Tuesday, February 27News That Matters
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Tag: airline

Flight Centre starts pitch for $500m rescue

Flight Centre starts pitch for $500m rescue

Airplanes
Flight Centre Travel Group is attempting to secure support for a $500 million equity raising, which would likely take place at a huge discount to its last traded price. The Australian Financial Review claims the business is now in front of a small group of fund managers working to secure a deal, priced at just $7.20 per share. The sources claim Macquarie Capital and UBS started crossing funds, including existing institutional shareholders, on Friday, with the two banks expected to underwrite the offer. Shares in the company last traded at $9.91, down from a 52-week high of $49.14, before a suspension. Last week, Flight Centre Travel Group announced that 3,800 sales and support employees would be either stood down or made redundant in Australia. The business also said i...
Smaller Southeast Asian carriers operate reduced schedules

Smaller Southeast Asian carriers operate reduced schedules

Airplanes, Breaking News
Smaller Southeast Asian carriers are operating on reduced schedules, alongside significant cuts by the region’s major operators. Vietnam Airlines’ domestic services are largely suspended, for two weeks until 15 April, except for five routes out of Hanoi and Ho Chi Minh City. This comes after the government issued a directive on 27 March detailing measures to control the spread of coronavirus, which includes curtailing the number of flight operations. Bangkok Airways is suspending all international flights from 29 March till 24 October, and 10 domestic routes from April to October. It continues to operate seven domestic routes, either with reduced frequencies or by deploying the smaller ATR 72 turboprops. To mitigate the impact of lower revenue, the airline is reducing sa...