Airline bankruptcies, ceased operations, restructurations

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Re: Airline bankruptcies, ceased operations, restructurations

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AtlasGlobal bankruptcy, which was filed in February 2020. was accepted by the court. Atlasjet (Turkey) and its subsidiaries companies and assets will be distributed to the creditors.
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Re: Airline bankruptcies, ceased operations, restructurations

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Interjet will go through a challenging bankruptcy process and involves negotiations with multiple creditors, says the lawyers who lead the legal strategy of the airline’s bankruptcy.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 18 May 2021, 15:42
TLspotting wrote: 02 Dec 2020, 17:35 Montenegro Airlines might simply have its entire fleet grounded soon because the State has halted the aid.
Montenegro Airlines had received €43 million in illegal state aid, according to the ruling of a Montenegro government agency.
Montenegro Airlines had its reorganisation plan accepted by the bankruptcy trustee Sasa Zejak, allowing some of the employees to return to work on Part 145 MRO operations. Charter operations may also be in the works.
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Re: Airline bankruptcies, ceased operations, restructurations

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Ellinair has suspended flights with a plan to resume during the summer. However 2 of its aircraft have left SKG (Thessaloniki) it remains to be seen. Mouzenidis Travel is asking for creditor protection but the airlines is linked to the group but not part of the organisation that filed for protection.

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Re: Airline bankruptcies, ceased operations, restructurations

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Nok Airlines of Thailand faces possible delisting on 01 September 2021, if it does not submit its 2020 financial statements to regulators.
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Re: Airline bankruptcies, ceased operations, restructurations

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Air Mauritius requests to fire 18 pilots, with 1,000 more employees set to go in the restructuring plans.

Airbus has warned employees of hundreds of possible job losses at its small-parts manufacturing business in Germany if the unit isn’t hived off in line with a cost-cutting strategy set out in April 2021.

Caribbean Airlines of Trinidad & Tobago is planning to retrench 42 of its employees who are based at its hub in Jamaica, as part of its plan to streamline the airline’s operations.

HNA Group deadline for submitting the draft of its reorganisation plan is extended by three months because the relevant content has not yet been finalised.

LATAM Airlines Group exit plan from Chapter 11 will require new funding of more than US$4 billion. Nevertheless, LATAM Airlines Group seeks US court approval on an agreement with Airbus for the purchase of 28 A320neos, in addition to the 42 narrow-bodies the carrier already agreed to.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 06 Jul 2021, 18:11 Interjet will go through a challenging bankruptcy process and involves negotiations with multiple creditors, says the lawyers who lead the legal strategy of the airline’s bankruptcy.
Interjet anticipates that Mexican authorities will formally begin the airline’s Commercial Bankruptcy process in the coming days.

LATAM to add five B787-9s as part of its court restructuring, with three leased from Avolon, and the remaining two leased from ORIX Aviation.

LATAM and Airbus agreed upon the cancellation of two A350 deliveries, in line with LATAM’s decision to retire its A350 fleet. The purchase order, with deliveries through 2028, totals 70 aircraft of the A320neo family.

LATAM and Boeing agreed to terminate orders for four B787s and one B777F without penalties and LATAM will receive two B787s in 4Q 2021 or 1Q 2022.

LATAM Airlines Group reports the Group’s fleet totals 296 aircraft as of 30 June 2021, a result of 42 aircraft rejections since initiating Chapter 11 proceedings, nine aircraft incorporations, and excluding the 11 B767s that were reclassified as available for sale. LATAM is currently evaluating the adequate fleet needs and agreements with Boeing and Airbus have been reached for a total of 72 aircraft through 2028. The delivery dates of some aircraft could be modified.
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Re: Airline bankruptcies, ceased operations, restructurations

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Air Mauritius to present the company’s recovery plan to creditors around 01 October 2021. The company continues to be insolvent and must rely on financial support from its major shareholder, the government.
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Re: Airline bankruptcies, ceased operations, restructurations

