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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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Capital Markets

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Aircraft Asset Profiles , Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Investor Education

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Capital Markets

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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