five B737s, technical platforms, and take-off and landing permits.

LIAT major shareholders have reached an agreement, which could see the airline flying again “in 60 to 90 days.” The carrier will sell the three planes that are owned by LIAT and charged to the Caribbean Development Bank. Proceeds will be utilized to pay down the loan.
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Re: Airline bankruptcies, ceased operations, restructurations

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Small Planet Airlines Poland was declared bankrupt by a Warsaw court, after filing for bankruptcy in 2019.
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Re: Airline bankruptcies, ceased operations, restructurations

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Aeromexico was authorised by a US judge to return 19 planes from its fleet — five B737-800s, five B737-700s, and nine E170s — and four leased engines as part of a restructuring process.

Comair may return to the skies earlier than 01 November 2020, with two possible investors lining up to inject the US$91.7 million needed to save the airline. The carrier to ramp up to at least 20 aircraft over the next 18 months and not sell ancillary businesses under the plan.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 24 Jul 2020, 17:03 Comair may return to the skies earlier than 01 November 2020, with two possible investors lining up to inject the US$91.7 million needed to save the airline. The carrier to ramp up to at least 20 aircraft over the next 18 months and not sell ancillary businesses under the plan.
Comair business rescue practitioners failed to convince lenders to throw US$13.6 million more into the restructuring process, as the rescue process was said to be unclear. The lack of funding brings the carrier one step closer to liquidation.
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Re: Airline bankruptcies, ceased operations, restructurations

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CityJet creditor Revenue is seeking clarification of “important” issues before deciding its position on an application next week for High Court approval of a survival scheme for the airline. The carrier’s examiner, Kieran Wallace of KPMG (The Netherlands), is recommending the scheme be approved.
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Re: Airline bankruptcies, ceased operations, restructurations

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Thailand's Nok Air files for bankruptcy protection: Nok Air applied for bankruptcy protection on July 30, 2020, with the intention of using the judicial process to restructure its business while continuing operations.
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Thai Airways International expects the bankruptcy court to allow for a rehabilitation process after a hearing in August 2020 on its restructuring proposals.
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Re: Airline bankruptcies, ceased operations, restructurations

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Virgin Atlantic Airways seeks bankruptcy protection under Chapter 15

https://uk.reuters.com/article/uk-virgi ... KKCN2502M1

Virgin Atlantic could ‘run out of money’ by end of September

It is projected that the airline’s cash flow would drop to ‘critical levels’ by the middle of next month without an injection of cash.

https://www.expressandstar.com/news/uk- ... september/

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Re: Airline bankruptcies, ceased operations, restructurations

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Lineas Aereas Paraguayas may be reactivated by the government with connections to Europe and the US. Private participation in the project is also being mulled.

Virgin Australia is set to lay off between 3000 to 3500 of its 9000 staff, drop international flying and review its WA FIFO operations as part of its restructuring.

Antigua’s Prime Minister Gaston Browne is trying to avoid a possible roadblock in the reorganization of LIAT by obtaining a loan from the Caribbean Development Bank to purchase two LIAT ATR42s.
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Re: Airline bankruptcies, ceased operations, restructurations

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Comair (the South African franchise of British Airways) has obtained short-term bridging funding ahead of the revealing of its rescue plan on 28 August 2020. The carrier has two offers from unnamed investors who are ready to release US$90 million needed by the airline.

Virgin Atlantic was granted US bankruptcy protection as the carrier pursues a £1.2 billion rescue plan in the UK. The debt reorganization will be overseen under the British legal process.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 28 Jul 2020, 16:35 CityJet creditor Revenue is seeking clarification of “important” issues before deciding its position on an application next week for High Court approval of a survival scheme for the airline. The carrier’s examiner, Kieran Wallace of KPMG (The Netherlands), is recommending the scheme be approved.
Irish regional airline CityJet to exit examinership, after the High Court has formally approved a survival scheme.

https://www.flightglobal.com/strategy/c ... OQ.twitter

Ernest plans to relaunch operations in late 2020 as a regional carrier operating with 16 new ATR72-600s purchased over a period of four years. The plan will be financed by an investment fund with the approval of the Italian government which considers the project strategic.
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Re: Airline bankruptcies, ceased operations, restructurations

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Fiji Airways is unlikely to survive without a comprehensive review and restructuring of its operations, says Fiji’s Labour Party, as New Zealand and Australia are not likely to open their borders anytime soon.

Russian cargo operator Polet places an AN124-100 up for auction as part of its bankruptcy proceedings, with bidding starting at US$7.9 million. Bids due 17 September 2020.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 11 Aug 2020, 18:05 Irish regional airline CityJet to exit examinership, after the High Court has formally approved a survival scheme
CityJet is gradually building up services once again with SAS and is now only operating eight of its CRJ900s.

Go2Sky of Slovakia is ending operations in September 2020 and returning its four B737-800s on lease. The carrier did not rule out resuming operations one day.
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Re: Airline bankruptcies, ceased operations, restructurations

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Atlantis European Airways of Armenia has its operator’s certificate suspended for seven months by the CAA due to financial reasons. Airworthiness certificates were also revoked.

LIAT could resume flights to some destinations even as the administrator continues his work as part of the reorganization of the airline. Interest is being shown in the airline by investors, some as far away as Africa.
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Re: Airline bankruptcies, ceased operations, restructurations

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Comair business rescue practitioners have selected a preferred offer from various EOIs received. A rescue plan is due by the end of August 2020.

El Al Israel Airlines received a US$100 million offer from Eli Rozenberg, who seeks to acquire a 45% stake of the financially troubled airline.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 28 Aug 2020, 22:54 Comair business rescue practitioners have selected a preferred offer from various EOIs received. A rescue plan is due by the end of August 2020.
Comair administrators have received a binding offer from their preferred investors in the airline and would request to delay the publication of their rescue plan to 02 September 2020 as a result.

Comair could resume its domestic flights by December 2020 if it succeeds in receiving a capital injection of US$66.3 million from lenders and a consortium of investors.

Thai Airways International is a victim of mismanagement and corruption, says bankruptcy court investigation, which led the carrier to file for business rehabilitation under bankruptcy protection.
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Re: Airline bankruptcies, ceased operations, restructurations

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Virgin Australia is set to take wing under the ownership of Bain Capital with a very different approach to the airline which collapsed into administration almost 20 weeks ago.
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