Virgin Atlantic £1.2bn rescue package gets court approval September 2, 2020 Virgin Atlantic’s £1.2bn bailout deal was approved in the High Court this morning, all but sealing the struggling carrier’s survival after months of turbulence caused by coronavirus. The bailout deal was given the backing of an overwhelming majority of Virgin’s creditors last week, with a court sanction needed for the deal to go ahead. Judge [...]
Coach industry warns 27,000 jobs on the line without government support September 2, 2020 Up to 27,000 jobs could be lost in the UK coach industry by April 2021 unless ministers provide extra support, an sector body has warned. In a letter to tourism minister Nigel Huddleston, the Confederation of Passenger Transport has warned that with bookings not expected to pick up until next summer, the UK’s coach firms [...]
Ryanair passenger numbers down 50 per cent amid quarantine chaos September 2, 2020 Budget carrier Ryanair flew 7m passengers last month, nearly half the number it carried in August last year, as demand for air travel continued to grow despite the UK’s quarantine regime. Operating 60 per cent of its normal schedule for the month, the airline said the number of passengers was 53 per cent below last [...]
Tesla seeks to cash in on record run with $5bn share sale September 1, 2020 Tesla today said that it would sell $5bn (£3.7bn) in new shares as the electric car maker seeks to cash in on a record rally which has seen the stock rise nearly 500 per cent this year. According to a filing to the US Securities and Exchange Commission, the new shares will be sold “from [...]
AA given takeover talks extension as rivals mull joint bid September 1, 2020 Motoring association the AA has been given an extra four weeks to continue negotiations with potential buyers, it was announced today. The new deadline for its suitors to make an offer for the firm is now 29 September, but there are growing fears that a hotly anticipated bidding war for the company’s stock may be [...]
Government extends emergency agreement for Great Western Railway September 1, 2020 First Group this morning said the Department for Transport (DfT) has extended its emergency deal to keep franchise Great Western Railway (GWR) running for another nine months. At the end of March, First Group signed a new contract with DfT to run the franchise for three years, with the option to extend the deal by [...]
Row over train operators’ finances threatens to hamper back to work plan August 30, 2020 The government’s back to work campaign, due to launch this week, could be derailed amid a row brewing with train operators. In March the coronavirus outbreak prompted ministers to take the UK’s trains under emergency measures for six months to protect them from any losses incurred by the 95 per cent slump in passenger numbers. [...]
Norwegian Air says it needs more cash as losses mount August 28, 2020 Norwegian Air was battered by the coronavirus pandemic in the first half, with its pre-tax loss amounting to $544m (4.79bn Norwegian krone or £409m). The airline said it faced “challenging times ahead” as it released its results, and said it needs more cash to see it through Covid-19. The figures Norwegian Air’s fell to a [...]
Gatwick crashes to £321m loss on pandemic passenger plunge August 28, 2020 Gatwick Airport today said it swung to a £321m loss in the first half of the year after the Covid-19 pandemic caused a 66 per cent plunge in passenger numbers. In the six months ended 30 June, 7.5m passengers travelled through Gatwick, a decrease of 14.7m compared to the same period in the prior year. [...]
European test flights for grounded Boeing 737 Max to begin next month August 27, 2020 European aviation regulators are set to start test flights for Boeing’s grounded 737 Max aircraft, with the trials due to begin next month. The European Union Aviation Safety Agency (EASA) today announced that test flights would begin on 7 September, two months after similar trials in the US. The body said that clearance from the [...]