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Philippine Airlines hopes to make a filing for Chapter 11 bankruptcy on 03 September 2021.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 03 Sep 2021, 16:09 Philippine Airlines hopes to make a filing for Chapter 11 bankruptcy on 03 September 2021.
Philippine Airlines has entered into a series of agreements to restructure and reorganise its finances, as part of a pre-arranged restructuring under the US Chapter 11 process. PAL will also complete a parallel filing for recognition in the Philippines. The plan provides over US$2.0 Billion in permanent balance sheet reductions from existing creditors and allows the airline to consensually contract fleet capacity by 25% and includes $505 Million in long-term equity and debt financing from PAL’s majority shareholder and $150 Million of additional debt financing from new investors.

https://www.aviation24.be/airlines/phil ... ed-states/

Philippine Airlines will return 22 aircraft, mostly Airbus and Boeing jets, to lessors as it pursues a financial restructuring programme. The carrier will end with 70 aircraft after cutting about a quarter of its fleet of 92 planes.
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Re: Airline bankruptcies, ceased operations, restructurations

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Philippine Airlines is allowed to access an initial US$20 million of its $505-million DIP financing, as it moves forward in its US bankruptcy protection.
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Re: Airline bankruptcies, ceased operations, restructurations

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Grupo Aeromexico has delivered the final valuation materials, a step prior to the presentation of its restructuring plan under Chapter 11 of the US Bankruptcy law, and whose delivery was initially scheduled for 08 September 2021.
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Re: Airline bankruptcies, ceased operations, restructurations

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Avianca Holdings discloses that the US Bankruptcy Court has approved a disclosure statement for Avianca’s proposed plan of reorganisation, a significant step for the Company towards emergence from Chapter 11.

Garuda Indonesia is planning to launch a UK scheme of arrangement as part of its restructuring, which could involve the removal of nearly 80 aircraft and renegotiate or cancel orders for more than 90.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 14 Sep 2021, 16:44 Grupo Aeromexico has delivered the final valuation materials, a step prior to the presentation of its restructuring plan under Chapter 11 of the US Bankruptcy law, and whose delivery was initially scheduled for 08 September 2021.
Aeromexico was granted a fourth extension regarding the presentation and approval of the restructuring plan under Chapter 11. The airline will now have until 08 October 2021 to present the project.

Orange2fly of Greece filed for bankruptcy in an Athens court. The case will be heard in October 2021.
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Re: Airline bankruptcies, ceased operations, restructurations

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HNA Group will receive strategic investment of US$5.88 billion after its restructuring which will go to eleven of its entities including its flagship carrier Hainan Airlines.

HNA Group, along with 11 entities including Hainan Airlines, will hold a creditor meeting today to be reorganised as a group. Most of the group’s liabilities will be reduced via debt-to-equity swaps and shareholder repayments. Creditors are owed no less than US$61.4 billion of unpaid debt.

HNA Group chairman Chen Feng and CEO Tan Xiangdong had been taken away by police due to suspected criminal offences.
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Re: Airline bankruptcies, ceased operations, restructurations

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Air Mauritius to cut its international network by about 50% as part of its five-year plan. The carrier plans to keep Paris, London, Hong Kong, Kuala Lumpur, Mumbai, Perth, Johannesburg, Antananarivo, Saint-Denis, and Rodrigues.
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Re: Airline bankruptcies, ceased operations, restructurations

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Tajikistan flagship carrier Tajik Air is reportedly close to declaring bankruptcy, to the benefit of the family of President Emomali Rahmon, who controls competitor Somon Air.

The state is not expected to bail out the national carrier. What did you expect?
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Re: Airline bankruptcies, ceased operations, restructurations

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Tajikistan flagship carrier Tajik Air
The "Tajikistan flagship carrier" Tajik Air has one operational aircraft, an almost 30 yr B752 EY-751 that has not flown in the last couple of months as far as I know. Somon Air operates a mixture of 6 B737's.
I have no opinion on how the Tajikistan state makes their decisions, I'm just trying to put some things in perspective.
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Re: Airline bankruptcies, ceased operations, restructurations

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Air Mauritius exits administration with nine aircraft — four A350-900s, two A330-900s and three ATR72-500s, and a state loan of US$283 million.
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Re: Airline bankruptcies, ceased operations, restructurations

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Air Georgia and TCA--The Cargo Airlines have closed down, both were operating 747-200F/SF, aircraft have found home with other operators in former Soviet states.

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