• Home
  • Post a press-release
  • Visibility packages
  • Subscribe email updates
  • Event Calendar
  • Contact

For Immediate Release | Official News Wire for the Travel Industry

Where press releases are breaking news

  • Home
  • Post a press-release
  • Visibility packages
  • Subscribe email updates
  • Event Calendar
  • Contact

Ailing Avianca’s plan to sell airport slots might be rejected

April 8, 2019 by Forimmediaterelease

Avianca is the fourth largest airline in Brazil, and it has been in judicial recovery since December of last year with debts of approximately R$500 million.

A new plan approved by Avianca’s creditors on Friday is not setting well with Brazil’s anti-trust agency, CADE. The agency said that depending on which competitors buy out Avianca’s main airport slots, the operation may not be approved.

The approved plan includes the partition of the company’s assets into 7 parts, called Individual Productive Units (UPIs). Six of the UPIs will be made up of slots (airport landing and take-off times), employees and aircraft, and the seventh will hold Avianca’s loyalty program, Amigo.

It is CADE’s expectation is that agents will find the best solution to suit the private interests of Avianca’s shareholders and its creditors as well as the public interests of Brazilian consumers.

Included in each UPI will be the registration and authorizations of routes and the right to use slots at Congonhas (SP), Guarulhos (SP), and Santos Dumont (RJ) airports, in addition to the temporary right of use of the Avianca Brasil brand and the Air Operator Certificate approved by the National Civil Aviation Agency (ANAC).

CADE stated that the best case scenario would be for a new company to assume the operation of the units for which there would be no change in the concentration level of the sector. But if the UPIs are acquired by Gol or Latam, the agency sees problems, because these two companies already have high market shares in the main routes in which Avianca operates. Both Gol and Latam have announced interest in purchasing some of the Avianca’s assets.

Azul Airlines had announced earlier that it had made an offer to acquire Avianca Brasil’s assets, including airplanes and airport slots for US$105 million.

Travel News | eTurboNews

Share this:

  • Twitter
  • Facebook

Filed Under: Press Release Tagged With: ANAC, and, announced, approved, assets, Avianca, Avianca Brasil, Aviancas, aviation, Aviation News, aviation-website, Azul, best, brand, Brasil, Brazil, Brazil travel news, Brazilian, Breaking Travel News, buy, buy out, CADE, case, certificate, change, civil aviation, companies, company, competitors, consumers, creditors, debts, December, earlier, employees, find, GOL, high, in, included, includes, including, individual, interest, IT, landing, largest, last, LATAM, loyalty, loyalty program, Main, Market, May, million, national, New, News articles, no change, offer, operation, operator, out, plan, private, problems, program, public, purchasing, R$, recovery, registration, rejected, right, routes, s, said, sector, sell-off, setting, shareholders, shares, slots, Solution, stated, suit, temporary, The National, times, to, Transportation News, Travel & Tourism Organizations News, Travel Destination News, Travelwire News, units, up, UPI, US, use, year

Any WOW Air reservation may not materialize: Airline has major problems

March 25, 2019 by Forimmediaterelease

“Bummer that WOW Air is potentially going under – had a very flawless experience with them. But does this mean fewer tourists in Iceland?”, a disappointed passenger posted to twitter.

Icelandic tourism professionals did not yet comment on the hopeless sounding situation of Wow Air.  The airline was founded by an Icelandic entrepreneur, Skúli Mogensen. It first flew to Paris on 31 May 2012 and later that year took over an existing airline, Iceland Express.

WOW Air based in Iceland is fighting for survival. On Sunday evening rival IcelandAir, the potential rescuer announced  that Icelandair Group has decided that its possible involvement in WOW air’s operations, as announced on 20 March 2019, will not materialize. Therefore, all discussions between the parties have been canceled.

Today Indigo Partners Will Not be Investing in WOW Air According to a recent statement made by the company, Indigo will not be negotiating further with WOW Air and instead will be opening talks with Icelandair Group.

The 9:30am flight from London Gatwick to Reykjavik in Iceland was canceled this morning at short notice, with more flights canceled later in the day according to its website.

Wow Air then issued its own statement saying: A majority of WOW air Bond Holders and other creditors of WOW air are in advance discussions with the aim of reaching an agreement on a voluntary restructuring including an agreement of converting current debt into equity and fund the company towards long term sustainability. Further information will be given tomorrow.

Within hours, Wow Air started canceling flights – including the early morning trip from Reykjavik to Gatwick, due to leave at 6.20am on Monday. The return leg to the Icelandic capital, due to leave Gatwick at 9.30am, was also grounded.

Wow Air has also canceled trips from Reykjavik to Chicago and Pittsburgh on Monday, with links to Brussels and Barcelona grounded on Tuesday.

 

Travel News | eTurboNews

Share this:

  • Twitter
  • Facebook

Filed Under: Press Release Tagged With: and, announced, Aviation News, aviation-website, Barcelona, based, bond, Breaking Travel News, Brussels, canceled, canceling, canceling flights, capital, Chicago, comment, company, creditors, current, day, debt, decided, due, early, entrepreneur, equity, existing, experience, express, Feature, fewer, fewer tourists, fighting, first, flight, flights, flights canceled, fund, Gatwick, grounded, Group, hours, Iceland, Iceland Express, Iceland travel news, Icelandair, Icelandair Group, Icelandic, in, including, IndiGo, information, Instead, Investing, issued, IT, later, leave, links, London, London Gatwick, long term sustainability, march, materialize, May, more flights, nbsp, notice, opening, operations, over, Paris, parties, partners, passenger, pittsburgh, posted, potential, problems, professionals, recent, reservation, restructuring, return, Reykjavik, rival, s, saying, short, situation, statement, survival, Sustainability, talks, term, to, today, tourism, Tourism Investment News, tourism professionals, tourists, Transportation News, Travelwire News, trip, trips, twitter, voluntary, website, WOW, wow air, year

Search




Recent Articles

  • Seychelles closes the second quarter of 2022 with several activities in Switzerland
  • Jordan to host 1st edition of City Talk Gathering next October
  • IMEX America opens registration and focuses education program on ‘Pathways to Clarity’
  • Bahamasair Relaunches Nonstop Service from Orlando to Grand Bahama Island
  • Milestone moment: IMEX America honored at AEO Awards
  • Tourism businesses broaden their knowledge of growing online platform, ParrAPI
  • Overseas mission successful in reconnecting with over 100 trade partners
  • TUI invests in Jamaica with educational program and increased airlift
  • Looking for Remote Hiking Adventures? Songtsam Offers Hikers Opportunities to Discover the Natural Wonders of Tibet & Yunnan
  • Where Amazing Comes Together: A Splash of Color, a Dose of Culture, and the Return of Carnival to Curaçao Mark the Grand Opening Celebration of Sandals® Royal Curaçao

Copyright © 2022 · Metro Pro on Genesis Framework · WordPress · Log in