Month Archives: November 2024

[ad_1] Restructuring Brazilian carrier Gol is hoping to exit Chapter 11 bankruptcy protection by the end of April as it today reported progress in restoring capacity during the third quarter. The updated timeline on completion comes after Gol earlier this month reached a key debt-for-equity agreement with majority shareholder Abra group.  The agreement, secured 10 months after the Brazilian airline entered the formal financial restructuring process, will eliminate up to $2.55 billion in debt from the carrier’s books and see Abra receive around $950 million …

[ad_1] Chief executive of Latin American airline holding group Abra Adrian Neuhauser sees more customer-facing co-operation rolling out between partner carriers Avianca and Gol next year. Abra is majority stakeholder in both Colombian carrier Avianca and Brazilian airline Gol, and recently completed the acquisition of Spanish carrier Wamos Air. Gol has been working through a Chapter 11 bankruptcy protection process since the start of the year but, bolstered by a recent debt-for-equity agreement with Abra, is hoping to complete its financial restructuring by …

[ad_1] Saudi Arabian start-up Riyadh Air is likely to take a longer-range variant of the Airbus A321neo as part of its deal for 60 of the narrowbody jets. While the carrier is still finalising its network plans, Riyadh Air chief executive Tony Douglas says the carrier will look at one of the longer-range versions of the A321neo. ”We are not quite in the configuration window yet, so whether we elect to take A321neo, the LR version or the XLR variant will be driven …

[ad_1] Singapore Airlines Group reported a significant drop in its half-year profit – from the previous year’s record high – as it flags a “moderation” in passenger yields from “strong” competition.  Passenger traffic growth at the group also fell short of the capacity added, resulting in a dip in passenger load factors.  For the six months ended 30 September, the group – comprising network carrier SIA and low-cost unit Scoot – recorded an operating profit of S$796 million ($602 million). That is down nearly 49% …

[ad_1] IAG unit British Airways is continuing to work through the challenges on its Rolls-Royce Trent 1000-powered Boeing 787s which prompted it to remove some its planned winter capacity, while remaining on the lookout for options to bolster its long-haul fleet. BA pulled back some of its planned capacity growth citing delays to the delivery of engines and parts from Rolls-Royce – particularly in relation to the Trent 1000 engines powering its Dreamliners. The Oneworld carrier will grow capacity 4% in the fourth quarter, slightly …

[ad_1] New York investment firm Stonepeak has signed an agreement to acquire US air cargo and aircraft leasing company Air Transport Services Group (ATSG) for $3.1 billion under a deal that would make ATSG a private company. ATSG, now publicly traded on the NASDAQ exchange, disclosed the news on 4 November, saying it expects the all-cash acquisition will close in the first half of 2025. The plan has been green lighted by ATSG’s board of directors but still requires shareholder approval. ATSG primarily …

[ad_1] Southwest Airlines on 4 November disclosed the appointment of Rakesh Gangwal as independent chair of the company’s board of directors, filling the role left vacant by former executive chairman Gary Kelly.  Kelly’s “accelerated retirement”, which came as six new directors were recently appointed to Southwest’s board, was effective 1 November.  Southwest added Gangwal to its board in July, amid intensifying pressure from minority stakeholder Elliott Investment Management to embrace major leadership changes.  A long-time airline executive, Gangwal is co-founder of India’s InterGlobe Aviation, which operates …

[ad_1] Turkish Airlines’ profits slipped amid higher costs in the third quarter, a period in which strong cargo growth helped offset flat passenger revenue. The Star Alliance carrier boosted revenue 5% year on year to $6.63 billion in the three months ending 30 September 2024. Notably, while passenger revenue was virtually flat at $5.55 billion versus the same quarter last year, cargo sales jumped 47% year on year to $911 million. The latter growth was driven by strong demand from the Far East.  Operating …

[ad_1] After an eight-year inquiry, Egyptian investigators have controversially concluded that ignition of explosive material behind the cockpit of an EgyptAir Airbus A320 resulted in a fire and the loss of the aircraft, an explanation dismissed by French counterparts. The twinjet – operating from Paris Charles de Gaulle to Cairo on 19 May 2016 – came down in the Mediterranean Sea after radar contact was lost in Egyptian airspace, with the aircraft at 37,000ft some 7nm south of the KUMBI waypoint. None of …

[ad_1] Spirit Airlines plans to furlough a further 330 pilots early next year as it navigates a period of severe financial turbulence.  Miramar, Florida-based Spirit said on 31 October that the furloughs – effective on 31 January – come amid broad “cost-savings initiatives, including a reduction in workforce, as part of our comprehensive plan to return to profitability”.  “These decisions are never made lightly, and we are committed to treating all affected team members with the utmost care and respect during this process,” …