Aviation

Bloomberg Virgin Atlantic Airways Ltd hired Alvarez & Marsal to advise on a potential administration as it struggles to secure a UK government bailout, Sky News reported. The restructuring specialist was hired earlier to work on options for a pre-pack administration, which may cut the equity of Richard Branson’s holding company and Delta Air Lines Inc, according to the report, ...

Bloomberg The coronavirus is muddying the outlook for London’s second-biggest airport. Richard Branson’s Virgin Atlantic Airways Ltd became the latest carrier to back away from London Gatwick, saying it will shutter its operation at least temporarily to focus on the much larger Heathrow. With arch-rival British Airways reportedly looking to do the same, and Gatwick’s third-largest tenant, Norwegian Air Shuttle ...

Bloomberg Singapore Airlines Ltd’s shares surged the most in more than three decades on bets that ongoing fund raising will help the carrier survive as lockdown restrictions ease worldwide from Italy to the US. Its share price, adjusted for the planned rights issue, soared as much as 21%, the most since October 1987. It pared its advance to 11% on ...

Bloomberg United Airlines Holdings Inc will cut at least 30% of its managerial and administrative jobs when government restrictions lift in October, bracing for a prolonged travel slump in the age of Covid-19. In addition to cutting the roughly 3,500 positions, the company will require that management and administrative employees take 20 days off without pay between May 16 and ...

Bloomberg Qantas Airways Ltd warned public appetite to fly overseas could take years to return as the airline borrowed yet more funds to weather aviation’s biggest-ever crisis. The Australian carrier said on Tuesday it raised an additional A$550 million ($354 million) to ride out a near-halt in passenger revenue because of the coronavirus. Qantas shares climbed after the airline said ...

Bloomberg Frontier Airlines Holdings Inc said it’s going to charge extra for passengers who want to guarantee a spot next to an unoccupied middle seat in the age of social distancing. The carrier aims to generate revenue on the empty seats, charging from $39 to $89 depending on the route. It will have 18 “More Room” assignments available on each ...

Bloomberg Air Canada said it expects the impact of the coronavirus pandemic to last at least three years and predicted large job cuts as it hunkers down to survive “the darkest period ever” for the industry. The country’s biggest airline, which reported a first-quarter loss, said it expects capacity in the third quarter to be 75% below last year’s level, ...

Bloomberg Spain’s transport ministry is seeking to help airlines tap bank state-backed loans but more help may be needed, Minister Jose Luis Abalos said. “I do believe airlines will tap those loans, but it is possible that they may need a reinforcement to those credit-lines, which now are enough to help liquidity only in the short-term,” Abalos said at a ...

Bloomberg Air France-KLM won European Union approval for a 7 billion-euro ($7.7 billion) French aid package that Finance Minister Bruno Le Maire said will lead to cutbacks in domestic services. The carrier obtained a state guarantee and a subordinated shareholder loan, a financial life line executives say was needed for its survival in the face of a collapse in revenue ...

Bloomberg Norwegian Air Shuttle ASA’s shareholders approved a restructuring plan that will qualify the struggling carrier for state aid and keep it afloat in the coming months. After the company clinched a deal with creditors following intense talks through the weekend, shareholders approved the plan at an extraordinary general meeting on Monday, according to a statement. The restructuring will see ...