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[loganair] 28/4/2020 15:37

Scandinavia’s biggest network airline, SAS AB, is eliminating as many as 5,000 jobs, marking the first permanent staff cuts by a major European carrier in the face of collapsing travel demand.

The Stockholm-based company said Tuesday that the dismissals, amounting to 40% of the workforce, are necessary because employees have an average notice period of six months and it needs to prepare for what may be years of sluggish demand.

[loganair] 28/4/2020 15:35

The German government has agreed to help Lufthansa with a rescue program worth around €9 billion in exchange for a blocking minority and one or two Board of Directors mandates, says financial website Business Insider. But the German airline rejects the federal government’s conditions.

According to information from the Frankfurter Allgemeine Zeitung, Lufthansa rejects the federal government’s conditions for a rescue package and instead examines an insolvency-like protective shield procedure (Schutzschirmverfahren). In such a procedure, the company would be placed under the supervision of an administrator and could undertake the reorganization under the previous management.

Lufthansa is said to be in the market for a loan of €290 million from the Belgian government for Brussels Airlines. According to the Belgian news channel VRT, Lufthansa has no plans to sell its Belgian subsidiary. CEO Carsten Spohr would prefer the airline group stays together.

[loganair] 28/4/2020 15:30

Mark Kleinman - I’m told British Airways is considering launching a consultation that could result in it axing roughly 800 of its 4500 pilots’ jobs.

[hamhamham1] 28/4/2020 14:49

Hey toon, you lot fancy buying Declan Rice for £100m?
Can you spare a few coppers for the poor, guv'nor? :)

[toon1966] 28/4/2020 14:01

Then why bother posting your cr@p on this thread....?

[montyhedge] 28/4/2020 13:58

Must admit can't see the investment case here, slowly start to fly ok, surely passengers won't fly until vaccine in 12 to 18 months time. I see no dividend for 2 years. Better investments elsewhere, I would have thought.

[arai] 28/4/2020 13:50

I just keep looking at flightradar24 and seeing the screen FULL of flights, a bit like my local town centre with everyone supposedly social distancing.

[m1k3y1] 28/4/2020 12:34

British Airways to resume some flights in May

[hamhamham1] 28/4/2020 11:44

What is cheap and what is expensive?

[arai] 28/4/2020 11:04

You are, I have an order in for BARC at the moment but not paying 96p in this chaos.

[hamhamham1] 28/4/2020 10:41

I were right about the saddle tho'.
... well banks ;)

[nw99] 28/4/2020 07:24

Coronavirus: Argentina bans commercial flight sales until 1 September

[jailbird] 28/4/2020 07:09

There you go I did say it will travel tourism The biggest risk is import of virus once controlled internally

[topazfrenzy] 28/4/2020 06:19

'Airlines say two-week quarantine plan 'will kill' international travel

Plans to quarantine passengers coming to airports and ports are understood to have blindsided aviation bosses'

www.telegraph.co.uk/business/2020/04/27/airlines-say-two-week-quarantine-plan-will-kill-international/

[hamhamham1] 28/4/2020 06:04

This could push bank shares up, if their reporting is reasonable.


Deutsche Bank surprised to the upside yesterday, and am sure the UK banks could easily put a billion or so each at least aside for the likely bad debts, lucky they just finished putting money aside for the PPI, and they still made about 4 billion profit last year, and after cancelling divi, that alone may be enough to cover the debts which the gov don't pick up? Also see JPM up a fair bit in US yesterday.


Although HSBC profits down by 50%.
And the UK banks share prices have dropped by over 50% over past couple of months, So you could say any similar or better result would be kinda priced in or positive for share price.

[hamhamham1] 28/4/2020 05:57

NZ is such a different place, yep its the size of the UK, bit only has say 4.5.million people. The place is very spread out and is not a transit hub.
You just cannot compare the UK with NZ.

[m1k3y1] 27/4/2020 19:18

New Zealand claims 'elimination' of coronavirus with new cases in single digits

[arai] 27/4/2020 18:15

Internal flights in the US .....

[m1k3y1] 27/4/2020 18:10

Thousands of cheap aircraft, thousands of pilots without jobs, cheap oil, pent up demand........Norwegian not flying, virgin looking for help, sounds like a good position for IAG to be in when we start to come out of lockdown.

[loganair] 27/4/2020 17:54

Norwegian are currently operating with only 200 staff and only vital operational invoices are being paid.

Aircraft financing and suppliers are not being paid. Some NOK 1.7 billion in payments to Boeing and Roll-Royce are overdue.

If the 85% debt for equity swap goes through then Boeing and Rolls-Royce will own 53.1% of Norwegian while bond holders 41.7% with the current share holders being left with 5.2% of the company.

[m1k3y1] 27/4/2020 17:23

Jets from bust airlines set to flood the aviation market

[loganair] 27/4/2020 17:19

Hibernation phase - The company believes the difficult situation facing the aviation industry will persist for a long time. As such, Norwegian plans a "hibernation phase" until the Spring of 2021. During this time, the company will focus on "protecting the cash balance."

[loganair] 27/4/2020 17:15

Norwegian will keep majority of its operations suspended until April 2021.

Most notably, the airline doesn’t expect to resume its European short-haul and long-haul operations until April 2021 at the earliest.

While 95% of the airline’s aircraft are currently grounded, the carrier is pleading with investors for a lifeline before it runs out of cash in mid-May.

Until then, both short-haul and long-haul sets of aircraft remain grounded and subject to travel restrictions. For long-haul flights, when the airline is set to gradually ramp up routes as of April 2021, it will focus on its most profitable “top tier” cities — such as London (LGW), New York (JFK) and Los Angeles (LAX).

Currently, Norwegian is using seven aircraft to operate on short-haul Nordic routes while it focuses on minimising cash burn.

The announcement of its delayed operation resumption came as part of the carrier’s proposed rescue plan, which sees the airline running out of cash by mid-May. In the airline’s attempt to secure a loan from the Norwegian government worth 2.7 billion crowns ($261 million), its planned debt-to-equity swap would see the majority ownership swap to investors and bondholders, with current shareholders left just with 5.2%.

It’s “critical to get access to the State Aid Package by mid May before the company runs out of cash”, the airline said in its presentation to investors.