The fall of the dominoesBack to Forum
This was recognised as a bankruptcy before and now it is formalised…
“Administrator recommends bankruptcy of Avianca Brasil”, (ch-aviation 18-11-19)
Also, the demise of Astra is confirmed..
“Greece’s Astra Airlines formalizes suspension of flight ops” (ch-aviation 18-11-19)19 Nov 2019
SAA may be the next to go.
Minister of Public Enterprises Pravin Gordhan has warned that the airline might not be able to pay salaries at the end of the month.
The airline has notified staff to expect a delay in payment.
The ‘Government’ as it calls itself, has stated that there is ‘zero in the kitty’ to bail out failing SoEs.
It is sad that in less than 25 years, a bunch of thugs, fraudsters, conmen, incompetents, and criminals has turned a once fine airline into a bottomless pit for taxpayers’ money.21 Nov 2019
“Turkish airline AtlasGlobal temporarily suspends all operations”, (Aviation24.be 26-11-19)27 Nov 2019
More news on South African´s efforts to survive….
“South African Airways’ financial position ‘deteriorates’ due to strike”, (Travel Weekly 28-11-19)28 Nov 2019
SAA strike caused ‘sudden deterioration’, urgent intervention imminent – Public Enterprises
Nov 27 2019 17:20 Khulekani Magubane, Fin24
Recent shocks to South Africa Airways’ operations rocked the finances of the national carrier to the point where the company can no longer continue to operate “as is”, the Department of Public Enterprises has said.
In a statement issued on Wednesday afternoon, the department said the strike at SAA, and the cancellation of bookings that followed, resulted in a sudden deterioration of SAA’s financial position.
“Accordingly, the Department of Public Enterprises is working together with SAA to urgently formulate immediate actions that will be required to provide support to enable SAA to carry on its business.
“However, SAA cannot continue as is,” the statement said.
The statement said government efforts, under minister Pravin Gordhan, are focused on ensuring that the airline is stabilised, governance and leadership issues are addressed and the airline returns to a stronger financial footing in the medium to longer term.
“None of this can be achieved without the necessary contributions by all the key role players in the airline. The actions being undertaken by the Minister include involving relevant stakeholders so that they can participate in the support initiative,” the statement said.
SAA skipped a scheduled meeting with Parliament’s Standing Committee on Public Accounts on Wednesday evening, intended to brief the committee about when and how the national carrier plans to table its annual report and financial statements.
The beleaguered parastatal has already told Parliament that it is technically insolvent, with questions regarding its ability to continue on as a going concern. The airline has also failed to table its financial statements in Parliament for the last two financial years.
The Scopa statement said SAA indicated that it was not available for the meeting. It added that Scopa would be paying SAA a visit early in December instead.
In a statement released on Wednesday, SAA said it got permission from Scopa chair Mkhuleko Hlengwa to have their appearance deferred.
“Given the significant and ongoing developments in respect of the sustainability of the airline, SAA welcomes the deferment of their appearance at Scopa. This will enable further urgent engagement with all relevant role players on the support initiatives being developed under the direction of the shareholder,” the statement said.
The statement said information requested by Scopa had been received and refuted any suggestion that it did not cooperate fully with Parliament.
Intervention ….. that means more cash thrown into the ever widening black hole. Taxpayers’ money.
Time to say goodye, SAA.
Farewell, you were once a fabulous airline of a fabulous country and both have now been destroyed by greed and corruption.28 Nov 2019
Is this the beginning of the end for this airline?
“Financial Troubles Mount For Hong Kong Airlines”, (Simple Flying, 1=12=19)1 Dec 2019
It would seem that that they have not paid their Inflight Entertainment Vendor ether
Hong Kong Airlines press release
“Inflight entertainment system out of service.
Hong Kong Airlines’ inflight entertainment system will be out of service from 1 December 2019 until further notice. We sincerely apologise for the inconvenience caused to our customers. Hong Kong Airlines will work with our vendor to resume the service as soon as we can.”
The group itself is in a very precarious state with now more than 20 new Airbus aircraft stores indefinitely at Toulouse – some for well over a year……. and more on order.
As they are all subject to lease the leases and storage must presumably be being paid.2 Dec 2019
They are calling this process the equivalent of the US Chapter 11 bankruptcy protection.
“South African Airways files for bankruptcy protection”, (ch-aviation 05.12.2019 – 08:31 UTC)
“South African Airways has been placed into “business rescue” – modus”, (aviation24.be 5-12-19)5 Dec 2019
Other airlines in the Far East are also not immune to trouble…..
“Taiwan’s Far Eastern Air Transport ceases operations”, (ch-aviation 12-12-19)12 Dec 2019
As noted in the article, FAT was predominantly a domestic airline and were a major player prior to the opening of the high-speed railway between Taipei and Kaohsiung in 2007. Prior to that, the TSA – KHH domestic route was one of the busiest in Asia. I guess also that international routes have been hit by the current cooling in PRC – Taiwan relations which has probably reduced travel considerably.12 Dec 2019
Is this another airline of the way out?
“Romanian government steps in to rescue ailing flag carrier TAROM”, (Aviation24.be 16-12-19)17 Dec 2019
…….though this might have been expected.
“Thomas Cook Airlines Balearics declares insolvency”, (ch-aviation. 26-12-19)26 Dec 2019