Tag: holder

Jet Airways to Sell Netherlands Business to KLM

January 16, 2020 / WIL BALDWIN

A Jet Airways vehicle leaves the company’s headquarters in Mumbai

BENGALURU (Reuters) – Bankrupt Indian airline Jet Airways Ltd said it had agreed to sell its assets in Netherlands to Dutch airline KLM.

If the deal is finalised, it will only involve a sale of part of the company’s business and not impact the shareholding pattern, Jet said in a statement dated Jan. 16. It did not detail the assets held in Netherlands.

Once India’s biggest private carrier, Jet stopped flying in April after running out of cash, leaving thousands without jobs and pushing up air fares across the country.

It was admitted to bankruptcy court in June after its lenders, led by State Bank of India SBI.NS, failed to agree on a revival plan.

KLM, a part of Air France KLM, was once codeshare partners with the defunct airline and in the wake of Jet’s collapse had added flights to India.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu and Anil D’Silva)

Avianca Exchanges $475 mln in Bonds, Gets United Funding

September 12, 2019 / WIL BALDWIN

BOGOTA, Sept 12 (Reuters) – Latin American airline Avianca announced the exchange of $475.2 million in bonds on Thursday, part of a plan to change its capital structure amid ongoing financial problems and enough to receive additional financing from United Airlines.

In a statement to Colombia’s financial regulator, Avianca said it would extend the deadline for bond holders to exchange their paper until Sept. 25, in a bid to exchange a total of $550 million worth of bonds coming due next year.

Investors can exchange the bonds for others also coming due in 2020, but with a $50 bonus per $1,000.

United Airlines and Kingsland Holdings Limited, which between them control Avianca, said in a joint statement that results of the exchange thus far were sufficient for it to give the airline up to $250 million in additional financing.

“We are also pleased to confirm that this achievement is sufficient to satisfy United’s requirement for the exchange of these May 2020 bonds, regarding our previously announced offer, together with Kingsland, to loan $250 million to Avianca Holdings,” said John Gebo, senior vice president of alliances for United Airlines.

“Our loan remains contingent on certain other conditions being met by Avianca Holdings, including certain commitments and waivers made by other stakeholders,” Gebo said.

United launched a management overhaul at Avianca in May, removing top shareholder German Efromovich from controlling the cash-strapped airline.

(Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb; Editing by Tom Brown)

Boeing Says No Plans to Change Name of 737 Max

June 17, 2019 / WIL BALDWIN

PARIS, June 17 (Reuters) – Boeing Co said on Monday it had no plans to change the name of the 737 MAX after news reports that it would be prepared to do so to improve its future marketing.

“Our immediate focus is the safe return of the MAX to service and re-earning the trust of airlines and the traveling public,” a spokesman said in an emailed statement.

“We remain open-minded to all input from customers and other stakeholders, but have no plans at this time to change the name of the 737 MAX.”

Bloomberg News earlier quoted Chief Financial Officer Greg Smith as saying that if Boeing needed to change the brand it would “address” that. The report also said Boeing executives insisted they had no immediate plans to drop the MAX name.

CNBC also reported the comments.

U.S. President Donald Trump urged Boeing on April 15 to “Rebrand” its 737 MAX jetliner following two fatal crashes.

(Reporting by Eric M. Johnson, Tracy Rucinski, Edited by Tim Hepher)

Jet Airways to Sell Netherlands Business to KLM

Avianca Exchanges $475 mln in Bonds, Gets United Funding

Boeing Says No Plans to Change Name of 737 Max

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