Covid-19 bailouts: Norwegian to get new support, five carriers net $2.1bn
Norway's government says it will contribute to Norwegian Air Shuttle’s funding request pending certain conditions, just two months after its initial refusal pushed the carrier to file for Irish Examinership. more
22/01/2021
Norwegian to shrink to 50 aircraft, four other airlines delay restructuring plans
Norwegian Air on 14th January outlined a simplified business structure with around 50 narrowbody aircraft. more
19/01/2021
How is Singapore Airlines, one of the largest international carriers, managing the COVID-19 crisis?
In today’s Airline Credit Profile, Ishka reviews how Singapore Airlines Group is managing the COVID 19 crisis. more
14/01/2021
On Watch: Mexican govt questions investment in Interjet, lessors file new lawsuits
Mexican LCC Interjet is nearing a month without flights amid an indefinite strike, and the government is questioning an over $100 million infusion by a new investor. more
12/01/2021
Covid-19 bailouts: US airlines get $15bn aid extension as global tally tops $161.2bn
The tally of confirmed bailouts grew by $17.07 billion since the last update on 15th December 2020, largely as a result of the $15 billion extension to the Payroll Support Programme (PSP) for US airlines. more
08/01/2021
On Watch: Lessors demand clarity from Norwegian, AirAsia X contests lessors’ claims
In this week’s On Watch report, Ishka provides updates on several airlines undergoing either some form of bankruptcy proceedings or restructuring. more
05/01/2021
A look back at a year of state aid for airlines
Ishka looks back on a year that saw many of the world’s airlines fall into financial distress and governments stepping up to help them. more
22/12/2020
On Watch: IAG agrees to €500m Air Europa discount deal
IAG agreed to a €500 million ($613.2 million) purchase of Air Europa on 17th December, according to Spanish newspaper El Confidencial, citing unnamed sources. This is a 50% discount from November 2019’s original €1 billion ($1.23 billion) agreement, with all payment deferred until 2026. more
18/12/2020
Exclusive: Gol 737 MAX reactivation figures show promising start
Brazilian low-cost airline Gol Linhas Aereas (Gol) has this month chalked up 105 revenue flights operated by Boeing 737 MAX, the world’s first since their March 2019 grounding. more
17/12/2020
Covid-19 bailouts: US PSP extension nears, TUI Group and Corsair get aid
A US House proposal to extend the US CARES Act Payroll Support Programme (PSP) nears approval while Germany and France provide new aid to airlines. more
15/12/2020
Viral Capital: Airlines tap banks for $97.2bn since onset of pandemic
Airlines have raised $97.2 billion in publicly disclosed commercial debt during the Covid-19 crisis, including $10.2 billion signed since October, according to Ishka research. more
11/12/2020
in Airline Profiles , Capital Markets
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On Watch: Norwegian proposes two-year PBH plan for lessors
Norwegian Air Shuttle (Norwegian) is proposing two-year power-by-the hour (PBH) arrangements on its leased fleet as it seeks bankruptcy protection in Norway alongside its Irish examinership process. more
08/12/2020
On Watch: Interjet gets new owner, Asiana to reduce leased aircraft
Mexican LCC Interjet announced on 2nd December that businessman Alejandro del Valle has invested 90% of a $150 million funding package, making him a majority owner. more
03/12/2020
Covid-19 bailouts: France ready to further support Air France-KLM, Corsair
Ishka’s confirmed state support tally rebounded from one of the lowest average weekly increases in the previous update to a $3 billion uptick over the past two weeks. more
27/11/2020
Airline Credit Profile: Why is Philippine Airlines planning on seeking court protection?
