Airline bankruptcies, ceased operations, restructurations

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Re: Airline bankruptcies, ceased operations, restructurations

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Air Montenegro is threatened with a liquidity crisis by autumn 2023, and may be forced to restructure to implement a new strategic and business plan. The plans would define the amount of state investment in the survival of the company, as losses are expected to reach €10 million.

Blue Panorama owner Franco Pecci will go to prison for eight months after being charged with VAT evasion for €7.5 million.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 06 Dec 2022, 16:19 Air Montenegro is threatened with a liquidity crisis by autumn 2023, and may be forced to restructure to implement a new strategic and business plan. The plans would define the amount of state investment in the survival of the company, as losses are expected to reach €10 million.
Air Montenegro expected to propose a model for exiting the crisis, using mechanisms within the framework of legal regulations, says Minister of Capital Investments, Ervin Ibrahimovic.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 03 Aug 2022, 17:31 SAS and each of its subsidiaries will each within short file a Statement of Financial Affairs and Schedule of Assets and Liabilities with the US Bankruptcy Court as part of the chapter 11 process. As of 30 June 2022 total assets were US$5.9 billion, total liabilities were $5.7 billion and cash and cash equivalents were $765.2 million.
SAS announces that the US Bankruptcy Court has approved SAS’ previously announced new collective bargaining agreements as well as a settlement agreement with SAS Scandinavia pilots’ unions.
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Re: Airline bankruptcies, ceased operations, restructurations

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Flybair of Switzerland is forced to try Plan B as the planned sale of the airline has failed. The shareholders will now decide the fate of the company.
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Re: Airline bankruptcies, ceased operations, restructurations

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Air Europa was granted an accounting moratorium by one year to give the company the opportunity to improve its solvency and reach the levels required by the government to avoid financial and liquidity problems.
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sn26567 wrote: 18 Mar 2022, 19:02 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.
Blue Panorama is to be appointed bankruptcy trustees as part of its liquidation, following a decree of ‘’inadmissibility of the application for composition with creditors’’ presented on 28 October 2021 by the carrier.
sn26567 wrote: 16 Nov 2022, 15:31 Interjet of Mexico filed an appeal against the approval of its entry into commercial bankruptcy.
Mexican airline Interjet will reactivate its operations in Mexico in March 2023, following a restructuring of the company. Cancun will be the first destination.
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sn26567 wrote: 18 Mar 2022, 19:02 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.
Grupo Aeromexico informs that the US Bankruptcy Court issued a final decree closing the chapter 11 cases of the company, and its subsidiaries.
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Re: Airline bankruptcies, ceased operations, restructurations

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Air Kyrgyzstan to meet with creditors on 12 January 2023 as the carrier was declared bankrupt.
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Thai Airways International has sold at least eight aircraft and other non-core assets since October 2022, as part of its‘ rehab plan. From 15 September to 15 December 2022, the airline repaid US$55 million of its debt and no defaults took place. The date for return to the SET is set for 2025.
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Aura Airlines of Spain ceased flight operations at the end of 2022 for unknown reasons. The carrier may restart operations with its three parked A320s.
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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 may enter insolvency soon, as talks held by the State Asset Management Authority with a potential US investor to take over the carrier have failed.
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TAP Air Portugal is now again a healthy company and the right conditions have been created for privatisation, states Antonio Costa Silva, Minister of Economy and Sea, adding that Iberia and other interested international operators can participate in it.
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Air Kyrgyzstan was declared bankrupt by a court decision. The airline is now excluded from the draft programme for the privatisation of state property in Kyrgyzstan for 2023-2025.
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Cargologicair (UK) administrators are investigating a potential sale of the carrier, while creditors are expected to be paid in full.
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Re: Airline bankruptcies, ceased operations, restructurations

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Flybe cancelled all flights and has ceased trading.
https://www.flybe.com/en

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Re: Airline bankruptcies, ceased operations, restructurations

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Norwegian airline Flyr files for bankruptcy

https://financialpost.com/pmn/business- ... bankruptcy

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SR20 wrote: 31 Jan 2023, 20:38 Norwegian airline Flyr files for bankruptcy

https://financialpost.com/pmn/business- ... bankruptcy
There are too many airlines in a small country like Norway.
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fcw wrote: 28 Jan 2023, 08:46 Flybe cancelled all flights and has ceased trading.
https://www.flybe.com/en
Loganair has reacted to the closure of flybe by announcing plans to safeguard UK regional connectivity by taking up 16 routes formerly flown by flybe. The airline will be adding nearly 400 new flights each week.
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Tajik Air, which has stopped flights since 2019 due to financial and technical problems, now plans to resume operations with two leased A319s and one A321.
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Asia Pacific Airlines (based in the US Pacific island of Guam) has been grounded since 01 February 2023 when the FAA ordered it to cease operations after the carrier was “unable to demonstrate that its pilots were properly trained". Adam Ferguson, President of the airline, said the problem is a paperwork issue.
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