Airlines
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Garuda Indonesia Suggests Imminent Restructuring

The Covid-19 pandemic has continuously caused severe damage to almost every industry worldwide, and the aviation sector was not spared as airlines from around the world continue to struggle. Massive declines in operating flights and passenger demand have resulted in huge losses for airlines even though many have received financial aid, with some entering administration to avoid total bankruptcy. Indonesian flag carrier Garuda Indonesia is reportedly having to consider a complete restructuring program for its business, The Star reports, with…

Thai Airways Approved for Restructuring Plan

Thai Airways International managed to get its creditors' approval on May 19 for a proposed restructuring plan that would help the airline refinance its debt in an effort to stay afloat and remain financially viable long-term, Nikkei reported. In order for the seal of approval to be given, the restructuring…

LATAM Brasil Outsources Ground Agents At Most Airports As Restructuring…

As LATAM Airlines Group reshuffles its operations and cleans up its financial situation as a part of its Chapter 11 bankruptcy process, the group's branches continue their streamlining and cost-cutting measures. The latest agreement — and one of the most relevant with respect to labour relations so far — was…

New Alitalia Set To Halve Fleet, Workforce

Last Friday a new chapter started in the never-ending story of troubled Italian flag carrier Alitalia when the newly-formed state-owned company Italia Trasporto Aereo (ITA) presented its new business plan to the Transport Commission of the Italian Government. The new company is supposed to take over some of the assets…

Air Canada Cancels Aircraft Orders

Earlier this week, Air Canada announced that it will be canceling orders for 22 narrowbody aircraft as the airline works to size itself properly to operate in a smaller market, as consumer behavior indicates that demand will take around half a decade to recover to pre-pandemic levels. The Canadian flag…

SAA Suspends All Operations As Government Continues to Look for…

On Tuesday, Business Rescue Practitioners (BRPs) announced that South African flag carrier South African Airways has suspended all operations and the airline put under "care and maintenance" until the ongoing discussions between the BRPs and the government lead to a deal with suitable funding for the airline. All existing cargo…

Virgin Atlantic Wins Support of Creditors for Restructuring Plan

Virgin Atlantic has today won the support of its creditors over a 1.2 billion-pound ($1.58 billion) rescue package deal. The capital, only 400 million pounds of which is "new money," is supposed to keep the airline afloat for at least the next 18 months. Shareholders and suppliers to whom the…

Air France, Pilot Union Agree to Domestic Restructuring Effort

Air France and its main union, SNPL, have agreed to a restructuring that will allow Transavia France to fly domestic routes, Air France-KLM Group announced in a press release. The agreement will allow Transavia France to operate on domestic Air France flights and changes mid-range activity guarantees in line with…

Creditors Approve New Rescue Plan for South African Airways

South African Airways has had yet another business rescue plan approved by creditors. The new plan requires at least 10 billion rands funding ($596 million) of government funding to sustain the airline. This was approved during a creditors meeting held on Tuesday, July 14 by 86% of voters, as reported…

South African Airways Sends Airbus Aircraft to Spain for Long-Term…

South African Airways has sent its Airbus A330-200 and A350-900 to Teruel Airport in Spain for long term storage amid locked horns with staff and management over the furloughing process and calls to liquidate the airline. Teruel Airport is located in Spain outside the town of Teruel and hosts aircraft…