Tag: bailout

Easyjet to cut hundreds of flights from Gatwick as airline demands state bailout

Easyjet to cut hundreds of flights from Gatwick as airline demands state bailout

By itv.com EasyJet is set to cut hundreds of flights following the government's announcement that the country is to go into a second lockdown on Thursday. The airline is Gatwick's biggest operator. Chief executive Johan Lundgren called on the Government to boost support for UK aviation companies,...

Virgin Atlantic to ‘run out of money’ by end of September if bailout package not approved

Virgin Atlantic to ‘run out of money’ by end of September if bailout package not approved

By Helen Coffey, The Independent. Virgin Atlantic has warned it will “run out of money altogether” by the final week of September if creditors do not agree to a £1.2bn bailout package tomorrow. The rescue deal, which includes proposing creditors accept a 20 per cent chop in the money the...

Branson’s Virgin Atlantic lands £1.2bn rescue deal

Branson’s Virgin Atlantic lands £1.2bn rescue deal

Sir Richard Branson’s Virgin Atlantic Airways is close to unveiling a £1.2bn Sky News has reported. The rescue package will salvage thousands of British aviation jobs. Sir Richard Branson's Virgin Group will inject £200m in cash, while Davidson Kempner, a hedge fund, will lend the company £1...

European Commission approves €6 billion German measure to recapitalise Lufthansa

European Commission approves €6 billion German measure to recapitalise Lufthansa

The European Commission has approved German plans to contribute €6 billion to the recapitalisation of Deutsche Lufthansa AG (DLH), the parent company of Lufthansa Group. The measure was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 ...

Lufthansa shares fall as bailout battle approaches end

Lufthansa shares fall as bailout battle approaches end

Lufthansa Shares fell 6.7 per cent this morning. Heinz Hermann Thiele, the airline’s largest shareholder announced his objections to the €9bn (£8.1bn) state bailout plan, which would see Germany take a 20 per cent stake in the carrier. In a letter to Lufthansa’s employees, chief executive...

Update regarding government measures for Norwegian aviation

Update regarding government measures for Norwegian aviation

Norwegian Air Shuttle ASA has is pleased that the Norwegian government has announced a guarantee package of NOK 6 billion ($537 million) that will limit some of the damage to air transportation due to the Covid-19 pandemic. NOK 3 billion of the guarantee package will be allocated to Norwegian...

Virgin Atlantic boss seeks 7.5 billion-pound UK airline bailout

Virgin Atlantic boss seeks 7.5 billion-pound UK airline bailout

Virgin Atlantic’s chairman Peter Norris has writed to British Prime Minister Boris Johnson stating that the country’s airline industry needs emergency government support worth 7.5 billion pounds to avoid the risk of losing tens of thousands of jobs. Sky News' sources claim that Peter Norris,...

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