In this Airline Credit Profile, Ishka reviews the factors that led to Philippine Airlines' current predicament. more
26/11/2020
On Watch: Norwegian creditors could lose $7.1bn, AirAsia X ordered to pay lessors
Liquidating Norwegian would wipe out the airline’s assets and leave a $7.1 billion deficit, according to a report by auditor Deloitte. more
24/11/2020
On Watch: Norwegian enters examinership, Korean Air to buy Asiana stake
Ishka provides updates on airlines from Ishka’s On Watch list, including Norwegian's initiation of an examinership process and Korean Air's acquisition of an Asiana stake. more
20/11/2020
Covid-19 bailouts: Cathay and Lufthansa ready for winter, new support slows down
The recent $0.68 billion increase to Ishka’s confirmed state support tally is, on an average weekly basis, one of the lowest since March. more
12/11/2020
On Watch: Thai to sell 34 aircraft, court accepts Nok Air rehabilitation
In this week’s On Watch report, Ishka provides updates on 30 airlines undergoing forms of bankruptcy proceedings and restructuring. more
09/11/2020
Ishka World Tour: Airlines question if second wave of state support will occur
Speakers throughout the conference expressed doubts around whether a second wave of government aid for airlines will materialise. more
05/11/2020
On Watch: Fuel bills leave Interjet grounded
Budget Mexican carrier Interjet cancelled all flights on 1st and 2nd November after failing to pay its jet fuel bills. more
03/11/2020
Covid-19 bailouts: Aeroflot aid swells to $1.9bn, Air Europa to surpass $700m
The tally of confirmed bailouts grew by $1.37 billion since the last update on 15th October, due in large part to Moscow spending around $900 million in an Aeroflot share issuance. more
30/10/2020
On Watch: Avianca turns to lenders for PBH deals, AirAsia X Indonesia refutes liquidation claims
Avianca has placed 39 aircraft on power-by-the-hour (PBH) contracts, subject to US bankruptcy court approval, according to court documents dated 8th October 2020. more
27/10/2020
Airline bonds trading update: High spreads become the new normal
Spreads for actively traded USD airline bonds remain wide compared to both the overall US corporate index (LUACOAS) and lessor bonds. more
26/10/2020
On Watch: AirAsia X and Norwegian to cut widebodies, SpiceJet faces $27m lessor claims
Long-haul low-cost carriers Norwegian and AirAsia X have in the past two weeks announced plans to trim their widebody fleets to cope with the Covid-19 crisis. more
22/10/2020
Wizz Air CEO: New opportunities as retreating competitors leave “vacuum”
Wizz Air CEO Jozsef Varadi has reaffirmed the airline’s expansion plans as many of its competitors are “contracting in a big way and creating a market vacuum behind them” due to the effects of Covid-19, creating an opportunity for the low-cost airline. more
21/10/2020
On Watch: Curtain call for AirAsia Japan as Malaysia Airlines issues bankruptcy warning
AirAsia Japan will close its doors on 5th December, the first Japanese carrier to crumble due to coronavirus and under strain from its parent company, AirAsia Group. more
16/10/2020
Covid-19 bailouts: Govt support for Malaysia Airlines dims as owner hints at liquidation
The confirmed state aid tally grew by nearly $5 billion since the last update, with the vast majority attributable to state investments in China Eastern Airlines. more
15/10/2020
On Watch: Lion Air demands PBH contracts, Garuda hit by lessor lawsuits
In this week’s On Watch report, Ishka provides updates on airlines from Ishka’s On Watch list, this time focusing on Indonesian carriers Lion Air Group and Garuda Indonesia. more
06/10/2020
Airline bonds Q3 2020: North American issuers move to secured bonds
The pursuit of liquidity by North American carriers drove many to the capital markets again in Q3 2020 with $13.5 billion issued – 63% out of the global $21.4 billion in issuances. more
05/10/2020
Viral Capital: Airlines tap banks for $33 billion over the summer
Banks may be increasingly selective as to which deals they agree to underwrite but airlines still managed to raise $33 billion of publicly disclosed commercial bank debt between June and September 2020. more
02/10/2020
Covid-19 bailouts: White House proposes $20bn PSP extension, Norwegian potential nationalisation
The ‘second wave’ of state aid for airlines is well underway, with US carriers about to receive an extension to the Payroll Support Programme (PSP). more
01/10/2020
On Watch: Aeromexico pushes 75% of fleet onto power-by-the-hour contracts
