Airline bankruptcies, ceased operations, restructurations

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Re: Airline bankruptcies, ceased operations, restructurations

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Lessor Nordic Aviation Capital of Denmark announces restructuring will be implemented through a pre-arranged Chapter 11 process in US Bankruptcy Court. It provides for the injection of US$537 million of capital through a $337 million equity rights offering and a $200 million new revolving facility. NAC has obtained an additional $170 million DIP financing facility from existing creditors to help fund the Chapter 11 process. NAC will continue to satisfy substantially all obligations and aircraft deliveries will continue.

Philippine Airlines announced that the US Bankruptcy Court of the Southern District of New York has approved its Plan of Reorganization, which provides for over US$2.0 billion in permanent balance sheet reductions from existing creditors, allows PAL to consensually contract fleet capacity by 25%, improves PAL’s critical operational agreements and includes $505 million investment in long-term equity and debt financing from PAL’s majority shareholder. The effective date of the Plan is expected to occur before the end of 2021.
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Royal Jordanian may be at risk of collapse unless it receives state financial assistance as other countries have done for carriers, says chief executive Samer Majali.
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Philippine Airlines has emerged from its voluntary Chapter 11 proceedings as a more efficient airline with a strengthened balance sheet, reaffirming its continuing role as the Philippines’ sole full-service airline with the largest international network.
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Re: Airline bankruptcies, ceased operations, restructurations

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US cargo airline Southern Air has been fully merged with Atlas Air, so the brand is gone, too bad they never got to sport their livery on the 777 fleet.

https://cdn.planespotters.net/37845/n78 ... 3b72_o.jpg

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Ego Airways of Italy was removed as an operator with a valid licence, according to Enac, effective 04 January 2022.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 02 Dec 2021, 18:31
Interjet of Mexico plans to return to operations by 2022 with a new fleet comprised of 10 A320s and potentially 10 L410s. The carrier is in talks with four firms for close to US$750 million in financing over five to 10 years.

Interjet's main shareholder, Alejandro del Valle, was released from the prison, having been arrested for alleged fraud.
It won't happen. Interjet union sees the return of the airline unlikely, a year after ceasing operations. The union warned that the lack of liquidity of shareholders and the shortage of proposals from investors makes it difficult for the carrier to return to the skies.
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Re: Airline bankruptcies, ceased operations, restructurations

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Georgian Airways obtains bankruptcy protection from the Tbilisi City Court due to the carrier’s debts of more than US$56.8 million.

Grupo Aeromexico reported that it received the support of the majority of creditors for its restructuring plan, as part of a process under Chapter 11 of the Bankruptcy Code of the US.
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Orient Thai Airlines was declared bankrupt by The Central Bankruptcy Court, after years of being grounded.
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Blue Panorama has obtained the green light from the courts for the arrangement with creditors. Also, on the trade union side, there are some positive signs of ongoing negotiations with an investment fund, which could heavily enter the carrier’s shareholding structure.
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The European Commission has authorised the French authorities to grant a loan of €20 million to Air Austral (of Reunion island), so that the company can continue its activity and carry out a plan of restructuring that guarantees its viability.
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Air Leap of Sweden has decided to apply for a corporate reorganisation and at the same time cancel all aviation operations from 24 January 2022, as the business is not financially defensible in the current market.

https://www.aviation24.be/defunct-airli ... -covid-19/
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Aeromexico was granted approval from the New York bankruptcy court to exit from its Chapter 11. The deal includes Invictus Capital (US), which will receive US$1.1 million. Apollo Global Management (US) will be the largest shareholder and Delta Air Lines is expected to have a 20% stake.

Air Europa urgently needs €200 million to avoid bankruptcy when the moratorium decreed by the government expires.

LATAM Airlines Group bankruptcy judge approved settlements worth nearly US$1.55 billion with three investment funds that are seeking to sponsor its exit from chapter 11, ruling against other unsecured creditors.
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sn26567 wrote: 31 Jan 2022, 23:37 LATAM Airlines Group bankruptcy judge approved settlements worth nearly US$1.55 billion with three investment funds that are seeking to sponsor its exit from chapter 11, ruling against other unsecured creditors.
LATAM Airlines Group can send its US$5.4 billion bankruptcy-exit plan to creditors for a vote, a judge said, handing the airline a partial victory over debtholders who want to pursue alternatives, including a takeover by Azul. The decision means the company can seek final court approval for its reorganization plan in April 2022 and possibly exit bankruptcy several months after that.
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Re: Airline bankruptcies, ceased operations, restructurations

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Aeromexico has emerged from Chapter 11 bankruptcy following a 21-month restructuring process. The reorganised company is valued at US$2.56 billion and its largest shareholder is Apollo Management Holdings (US). Delta Air Lines now owns 20% of the airline.

Blue Panorama, which has six months to complete the corporate restructuring and consolidate its financial situation, has asked the Milan court for an extension of 60 days for the arrangement with creditors.
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Re: Airline bankruptcies, ceased operations, restructurations

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Kenya Airways will be required to cut frequencies, fleet, network and workforce further, in new measures announced by the government, as part of measures to rescue from loss-making.

Sveaflyg of Sweden initiated bankruptcy proceedings on 08 March 2022.

White Airways of Portugal risks insolvency due to the lack of payments from Equatorial Guinea, whose debt to the company is around US$5.4 million. The problems could be further exacerbated if TAP Air Portugal does not renew contracts for the ATRs in summer 2022.
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Georgian Airways is no longer for sale, as the airline is currently in rehabilitation mode, with a business plan to be ready in early May 2022.
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Tel Aviv Air (which is a German company, despite its name) has filed for bankruptcy in Hamburg. Dietmar Penzlin was appointed as the company’s provisional insolvency administrator.
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Juan Jose Hidalgo has launched an urgent reorganisation of his assets to get both Globalia and subsidiary Air Europa out of technical bankruptcy. He intends to obtain between €400-500 million to recapitalise the family holding company.
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Thai AirAsia X has filed for bankruptcy with the Central Bankruptcy Court. The hearing will commence in late August 2022.
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