Tag Archives: #pandemic

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Citing pandemic uncertainty, Air New Zealand delays proposed capital raise

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Air New Zealand has postponed a planned capital raise by three months, to give it more time “to assess market conditions” amid the coronavirus pandemic.

The carrier now expects to complete its equity capital raise by 30 September, instead of 30 June, as earlier indicated.

The New Zealand government, which earlier disclosed its commitment to remaining the carrier’s majority shareholder after the capital raise, will extend a previously-announced loan facility to support the airline through the fundraising.

The loan facility, also known as the Crown Standby Facility, will be increased by NZ$600 million ($423 million) to NZ$1.5 billion. The facility term has also been extended through September 2023, with interest rates adjusted to reflect market conditions.

The three-month delay in fundraising will allow the Star Alliance carrier “more time to assess the impacts of recent developments on the airline’s path to recovery”.


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Bombardier to stop the production of Learjet by end of 2021

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Struck by heavy financial losses, Canadian Bombardier announced this Thursday that it will discontinue the production of the iconic Learjet models. This would result in cutting off 1,600 jobs.

After struggling prior to the pandemic, Bombardier is facing a transitional year and attempting to restructure the company. After announcing severe lay offs in November last year, the Montreal-based manufacturer is taking further steps in order to generate a $400 million in recurring savings by 2023 and to increase earnings this year with expanding their aftermarket business. In the 1,600 jobs cut are included reductions related to improvements in manufacturing its flagship Global 7500 jet.

Ever since the very first Learjet back in 1963, the company has delivered over 3000 units – the remarkable aircraft has made a deep impact and has revolutionized the business aviation. Passengers all over the world have loved flying with it, due to it’s unmatched performance and reliability. CEO Eric Martell has said that this decision has been extremely difficult to make, but considering the increasing challenges in the market these days, it had to be done. Mr. Martel also addressed the devastation they feel towards the cutting down of the jobs and that it’s never easy to see talented and dedicated employees leave the company for any reason. Sadly those changes felt absolutely necessary in order for them to rebuilt the company and help navigate it through the pandemic, he says.

Considering the horrible economical impact of Covid19, revenues from business aviation activities have reached $5.6 billions, which is 3% higher compared to 2019. This was partially ramped up by the record of 16 deliveries of Global 7500 units in the fourth quarter only. This gives hopes of the Canadian manufacturer that with recent changes, restructuring and focus on their Global and Challenger series, they are moving forward towards better times.

Despite pulling the plug on the Learjet family, Bombardier will continue to fully support the fleet in the future. They have also launched a remanufacturing program for Learjet 40 and Learjet 45 models. The RACER program will include a wide set of enhancements, such as newer avionics, interior and exterior updates, engine boosts and improved maintenance costs, among others. The remanufacturing program will be exclusively offered through their Wichita’s service center.

In spite of the sad news for the end of this trend-setting jet, we believe that this year would be brighter for aviation industry, both business and commercial. Being a valuable partner to many airlines and MROs, we would continue to support Learjet models in the efficient and quick way we have done so far.

Stay tuned for more updates like this & keep healthy.


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