Aviation

Bloomberg British Airways owner IAG SA is looking at raising as much as 2.75 billion euros ($3.2 billion) in a share sale to help strengthen its balance sheet and ride out the coronavirus crisis. The London-based group, which also owns Spain’s Iberia and Aer Lingus of Ireland, said that it may opt for a rights issue, though no final decision ...

Bloomberg Creditors of South African Airways (SAA) gave the government more time to find the money to fund a rescue of the bankrupt state-owned airline. At a meeting convened by the airline’s administrators, creditors voted to extend the deadline to July 27 from an initial deadline of July 22. If the money is not guaranteed by then, another creditors meeting ...

Bloomberg Cathay Pacific Airways Ltd will delay deliveries of Airbus SE aircraft by as much as two years, in a move that could cut the carrier’s monthly cash losses in half as the coronavirus pandemic slams the aviation industry. Deliveries of A350-900s and A350-1000s have been deferred to 2020-2023 from 2020 and 2021, while A321neo deliveries have been pushed back ...

Bloomberg Lockheed Martin Corp’s new chief executive officer, Jim Taiclet, is prowling for deals amid the coronavirus pandemic and economic downturn. Just don’t expect the world largest military contractor to rummage for bargains in the distressed commercial aerospace industry, where Boeing Co and its suppliers are grappling with an unprecedented collapse in air travel. “Pure-play defense is going to be ...

Bloomberg United Airlines Holdings Inc will cut its average daily cash burn to $25 million in the third quarter from $40 million in the previous three-month period, as the company braces for a choppy recovery from the coronavirus pandemic. More than 6,000 employees have accepted an offer to leave as part of an effort to cut costs, United said in ...

Bloomberg US aviation regulators announced an important milestone in returning Boeing Co’s grounded 737 Max jet to service, an event one person familiar with the process said would happen no earlier than October. The Federal Aviation Administration (FAA) announced it is preparing to issue formal legal directives for repairs required on the jet, which indicates that the agency is comfortable ...

Bloomberg Airbus SE called for increased UK investment in sustainable aviation to supplement budgets strained by the coronavirus crisis and help safeguard the country’s position as a major player in the industry. Chief Executive Officer Guillaume Faury, speaking on a panel on Monday for the virtual Farnborough Air Show, said Britain has put advances in decarbonisation and digitisation high on ...

Bloomberg Global airline passenger demand won’t recover to pre-coronavirus pandemic levels until the end of 2023, and only then if effective vaccines and medicines are available, according to Moody’s Investors Service. The recovery for airlines and airports will be largely aligned, followed by aircraft lessors as carriers return fleets to service, Moody’s analysts including Jonathan Root wrote in a report. ...

Bloomberg Colombia is scaling back a planned $2.5 billion expansion of one of Latin America’s busiest airports after the Covid-19 pandemic caused a collapse in air travel. Bogota’s El Dorado airport, the country’s biggest, was set for an upgrade to more than double capacity to about 80 million passengers a year by 2050, from the roughly 35 million it saw ...

Bloomberg Deutsche Lufthansa AG is unlikely to take delivery of all 80 of the jets it’s allowed to accept through 2023 under terms of a $10.3 billion government bailout, according to a person familiar with the matter. The German airline will instead prioritise quick repayment of the aid, said the person, who asked not to be identified discussing confidential matters. ...