Airline bankruptcies, ceased operations, restructurations

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Re: Airline bankruptcies, ceased operations, restructurations

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Air Austral (from Réunion) rescue plan, which includes the takeover of French leisure airline Corsair, faces uncertainty ahead of an EU Commission due date of 30 June 2022, as Tikehau Ace Capital investment fund has thrown in the towel in the capital merger project between the two airlines.
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Re: Airline bankruptcies, ceased operations, restructurations

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Passenger wrote: 31 May 2022, 23:05 Comair South Africa suspends its low cost airline Kulula.com and British Airways (South Africa) operations:
https://www.news24.com/fin24/companies/ ... s-20220531
"...Comair to be liquidated after failing to raise money to fund operations..."
https://www.news24.com/fin24/companies/ ... d-20220609

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Re: Airline bankruptcies, ceased operations, restructurations

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Suriname Airways has cancelled several flights amid financial problems. SLM is in debt of approximately US$75 million, and the government, the sole shareholder, wants to declare the company bankrupt. A foreign operator hired by the carrier has reportedly not been paid, as well. Flying On Trusted Wings was registered as a possible holding company that may be part of the plans to get SLM back on track.
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Re: Airline bankruptcies, ceased operations, restructurations

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SAS is preparing for a “Chapter 11” reconstruction of the company, according to an internal email sent to SAS pilot unions. At the same time, mediation talks are underway between the pilot union and management.
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Re: Airline bankruptcies, ceased operations, restructurations

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Comair may never fly again after the South African CAA asked the carrier to return its AOC.
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Re: Airline bankruptcies, ceased operations, restructurations

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Thai Airways International has managed to sell the first 11 aircraft out of a total of 37 it has put up for sale as part of its bankruptcy recovery program.
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Re: Airline bankruptcies, ceased operations, restructurations

Post by globetrotter »

Saudi Gulf Airlines also shut down sometime after pandemic during which they had suspended operations.

Air Asia India is to be merged with Air India Express it seems.

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Re: Airline bankruptcies, ceased operations, restructurations

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ECAir (Congo) has completed its restructuring a few months before its relaunch. Does it mean that its aircraft stuck in Brussels will eventually go back to Africa?

SAS is said to be preparing to file for bankruptcy imminently. Meanwhile, SAS Scandinavia pilots’ unions have been called out on strike. The strike yields cancellations across the flight schedule. Reminds of the Sabena bankruptcy: the ship is sinking, but the captains want more money!
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 04 Jul 2022, 18:59Reminds of the Sabena bankruptcy: the ship is sinking, but the captains want more money!
No companies (in aviation or not) should exist if they are not abble to provide decent working condition to their employées. If SAS crew are treaten the same way Brussels Airlines (Lufthansa) does for the moment then they are totally right to fight for their right.

The airlines wich will manage to continue post-covid/ukrainian crisis are not the wealthiest airlines but the one who will manage to keep sufficient workforce.

Secondly, strikes are not always for "more money" sometimes it's just to have a social/family life.

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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 04 Jul 2022, 18:59
SAS is said to be preparing to file for bankruptcy imminently. Meanwhile, SAS Scandinavia pilots’ unions have been called out on strike. The strike yields cancellations across the flight schedule. Reminds of the Sabena bankruptcy: the ship is sinking, but the captains want more money!
You might have missed a point (or two)…
But, are you even willing to be informed correctly…

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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 04 Jul 2022, 18:59 ECAir (Congo) has completed its restructuring a few months before its relaunch. Does it mean that its aircraft stuck in Brussels will eventually go back to Africa?
At least one will not fly again. It is standing scavenged for parts in front of the ex-LH technics hangar.

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Re: Airline bankruptcies, ceased operations, restructurations

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Lux_avi wrote: 04 Jul 2022, 22:24
sn26567 wrote: 04 Jul 2022, 18:59
SAS is said to be preparing to file for bankruptcy imminently. Meanwhile, SAS Scandinavia pilots’ unions have been called out on strike. The strike yields cancellations across the flight schedule. Reminds of the Sabena bankruptcy: the ship is sinking, but the captains want more money!
You might have missed a point (or two)…
But, are you even willing to be informed correctly…
Could you please elaborate? This is a discussion forum after all. And meanwhile, SAS filed Chapter 11 and its pilots are on strike.
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Re: Airline bankruptcies, ceased operations, restructurations

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sn26567 wrote: 05 Jul 2022, 10:24
Could you please elaborate? This is a discussion forum after all. And meanwhile, SAS filed Chapter 11 and its pilots are on strike.
sn26567 wrote: 05 Jul 2022, 10:24the ship is sinking, but the captains want more money!
Such a statement is so simplistic and shows so much ignorance about what's going on in the EU right now.
Would you seriously dare to say such a thing face to face with a SAS or Brussels Airlines captain?

Airlines where social unrest is going on have caused these situations.
Their managements are the only ones to blame, not pilots or cabin crew or whatsoever.
Have you seen their rosters? Most likely not.
People are not robots, the goodwill to help the company save money has its limits and clearly things have gone way too far.

I will never understand how people will accept having pilots & cabin crew COMPLETELY exhausted in their own aircraft.

I am aware it's quite difficult to realize when you're not in the industry (or flying staff), but the statement you just made is totally unacceptable. Especially comparing Sabena's situation to SAS, what a scandal.

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Re: Airline bankruptcies, ceased operations, restructurations

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CargoLogic Germany is expected to face insolvency proceedings soon, with the chances of finding a buyer seen as slim.
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Re: Airline bankruptcies, ceased operations, restructurations

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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.
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Re: Airline bankruptcies, ceased operations, restructurations

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Thai Airways International will receive key financial support from the government for its US$2.3 billion capital raising and debt-to-equity swap plan aimed at helping the carrier come out of bankruptcy. The ministry and other agencies will continue to maintain a combined stake of at least 40%.
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Re: Airline bankruptcies, ceased operations, restructurations

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LATAM Group has obtained the approval of its Reorganisation Plan by the US Bankruptcy Court and secured its exit financing, while obtaining the necessary approval from its shareholders for the company’s new capital structure and the issuance of the financing instruments presented in the Plan.
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Re: Airline bankruptcies, ceased operations, restructurations

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Malta government has established advanced plans to dissolve Air Malta later in 2022 and transfer its few remaining profitable assets to a new airline. The plan will also include the redundancy of all of Air Malta’s workforce. The government is not confident in obtaining a green light from the EU for a new €300 million rescue package. Malta MedAir may be used as a vehicle for the transition.
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Re: Airline bankruptcies, ceased operations, restructurations

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TACV of Cape Verde acknowledged the difficulties in paying July 2022 salaries and that the airline’s current level of activity “does not generate enough revenue to honour all commitments”.
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Re: Airline bankruptcies, ceased operations, restructurations

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Malta will continue to have a national airline, Prime Minister Robert Abela said to workers of Air Malta worried about the company’s long-term survival. He stopped short of saying Air Malta would survive the restructuring plan.
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