TOMORROWS TRANSPORTATION NEWS TODAY!

Tag: declared

Tesla Announces a Five for One Stock Split

PALO ALTO, Calif., Aug. 11, 2020 (GLOBE NEWSWIRE) — Tesla, Inc. (“Tesla”) announced today that the Board of Directors has approved and declared a five-for-one split of Tesla’s common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors. Each stockholder of record on August 21, 2020 will receive a dividend of four additional shares of common stock for each then-held share, to be distributed after close of trading on August 28, 2020. Trading will begin on a stock split-adjusted basis on August 31, 2020.

Forward-Looking Statements

Certain statements, including, without limitation, statements regarding the expected timing and impact of the stock dividend are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations. Various important factors could cause actual results to differ materially, including the risks identified in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. Tesla disclaims any obligation to update this information.

Volaris Announces Temporary Capacity Reduction

PRNewswire/ — Volaris (NYSE: VLRS), the ultra-low-cost airline serving Mexico, the United States and Central America, announces that pursuant to a decree published in the Official Gazette of the Federation, the Government of the United Mexican States, acting through the General Health Council (Consejo de Salubridad General (“GHC”)) declared a health emergency due to force majeure, as a result of the disease epidemic caused by the virus SARS-CoV-2 (COVID-19), known as Coronavirus, which will be in effect until April 30, 2002 (the “Declaration of Emergency”)

The Declaration of Emergency and the health security measures announced by the GHC, such as the suspension of non-essential activities in the public, private and social sector, as well as the call to the population to comply with stay at home, will impact the demand for passenger air transportation whilst the Declaration of Emergency is in effect.

As a result, from the date hereof, Volaris will make an additional capacity reduction to that which was advised on March 24, 2020.  Capacity measured by available seat miles (ASMs) for the month of April, 2020 will reduce to approximately 80% of total operation versus the schedule originally published.

Volaris will continue to provide relevant market updates should further capacity, governmental travel restrictions or other liquidity preserving measures need to be implemented.

Volkswagen Extends Mexico Coronavirus Production Halt

An employee leaves the Volkswagen (VW) plant as the company will temporarily close its factories in Mexico amid growing worries over the spread of the coronavirus disease (COVID-19), in Puebla

MEXICO CITY (Reuters) – German automaker Volkswagen said on Wednesday it would extend until April 30 a suspension of activities at two production plants in central Mexico after the government declared a health emergency because of coronavirus.

Volkswagen <VOW.DE> is among manufacturers worldwide who are responding to a fall in demand, as well as supply chain challenges following measures taken to rein in the pandemic.

In a statement the company said the halt was extended from April 12 to comply with government orders for a suspension of all non-essential activities.

Volkswagen said it would continue to pay employees during the suspension. Mexico reported 37 deaths, up from 29 a day earlier, and 1,378 infections, up from 1,215, because of the virus.

(Reporting by Sharay Angulo; Writing by Stefanie Eschenbacher; Editing by Clarence Fernandez)

Manila Bound Philippine Airlines Flight Makes Emergency Landing in Los Angeles

image_365

* All 347 passengers, 18 crew members safe – airline

* Flames, smoke came out of right engine – video

* Cause of engine failure not yet clear (Adds Boeing comment in 9th paragraph)

Nov 21 (Reuters) – A Philippine Airlines flight bound for Manila suffered an apparent engine failure on Thursday shortly after takeoff from Los Angeles and made an emergency landing, authorities said.

All 347 passengers and 18 crew aboard Flight 113, a Boeing Company 777 widebody, are safe, an airline spokeswoman said.

Pilots of flight 113 declared an emergency and reported a possible engine failure, Los Angeles International Airport said.

A witness on the ground described “bursts of flames” coming out of an engine.

The U.S. Federal Aviation Administration said the plane returned and landed safely. Television station ABC-7 in Los Angeles aired video of the aircraft after takeoff that showed flames and smoke coming out of the right engine.

The plane landed around noon local time (2000 GMT) and was met by the Los Angeles Fire Department, the airport said. The emergency landing did not affect other flights.

Although the cause of the apparent engine failure was not immediately clear, it comes as Boeing faces intense scrutiny over twin deadly crashes involving its 737 MAX single-aisle jetliner. The 737 MAX has been grounded worldwide since March.

GE Aviation, a subsidiary of General Electric, which makes the GE90 engine for the 777 twin-aisle jetliner, said it was aware of the incident and was “working with the airline to determine the cause of the event and to promptly return the aircraft to service”.

Boeing said it was aware of an incident regarding Philippine Airlines and was closely monitoring the situation.

“You saw bursts of flames, little flames shooting out from the engine,” said Andrew Ames, a 36-year-old fitness professional in Los Angeles, who watched as the 777 ascended over the ocean after takeoff. “It almost looked like backfire flames from a motorcycle or car.”

“I had never seen a plane spew flames repeatedly. Then it stopped. As soon as it stopped, I saw the plane bank left, like it was heading back to airport,” Ames said.

The Philippine Airlines spokeswoman said the flight crew noticed smoke in the plane’s second engine, declared an emergency and returned safely to the airport.

“All passengers are safe and sound,” spokeswoman Cielo Villaluna said. “They are all being assisted to another flight.”

(Reporting by David Shepardson in Washington, additional reporting by Eric M. Johnson in Seattle, Martin Petty in Manila and Jamie Freed in Hong Kong; editing by Jonathan Oatis, Rosalba O’Brien, Himani Sarkar and Gerry Doyle)

maxresdefault-4

Interjet Denies That it’s in Technical Bankruptcy

IT IS NOT TRUE THAT INTERJET IS IN TECHNICAL BANKRUPTCY

  • The handling of the information published by Bloomberg is irresponsible.
  • The news agency made a misinterpretation of the judicial review filed by Interjet in its legal dispute with the Internal Revenue Service of Mexico.

Mexico City, August 30, 2019.- Interjet categorically denies that it is bankrupt as published by the Bloomberg news site. The news agency made a misinterpretation of the constitutional claim filed by the airline in the dispute that it holds with the Internal Revenue Service of Mexico (SAT).

Bloomberg had access to a file that by law is not supposed to be public. In a judicial dispute, the only persons entitled to consult the records are those authorized by the parties involved in the trial.

At no time, the company has recognized the existence of a technical bankruptcy as this media outlet states.

It should be noted that bankruptcy can only be declared by court order, and cannot be self-imposed by the debtor or any other entity. It’s a legal process through which the insolvency of a company has to be proved. This is not the case of the current situation of Interjet because the company continues paying its debts.

Bankruptcy cannot be declared by a company or by an individual, and this determination corresponds to a court.

Interjet reserves its right to pursue any available legal actions against Bloomberg.