Aviation

Bloomberg Seven airlines in Thailand are set to start talks with the Finance Ministry for a 16 billion baht ($491 million) bailout, the Bangkok Post reported. The airlines have jointly agreed to seek help, the newspaper said, citing Tassapon Bijleveld, executive chairman of Asia Aviation Pcl, the largest shareholder of Thai AirAsia. The seven carriers are Thai AirAsia, Thai Lion ...

Bloomberg Southwest Airlines Co is losing “big money” on every flight, raising the risk of worker furloughs in the longer-term despite billions of dollars in immediate aid from the US government. The biggest US discounter is “appreciative” of the package of loans and cash assistance approved by the Senate and awaiting a vote in the House of Representatives, CEO Gary ...

Bloomberg Singapore Airlines (SIA) shares fell after the carrier unveiled a plan to raise about S$8.8 billion ($6.2 billion) to contend with the devastating impact of the coronavirus pandemic. The company will issue S$5.3 billion in new stock at S$3 apiece, 54% lower than the last closing price last week, as well as convertible bonds, according to a statement. State ...

Bloomberg Unable to fill planes with passengers as the coronavirus destroys travel demand, airlines are instead using their fleets to transport more cargo, including medicines, smartphones and Korean strawberries. The likes of Cathay Pacific Airways, Korean Air Lines and American Airlines are hauling a greater amount of goods in the belly of their passenger planes to keep up with demand. ...

Bloomberg US airlines probably will avoid applying for some $25 billion in loans under a federal aid package designed to help them survive the collapse in travel from the new coronavirus, according to JPMorgan Chase & Co. But the carriers will tap a similar amount in cash assistance for payrolls that should eliminate the risk of near-term bankruptcies, JPMorgan analyst ...

Bloomberg Malaysia is exploring the possibility of bailing out domestic airlines that have been hit hard by the coronavirus outbreak, according to people with knowledge of the matter. Officials have been studying ideas including setting up a vehicle to take over the debt of companies like Malaysia Airlines Bhd and AirAsia Group Bhd, the people said. The government is also ...

Bloomberg Prime Minister Nguyen Xuan Phuc ordered the transport ministry to cut the number of flights from Hanoi and Ho Chi Minh City to other Vietnamese cities from March 28 as the government moves to slow the novel coronavirus outbreak across the country, according to a post on government’s website. This suspension of flights could last a week or longer, ...

Bloomberg Virgin Australia Holdings Ltd furloughed 80% of its 10,000-strong workforce and said it will only keep flying for essential services as restrictions due to the coronavirus eviscerate demand for travel. Shares rose. Domestic capacity will be cut by 90% as 125 aircraft are grounded, with flights retained only for essential services, critical freight and logistics, the airline said in ...

Bloomberg Delta Air Lines Inc lost its coveted investment-grade status from one rater as S&P Global Ratings cut the company to junk. “The steep decline in airline bookings due to the coronavirus outbreak will sharply reduce Delta Air Lines Inc’s revenue and cash flow,” S&P said in a statement as it lowered the carrier two notches to BB, or two ...

Bloomberg Britain has ruled out immediate direct aid to the aviation sector as the coronavirus outbreak wipes out all but a handful of UK flights. In a letter to airlines and airports seen by Bloomberg News, Chancellor of the Exchequer Rishi Sunak said that firms must first tap all commercial avenues to raise funds, and that any assistance the state ...