Emirates gets new $1.1 billion injection, Ryanair scores third court win
Ishka estimates that as of 17th June 2021 governments have introduced $193.77 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
17/06/2021
Asian airlines get restructuring go-ahead amidst fresh lockdowns
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more
11/06/2021
Clock is ticking for NAC, Avianca agrees A320 LOIs with GECAS
Nordic Aviation Capital’s (NAC) moratorium on debt payment ends at the end of next month, as the lessor edges closer to potentially entering a restructuring. more
11/06/2021
15-year-old aircraft values, OEMs ramp up production and United's supersonic aircraft order
This is a regular series from Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more
04/06/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
SAS gets government credit, Germany considers keeping 20% stake in Lufthansa
State support for airlines appears to have plateaued in recent weeks, with relatively few new packages announced since the end of March. more
03/06/2021
China’s ‘Big Three’ report large net losses despite rise in passenger traffic
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more
31/05/2021
Restructured Norwegian boasts lean balance sheet, Hainan lawsuit discontinued
Norwegian Air Shuttle announced on 26th May it has exited the Irish examinership process that the airline entered on 18th November 2020. more
28/05/2021
Five-year-old aircraft values, cargo appetite and SLB pressures
This is a regular series from Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more
24/05/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
European airlines: Cargo revenues increase but passenger level woes continue
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more
21/05/2021
Ryanair gets first court wins against state aid, tally grows by $280 million
Ishka estimates that as of 20th May 2021 governments have introduced $192.27 billion in assistance measures for air carriers globally. more
20/05/2021
SAA and Sundair exit bankruptcy, Interjet and PAL slide closer
South African Airways is the latest airline to exit bankruptcy as it announces it has exited business rescue proceedings after 17 months. more
13/05/2021
in Airline Profiles , Aircraft Finance Market
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Southwest says it may not need fourth PSP as it nears breakeven
Southwest Airlines CEO Gary Kelly said during an earnings call on 22nd April that new state aid under a hypothetical fourth extension to the Payroll Support Programme (PSP) would be “hard” to argue for. more
06/05/2021
Seraph, GECAS and SMBC named ‘most advantageous’ bidders in PIA tender
Pakistan International Airlines (PIA) has named Seraph, GECAS, and SMBC Aviation Capital ‘most advantageous’ bidders in a competitive tender for eight dry-leased narrowbodies. more
29/04/2021
Orix and Avolon agree PBH terms with Avianca, the clock is ticking for SA Express
Orix Aviation and Avolon are the latest lessors to agree to amended leases with power-by-the-hour terms, after “substantial arms-length negotiations” with Colombian carrier Avianca Holdings, according to court documents seen by Ishka. more
28/04/2021
Five airlines get $6bn in new aid including Air Canada, Air France
The tally of confirmed bailouts grew by $5.94 billion since the last update on 30th March, including measures for Air Montenegro, Air Malta, Air Canada, Air Austral and Air France. more
22/04/2021
LATAM Brasil to retire A350s, Norwegian aims for new capital raise
LATAM Brasil announced last week it will retire all of its 11 A350-900s with immediate effect as it transitions to an all-Boeing widebody fleet. Remarketers comment that at least one airline start-up has been offered an A350 in the secondary market. more
15/04/2021
Airline bonds Q1 2021: European airlines rush to the unsecured market
Airline unsecured Euro issuances topped €4.85 billion ($5.82 billion) in the first quarter, surpassing the entire volume of unsecured issuances during 2020 of €3.56 billion ($4.23 billion) by 53%. more
12/04/2021
Air Canada takeover deal scrapped by European regulators, Korean Air to complete Asiana Airlines acquisition by 2022
Transat A.T., the parent company of Canadian carrier Air Transat, announced on 2nd April 2021 that its planned merger with Air Canada has been terminated by mutual consent. more
09/04/2021
Hainan Airlines’ early creditor calls, Thai Airways faces stock’s delisting, Norwegian restructuring scheme endorsed
Work has begun on the Hainan Airline restructuring. HNA Group is the first private Chinese airline group to go bankrupt and the largest airline bankruptcy to have occurred within China to date. more
01/04/2021
Covid-19 bailouts: Smartwings, Tunisair and Alitalia secure $143m in new aid
Smartwings, Tunisair and Alitalia secured $143 million in new aid since Ishka’s last update on 18th March 2021. more
30/03/2021
Interjet to seek bankruptcy protection, GoAir prepares for IPO
Mexican LCC Interjet will seek bankruptcy protection in Mexico no later than 30th March with plans to file for Chapter 11 in the US soon after. more
26/03/2021
Sun Country and Frontier Airlines file IPOs, Lufthansa’s $1.8bn impairments, US carriers update travel estimates
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances drawing on the unique set of ACP’s data points more
24/03/2021
Air Mauritius, Doric’s fund and the threat of prolonged airline restructurings
