Aviation

Bloomberg Korean Air Lines Co plans to sell new shares to raise about 1 trillion won ($817 million) after the coronavirus outbreak wiped out 90% of its flights. The Seoul-based carrier aims to sell about 79.4 million new shares to existing holders in July, it said in a regulatory filing. The price is initially estimated at 12,600 won a share, ...

Bloomberg UK Prime Minister Boris Johnson said the global aviation industry needs to limit carbon-dioxide emissions once air travel resumes following the coronavirus crisis. “Inadvertently this year the planet will greatly reduce its CO2 emissions,” Johnson said. “We need to entrench those gains. I don’t want to see us going back to an era of the same kind of emissions ...

Bloomberg Brookfield Asset Management Inc and Indian aviation tycoon Rahul Bhatia are considering bids for Virgin Australia Holdings Ltd, joining a score of suitors seeking to capitalise on Asia’s first airline casualty from the coronavirus pandemic, people with knowledge of the matter said. The Canadian investment firm, which manages more than $540 billion, is planning to make its own indicative ...

Bloomberg Ryanair Holdings Plc sees an opportunity to buy planes for less and reduce other costs with weaker rivals out of the picture once the airline industry emerges on the other side of the coronavirus pandemic. Dublin-based Ryanair is in “advanced discussions” with Boeing Co over pricing for 737 Max jets, Chief Executive Officer Michael O’Leary said at a Financial ...

Bloomberg The German government is engaged in last-minute debates over the details of its bailout of Deutsche Lufthansa AG, with Chancellor Angela Merkel seeking a deal that doesn’t involve a direct stake in the national carrier, while her deputy, Finance Minister Olaf Scholz, favors such an investment, according to people familiar with the matter. Under a scenario preferred by the ...

Bloomberg TUI AG will eliminate as many as 8,000 jobs, about 15% of its workforce, to cut costs and slim down its business as people travel less and favor different locations following the coronavirus outbreak. The world’s biggest package-holiday company is seeking to pare overall costs by almost one-third and offer more local breaks in the hope of encouraging a ...

Bloomberg Iceland will test all airline passengers arriving at Keflavik Airport for coronavirus by June 15, with those resulting negative spared a mandatory two-week quarantine, the government said. Testing will take place inside the terminal of the international airport. Visitors will be allowed to head to their accommodation while they wait for the result of their test, which is expected ...

Bloomberg Indonesia is finalising a $1 billion financial bailout plan for its flag carrier to help it stave off a debt default after the coronavirus crisis forced the airline to ground most of its planes. The rescue plan includes a proposal to restructure PT Garuda Indonesia’s $500 million sukuk due next month and arrange new bridge loans of as much ...

Bloomberg Avianca Holdings SA, one of the biggest carriers in Latin America, filed for Chapter 11 bankruptcy after travel bans across the region forced the Colombian airline to ground its fleet. Avianca, which counts United Airlines Holdings Inc and Kingsland Holdings as stakeholders, filed for protection from its creditors in the Southern District of New York, according to court papers. ...

Bloomberg Customers demanding cash refunds for flights axed because of the coronavirus are putting the squeeze on India’s travel agents, who are only receiving virtual money from airlines solely to be used for future bookings. Indian authorities have told airlines to repay passengers in cash for tickets booked during the nationwide lockdown, but there’s no such obligation when it comes ...