Orient Aviation Daily Digest September 4, 2020
A look at the week
By Jordan Chong
Some four months after entering voluntary administration with debts of A$6.8 billion (US$5 million), Virgin Australia (VA) has moved a step closer to securing its financial future after creditors approved Bain Capital's proposed takeover.
While the survival of Australia's second largest airline group is good news, spare a thought for the 3,000 staff at VA and its now-axed LCC Tigerair Australia. They will lose their jobs when the company emerges under new ownership.
There are plenty of challenges ahead for VA as it, and its peers worldwide, navigate a myriad of border closures and depressed demand from the coronavirus pandemic.
An example of the difficulties faced by airlines was the financial results from Thailand LCC Nok Air, which this week reported a hefty loss for the six months to June 30, 2020. Australia's Regional Express also reported it had fallen into the red in 2019-2020. Read More »
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News
IATA CEO accuses governments of “dragging their feet” in opening borders
International Air Transport Association (IATA) director general and CEO, Alexandre de Juniac, said this week governments were dragging their feet on the necessary work required to reopen borders and restore the public's confidence in air travel. Read More »
News
China Airlines adding destinations this month
Taiwan-headquartered China Airlines (CAL) said this week it would resume flights to three Japanese cities in September, as well as adding to its existing network. Read More »
News
Nok Air capacity declines to near 80% for latest quarter
Nok Air’s financial accounts, published this week, reported the Thai LCC had cut capacity by close to 80% in the three months to June 30, 2020 in response to COVID-19. Read More »
News
Bain Capital receives creditor approval to buy Virgin Australia
Virgin Australia (VA) creditors have overwhelmingly backed the proposed purchase of the airline by Bain Capital, administrators for the financially-struggling carrier Deloitte said today. Read More »
Short Takes
Thai Airways International (THAI) has opened a restaurant at its Bangkok head office serving the general public with food prepared by chefs from its catering unit. Read More »