German asset manager Doric has been granted more time by lenders on repayments for one of its funds to help close the sale of an A330 on lease to Air Mauritius, reducing the fund’s potential risk of bankruptcy. more
23/03/2021
Covid-19 bailouts: State support for airlines to exceed $200bn
A swathe of recent government measures has pushed Ishka’s combined tally of confirmed ($183.18 billion) and tentative ($19.94 billion) state support for airlines above the $200-billion mark for the first time. more
19/03/2021
Czech Airlines files for bankruptcy, LATAM and Norwegian EETC aircraft to be auctioned
Czech Airlines (ČSA) was declared bankrupt by the Prague City Court on 10th March, following a request by the carrier. more
18/03/2021
Buyer’s market: PIA gets 128 narrowbody bids for eight-aircraft RFP
Pakistan International Airlines has received 128 leased aircraft offers after putting out a tender for eight dry-leased narrowbodies, highlighting competition between lessors to remarket aircraft. more
17/03/2021
Garuda insists it has axed leased CRJ1000s, Air Transat looks for Plan B
Garuda Indonesia CEO Irfan Setiaputra reiterated in early March that leasing contracts for 18 Bombardier CRJ1000 aircraft have been terminated even as one lessor, Nordic Aviation Capital, tells Ishka that the agreements remain unchanged. more
12/03/2021
Norwegian ends 36 leases, Thai Airways to get govt support
Norwegian Air Shuttle has reached an agreement to end 36 aircraft leases as part of its goal to cut its fleet. Thai Airways has obtained support from Thailand's finance ministry to raise as much as $1.65 billion. more
05/03/2021
Covid-19 bailouts: US PSP extension nears approval, Angola recapitalises TAAG
US carriers appeared to be one step closer to receiving further state aid as the US Senate looks set to debate the third extension to the US Payroll Support Programme (PSP) shortly. more
04/03/2021
SpiceJet loses $43m Q400 PDP case to De Havilland
De Havilland on 23rd February secured summary judgment against SpiceJet at the London Commercial Court in a claim for $42.95 million after the airline defaulted on PDPs. more
26/02/2021
Chinese traffic picks up, Air Canada’s 70% drop in revenues, SpiceJet’s recovery
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances drawing on the unique set of ACP’s data points, more
25/02/2021
Malaysia Airlines proposes $90k PBH floor for 737s, Thai to shrink fleet
Malaysia Airlines has proposed power-by-the-hour floors from $90,000 to $132,500 for three aircraft types in its negotiations with lessors. more
19/02/2021
Covid-19 bailouts: Biden likely to add PSP extension to Covid-19 relief bill
A $14 billion extension to the Payroll Support Programme (PSP) for US airlines is likely to be included in the $1.9 trillion COVID-19 relief bill proposed by President Joe Biden. more
16/02/2021
NAC refutes Garuda lease terminations, Interjet troubles continue
Nordic Aviation Capital has refuted media reports stating that Garuda Indonesia will return 12 leased Bombardier CRJ-1000s over a bribery probe into the Canadian OEM. more
12/02/2021
Lessor lawsuits continue after HNA Group bankruptcy
Nine lawsuits by leasing entities against airlines of the HNA Group remain open at the London Commercial Court, including one filed by AerCap this month, Ishka understands. more
11/02/2021
MAS opts for ‘cheaper’ UK restructuring scheme, Eastar Jet enters receivership
Malaysia Airlines’ choice to use a UK scheme of arrangement could be replicated by other airlines looking for a “targeted” and therefore “cheaper” alternative to the Chapter 11 process, the airline’s counsel tells Ishka. more
05/02/2021
Covid-19 bailouts: Canada’s Sunwing taps $292 million, US PSP top-up plea
The Canadian federal government has granted a C$375 million ($292 million) loan to Sunwing Airlines, underscoring the impact that new Covid-19 waves of infections are having on airlines. more
04/02/2021
Lessors ready themselves for HNA Group bankruptcy
China’s HNA Group is facing bankruptcy after creditors on 29th January applied to a Hainan court to begin proceedings. The imminent bankruptcy process is sending waves through the aircraft leasing industry. more
02/02/2021
Ishka reviews the 32 new airline start-ups of 2020
The Covid-19 crisis has been the biggest crisis to have ever faced commercial aviation, but 2020 welcomed a total of 32 new aircraft start-ups. more
01/02/2021
Airline bonds Q4 2020: $10.6bn of unsecured issues round off 78% yearly surge
The Covid-19 crisis drove a 78% surge in unsecured capital markets debt by airlines around the world in 2020, with 212 issuances amounting to $55.3 billion, up from $31.1 billion in 2019. more
29/01/2021
in Airline Profiles , Capital Markets , Aircraft Finance Market
On Watch: Malaysia Airlines to use UK debt restructuring scheme
Malaysia Airlines has obtained approval from a UK court to proceed with a major component of the group's debt restructuring. more
27/01/2021
Dr Peters sues Air France over A380 return conditions
German asset manager Dr Peters is seeking over $34.8 million in compensation from Air France over a failure to redeliver an Airbus A380 in accordance with the terms of their agreement, Ishka has learned. more
26/01/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
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
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