In this week’s On Watch report Ishka provides updates on several airlines undergoing bankruptcy proceedings, including Aeromexico, Avianca and LATAM. more
29/09/2020
Lessons in rejection: LATAM’s decision to drop its EETC aircraft
Ishka speaks to two lawyers involved in the issuance of LATAM's 2015-1 EETC to unpack the significance of its rejection. more
24/09/2020
in Airline Profiles , Capital Markets , Aircraft Finance Market
Airlines On Watch: Asiana deal collapses, Kenya mulls 14 aircraft cut
Airlines have been cutting back on fleets consistently since the start of the pandemic. Ishka estimates that airlines on Ishka’s On Watch List have so far removed 119 aircraft from their fleets. more
22/09/2020
Covid-19 bailouts: Alitalia gets $235m, KDB throws Asiana $2bn lifeline
The tally of confirmed bailouts grew by $2.06 billion since last update on 3rd September with the following additions. more
17/09/2020
On Watch: LATAM and Avianca hit DIP financing roadblocks
Ishka updates on airlines in bankruptcy and creditor protection. This week, LATAM and Avianca saw DIP financing proposals rejected and restrained by court orders. more
15/09/2020
Regional carriers receive less than 1% of state aid
Just 0.38% of confirmed and 0.31% of confirmed and unconfirmed state aid has gone to regional carriers as of 28th August, Ishka research shows, a fraction of the billions offered to airlines globally since the beginning of the Covid-19 crisis. more
08/09/2020
Airline Credit Profile: Why is Wizz Air among the best placed airlines to benefit from the COVID-19 crisis?
In this week’s airline credit profile, Ishka highlights how Wizz Air’s financial position has allowed it to take a different approach to the COVID-19 crisis than some of its peers. more
04/09/2020
On Watch: Smartwings in creditor protection, Norwegian at “significant risk” of collapse
Ishka updates on airlines in bankruptcy proceedings and on Ishka's watch list. Norwegian is at “significant risk” of collapse without further creditor agreements, the airline stated in its H1 2020 results. more
02/09/2020
Covid-19 bailouts: Trump considers further support for airlines, Thai LCCs to get $769m in loans
The tally of confirmed bailouts grew by a mere $15.5 million since last week’s update, the second smallest weekly increase since this series began in March. more
28/08/2020
State aid vs revenues: Which airlines have secured generous state aid?
Ishka compares state aid packages for 62 airlines and airline groups against their most recently reported pre-Covid annual revenues. more
25/08/2020
On Watch: EasyFly, Nok Air, Virgin Atlantic make 25 carriers down
EasyFly, Nok Air and Virgin Atlantic joined 22 other airlines or airline groups in forms of bankruptcy protection, insolvency and restructuring this August. more
24/08/2020
Covid-19 bailouts: Seven carriers get $2.8bn in new and additional aid
The tally of confirmed bailouts grew by nearly $2.8 billion over the past two weeks as seven airlines received new or additional state aid. more
20/08/2020
Covid-19 bailouts: Trump backs further $25bn for US airlines
The political momentum behind a proposed extension to the US CARES Act payroll support program makes its continuation likely, but the terms and size are yet to be negotiated. more
07/08/2020
Covid-19 bailouts: Brussels Airlines aid takes Lufthansa's total to $12bn
The Belgian government and Lufthansa agreed on a stabilisation package to rescue Brussels Airlines. The latest $335 million in state aid takes Lufthansa Group’s tally to $12 billion. more
30/07/2020
On Watch: Aeromexico and SAA cut aircraft as Jeju ditches Eastar
South Korean LCC Eastar Jet has joined Ishka’s On Watch list after peer airline, Jeju Air, announced it had scrapped plans to purchase of 51% of the carrier. more
27/07/2020
Covid-19 bailouts: US majors support ‘clean’ CARES Act aid extension
Major US airlines will only support a “clean” extension of the payroll support beyond September without “extraneous conditions,” a major trade association has said. more
24/07/2020
Airline bonds Q2 2020: North American carriers dominate issuances
A rush for liquidity among large North American carriers during Q2 2020 saw Delta, Southwest, Air Canada, Copa and Spirit issue $8.65 billion of traded unsecured airline debt. more
20/07/2020
Covid-19 bailouts: Garuda, Aeroflot aid among $2.9bn tally uptick
Newly-announced state aid for Garuda Indonesia and Aeroflot made up a big share of the bailout tally weekly increase. more
16/07/2020
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