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A Virgin Atlantic 787-9 landing in Los Angeles. (Photo: AirlineGeeks | William Derrickson)

Virgin Atlantic Lands £1.2 Billion Rescue Package

Virgin Atlantic has managed to secure its financial future thanks to a £1.2 billion ($1.5 billion) package that will assist the airline to navigate away from the financial turbulence caused by the COVID-19 pandemic, saving the company from collapsing into administration. The news will bring relief to many of its employees who have managed to keep their jobs after the airline reduced its workforce by 3,150, roughly a third of its total workforce. Virgin, which began operations in 1984, was…

El Al Israel Airlines Agrees to Taking Government Assistance

Just days after announcing they would be indefinitely suspending all operations, El Al Israel Airlines agreed to become nationalized. This development is part of a plan regarding a bailout for the airline that has had significant financial struggles due to the COVID-19 pandemic. The Israel-based carrier and its controlling shareholder…

Portugese Government Takes Majority Stake in TAP Air Portugal

Portugal’s government has agreed to pay €55 million ($62 million) to increase its stake in TAP Air Portugal, the national airline, to prevent the carrier from going bankrupt. The government will own a 72.5% stake in the airline, up from the 50% stake it’s held since partially privatizing the airline…

Lufthansa Group Announces Government Support for Financial Aid

German-based Lufthansa Group announced that the German government had approved a large financial stabilization package for the airline group in response to the COVID-19 pandemic. The total package will equate to about 9 billion euros ($9.8 billion) for the operating group. Along with Germany, Lufthansa owns airlines in Austria, Switzerland…

South Africa Budgets More Funds for SAA and SA Express

In a briefing on Wednesday to the Parliament for the South Africa Department of Public Enterprises (DPE), acting Director-General Kgathatso Tlhakudi presented the department’s budget plan for state-owned South African Airways (SAA) and SA Express airlines. South Africa’s government is being asked to set aside R3.8 billion ($212 million) for…

Ryanair Slashes Jobs as Low-Cost Demand Dwindles

Ryanair has announced that over 250 office jobs have been lost due to the COVID-19 pandemic. These jobs have been cut at its offices in Dublin, Madrid, Wroclaw in Poland and Stansted near London, which are due to re-open on June 1. Ryanair staff levels will reduce in four of…

Air France Slated to Receive 7 Billion Euro Bailout Package

The European Union on Monday approved a French state aid of €7 Billion consisting of state loans and state-guaranteed bank loans to aid Air-France in its urgent liquidity in the face of the coronavirus pandemic. The European competition watchdog exercised its commission under Article 107(3)(b) of the Treaty on the…

KLM Could Break-Up With Air France Over State Subsidies

The current crisis that is heavily affecting all carriers around the world could profoundly change the landscape of the airline industry for the years to come. According to the Dutch financial newspaper Financieele Dagblad, Air France and KLM may return to operate as independent carriers. The two airlines merged in…

U.S. Airlines Agree to Bailout Terms, Receive Billions from Treasury…

The United States’ major airlines have agreed to terms on a $25 billion bailout package from the U.S. government. The U.S. Treasury Department says that Alaska Airlines, Allegiant Air, American Airlines, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, United Airlines, SkyWest Airlines and Southwest Airlines will participate. The…

Korean Carriers Seek Financial Support from Government

With the coronavirus pandemic raging through the world, the aviation industry is facing unprecedented times. South Korea, one of the hotspot outside China in Asia, could experience a nightmare scenario. The Korea Civil Aviation Association (KCA) demanded the government offer a bailout package to airlines amid the unparalleled crisis.  KCA…