Flair Airlines (Canada) has announced plans to raise $150 million in senior debt as part of its ongoing financial restructuring efforts. The airline has enlisted the expertise of Haywood Securities (Canada) to manage the fundraising process, aiming to stabilize its operations and support long-term growth.
ITA Airways (Italy) chairman Antonino Turicchi has expressed optimism that the airline will secure final approval for its acquisition by Lufthansa Group (Germany) from the European Commission (EC) before the end of 2024. This approval marks a critical step in solidifying Lufthansa’s stake in the Italian national carrier.
Fitch Ratings, a leading credit rating agency, has downgraded Spirit Airlines’ (US) Long-Term Issuer Default Rating (IDR) to ‘D’ from ‘CC’, indicating default status. The downgrade reflects Spirit Airlines’ financial challenges following its Chapter 11 bankruptcy filing.
Copa Holdings, the parent company of Copa Airlines based in Panama, reported a 22.1% decline in net profit for the third quarter of 2024, amounting to $146 million. The results reflect a 1.5% decrease in operating revenue, which totaled $854.7 million for the quarter. Despite the downturn, Copa Holdings maintains a strong financial position with $1.3 billion in cash, short-term, and long-term…
Air Astana, Kazakhstan’s national airline, has announced the buyback of 4.1 million shares and Global Depositary Receipts (GDRs) in November 2024. The transaction, valued at $11.9 million, is part of the airline’s ongoing strategy to manage its financial structure and enhance shareholder value.
Turkish Airlines has announced a significant capital injection of $434 million into its subsidiary AJet, marking a strategic move to support AJet’s expansion and operational growth. The investment underscores Turkish Airlines’ commitment to enhancing the capabilities and market presence of its subsidiary.
Spirit Airlines, a prominent U.S.-based low-cost carrier, has been downgraded by S&P Global from ‘CCC’ to ‘D’following its Chapter 11 bankruptcy filing. The move reflects the airline’s financial struggles and the significant challenges it faces during its restructuring process. Additionally, the ratings on Spirit Airlines’ Enhanced Equipment Trust Certificates (EETCs) have been lowered by one notch.
Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to two classes of notes issued by Volofin Finance (Ireland) and Volofin Finance US, as part of an aviation loan ABS (asset-backed securities) transaction. The proceeds from this transaction will be utilized to acquire a portfolio of 22 loan facilities with an initial aggregate loan balance of $533.9 million.
El Al Israel Airlines has announced its financial results for Q3 2024, achieving robust growth and profitability. The airline reported a substantial increase in net profit, accompanied by a 44% rise in revenue to support its ongoing recovery and expansion efforts.
Avation, a Singapore-based aircraft leasing company, has entered into a term sheet agreement with a major international bank for a $85 million portfolio financing facility. This facility will be utilized primarily for the refinancing of existing aircraft within Avation’s fleet and for the acquisition of additional aircraft, subject to specific conditions.
