Airline bankruptcies, ceased operations, restructurations

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Re: Airline bankruptcies, ceased operations, restructurations

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Thai Airways International has laid out its fleet strategy, which includes the sale of 23 aircraft, along with the procurement of 10 aircraft in 2023, including two A350s in January, three re-activated A330-300s and two re-activated B777-200ERs. In addition, in 2024-25, the airline is also planning to procure an extra 15 aircraft. More B787-9s will also be ordered.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 11 Aug 2022, 16:16 Malta government has established advanced plans to dissolve Air Malta later in 2022 and transfer its few remaining profitable assets to a new airline.
Malta MedAir is now expected to be liquidated together with Air Malta, according to the government’s plan to create a new national airline later in 2022.
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Re: Airline bankruptcies, ceased operations, restructurations

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Luxembourg’s Mobility Minister Francois Bausch has convened a tripartite meeting for 26 September 2022 to discuss the situation at Luxair. The Minister of Labour will also take part in it.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 26 Aug 2022, 16:04 Luxembourg’s Mobility Minister Francois Bausch has convened a tripartite meeting for 26 September 2022 to discuss the situation at Luxair. The Minister of Labour will also take part in it.
Perhaps you should give more details on the reasons why that tripartite meeting is scheduled.

This has nothing to do with restructuring, bankruptcy or whatsoever.

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Re: Airline bankruptcies, ceased operations, restructurations

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Lux_avi wrote: 26 Aug 2022, 17:26
sn26567 wrote: 26 Aug 2022, 16:04 Luxembourg’s Mobility Minister Francois Bausch has convened a tripartite meeting for 26 September 2022 to discuss the situation at Luxair. The Minister of Labour will also take part in it.
Perhaps you should give more details on the reasons why that tripartite meeting is scheduled.

This has nothing to do with restructuring, bankruptcy or whatsoever.
You are right: On Tuesday 23 August 2023, trade unions in Luxembourg representing Luxair staff have demanded the urgent holding of a Tripartite Aviation monitoring committee "in order to improve the working conditions". The three trade unions have "noted with regret" what they describe as the insufficient reaction of the general management of the company.
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Re: Airline bankruptcies, ceased operations, restructurations

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Interjet of Mexico has been admitted into commercial bankruptcy to commence financial restructuring. The carrier owes more than US$1.9 billion.

LIAT (1974) of Antigua will be liquidated, its major shareholders decided at a meeting to determine the future of the regional carrier. The governments will focus on a new, efficient, and expanded LIAT 2020.
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Re: Airline bankruptcies, ceased operations, restructurations

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Genghis Khan Airlines of China enters bankruptcy and liquidation and will hold a debt meeting before the end of 2022. The carrier has a debt of over US$708 million.

Hong Kong Airlines says the company’s restructuring plan is still in progress, and appropriate solutions are being implemented with individual creditors and suppliers. Subsidiary Blue Skyview, which had issued US$683 million in perpetual bonds, confirmed some terms were violated. In addition, the carrier was petitioned by an Irish creditor to the High Court for winding up. The court date is now 31 October 2022.
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Re: Airline bankruptcies, ceased operations, restructurations

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Itapemirim Group of Brazil has bankruptcy decreed by the Justice of Sao Paulo, whose decision considered the diversion of US$8.7 million for the creation of Ita Linhas Aereas, in addition to the debt of $386 million in taxes
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Re: Airline bankruptcies, ceased operations, restructurations

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Air Namibia liquidation is progressing but the sale of its remaining assets is a challenging task due to a depressed aviation industry, says the government. Aircraft are included in the assets.
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Re: Airline bankruptcies, ceased operations, restructurations

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Romanian airline Blue Air has reportedly removed all its routes from the reservation system.

Hong Kong Airlines aims to restructure US$6.2 billion of debt through UK and Hong Kong courts to stave off insolvency. Unsecured creditors and critical lessors are expected to recover about 5% of the money owed to them, as well as subsequent pro-rata cash payments if the turnaround succeeds. The carrier plans to cut its aircraft fleet by almost two-thirds, and HNA Aviation (China) and unnamed JV partners plan to inject $382 million to help rescue the business.
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Re: Airline bankruptcies, ceased operations, restructurations

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Nok Airlines of Thailand has obtained approval from the bankruptcy court for its Rehabilitation Plan and its amendment which had been accepted during the Creditors’ meeting.
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Re: Airline bankruptcies, ceased operations, restructurations

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White Airways of Portugal has notified employees of the non-renewal of contracts after it lost its sole source of revenue — an ACMI deal with TAP (Portugal). There are currently no flights planned for November 2022, leaving the carrier close to bankruptcy.
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Re: Airline bankruptcies, ceased operations, restructurations

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Thai Airways International revised business reorganisation plan was approved by the Central Bankruptcy Court. After submitting the plan last month, the airline will begin restructuring its finances.
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Re: Airline bankruptcies, ceased operations, restructurations

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FlyBosnia has had its AOC suspended by the Bosnia and Herzegovina CAA, as the airline has been without an aircraft for years and last operated flights in 2020.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 29 Sep 2022, 16:52 Romanian airline Blue Air has reportedly removed all its routes from the reservation system.
Blue Air is being sued by the airports of Cluj Napoca, Iași and Sibiu to recover the debts the airline owes them.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 21 Oct 2022, 16:58 White Airways of Portugal has notified employees of the non-renewal of contracts after it lost its sole source of revenue — an ACMI deal with TAP (Portugal). There are currently no flights planned for November 2022, leaving the carrier close to bankruptcy.
White Airways to let go of 160 employees, including 50 pilots, 60 cabin crew and ten administrative staff. It will leave the carrier with 40 people, enough to maintain its AOC.
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Re: Airline bankruptcies, ceased operations, restructurations

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Hans Airways from the UK has reportedly gone insolvent before even operating its first revenue flight and is exploring the potential option of a rescue plan. A restructuring plan could be announced as earlier as next week.
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Re: Airline bankruptcies, ceased operations, restructurations

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Interjet of Mexico filed an appeal against the approval of its entry into commercial bankruptcy.

Interjet had its bank accounts, cars and trademarks seized by tax regulators for non-payment of taxes of US$151.5 million.
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Re: Airline bankruptcies, ceased operations, restructurations

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Thai Airways International requires only half the money that it initially estimated would be needed for recapitalisation, given its consistently positive performance. The carrier is on track to emerge from rehab by 2025.
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Re: Airline bankruptcies, ceased operations, restructurations

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Vistara is merging with Air India, which will remain as the operating carrier.

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