Thai Airways International has commenced the Voluntary Debt-to-Equity Conversion period for its creditors, effective November 18, 2024. This initiative is a pivotal component of the airline’s ongoing business rehabilitation plan, aiming to strengthen its financial structure and enhance operational stability.
The Moscow Arbitration Court has issued an order requiring Yakutia Airlines, a Russian carrier, to pay $2.6 million to VTK-Avia as part of a partial settlement in a debt recovery case. The case centers on a 2017 lease agreement for two SSJ100 aircraft, with VTK-Avia seeking compensation for unpaid dues under the lease terms. This ruling marks a significant step in resolving a longstanding financial dispute, with…
Motu Link Airline, a new carrier based in French Polynesia, is preparing for its planned early 2025 launch by seeking $3.4 million to fund the purchase of its first aircraft, an ATR72-500F. This funding will be raised through a bond loan, amortizable over a period of 90 months at an 11% interest rate. The ATR72-500F, a reliable model suited for regional operations, will be the…
The Azores parliamentary group has requested clarification from the Regional Government concerning a $3 million debt incurred by SATA from a wet lease agreement involving an Airbus A330 from Hi Fly, a Portuguese airline. This debt, which the parliamentary group attributes to SATA’s previous management decisions, has become a significant point of contention in the region. Recently, a court ruling favored both Hi Fly and AELF Aircraft Engine Lease…
Brazil is preparing to establish a $690 million credit line by early 2025 to assist financially struggling airlines, according to Ports and Airports Minister Silvio Costa Filho. This government-backed funding initiative aims to stabilize Brazil’s aviation sector, providing crucial financial relief for airlines facing economic challenges due to fluctuating demand and increased operational costs. The initiative is expected to bolster…
Uganda Airlines has been issued a 48-hour ultimatum by MixJet Flight Support, a UAE-based fuel contractor, to settle a portion of its outstanding fuel debt. MixJet demands that Uganda Airlines pay at least $6 million of the $10 million owed; otherwise, the contractor intends to initiate legal proceedings. The ultimatum underscores the financial strain facing Uganda Airlines, which is now at risk of…
Garuda Indonesia has reported a net loss of $131.2 million for the first nine months of 2024, despite a 14.7% increase in revenue to $2.6 billion. The financial results highlight the ongoing challenges faced by the airline as it navigates through post-pandemic recovery and aims to stabilize its operations.
Fiji Airways has officially commenced repayment of a $33 million loan it received from the Fiji Development Bank four years ago. This milestone marks an important step in the airline’s financial recovery and underscores its commitment to maintaining financial stability amid industry challenges.
Sirius Airlines, a South Korean startup that was unable to commence operations in June 2024 due to financial setbacks, is now under scrutiny by the Ministry of Labor over allegations of unpaid wages. Reports indicate that Sirius Airlines has not paid wages to its employees for nearly six months, prompting an investigation into the company’s…
Brazil’s government has indicated willingness to facilitate an agreement between TAP Air Portugal and Brazil’s Azul regarding a €200 million debt but emphasized no governmental interference. Silvio Costa Filho, Brazil’s Minister of Ports and Airports, reiterated this stance following discussions in Lisbon with Portuguese officials, including Miguel Pinto Luz, Portugal’s Minister of Infrastructure. Both governments…
