Intelsat has a plan to emerge from its Chapter 11 bankruptcy protection. It involves slashing debt owed by more than half, from $15 billion to $7 billion. But the debtors must agree to those losses. If not, the company faces a more dire outcome, including the likely liquidation of its recently acquired Gogo Commercial Aviation business.
bankruptcy
Norwegian halts most CashPoints loyalty during restructuring
The Norwegian CashPoints loyalty program is taking a break. As the carrier moves through the bankruptcy protection and reorganization processes in Ireland and Norway the bulk of the programs benefits will be removed.
Norwegian abandons long-haul operations, refocuses on 737 routes in Europe
Chalk up another major long-haul LCC failure. Norwegian will abandon its fleet of 37 787 Dreamliners, refocusing on the short-haul European market served with single-aisle aircraft.
OneWeb emerges from bankruptcy, ready to launch
OneWeb emerged from bankruptcy protection on Friday, poised to resume satellite launches and bring is constellation into service. The company also has a new CEO, and a satellite production facility that won’t be moving to the UK after all.
Global Eagle charts a new course out of Chapter 11
As Global Eagle finalizes its financial plans for emergence from Chapter 11 Bankruptcy protection there are plenty of questions about what the future of the company will look like. Fortunately the most critical issue is easy to answer: The Albatross test aircraft remains part of the operation. Beyond that, however, the company sees the current industry crisis as an opportunity to reinvent what the inflight connectivity and entertainment business looks like.
Global Eagle bankruptcy exit plan approved
Global Eagle received court approval to sell the bulk of its assets to its primary debt-holders, paving a path for its exit from Chapter 11 bankruptcy court protection. The deal wipes nearly a quarter billion dollars of debt from the books and delivers a fresh infusion of cash to boost operations.
Objections raised to Global Eagle reorganization plan
As Global Eagle presses forward in its efforts to emerge from Chapter 11 bankruptcy protection the company faces new challenges. More than 10,000 contracts are expected to the terminated through the process, nearly all of them without compensation to the other party. And some of those filed objections to that plan.
AirAsia Japan halts operations
AirAsia Japan is dead. Again. The second iteration of the ASEAN discount carrier’s operation in Japan ceased operations on Monday, bringing an end to the three year run the carrier flew from its base at Nagoya.
Thai Airways bankruptcy petition accepted by Thai court
Thai Airways officially entered its bankruptcy reorganization on Monday. The carrier’s petition for rehabilitation, filed on 27 May 2020, was granted by the Central Bankruptcy Court on 14 September, allowing the company to proceed with its recovery plans.
LATAM loses key ruling in bankruptcy court
As LATAM went hunting for cash to see it through bankruptcy it leaned on old friends. But when it comes time to convert the debt to equity, restoring ownership for Delta, Qatar and the Cueto family, the deal proved a bit too sweet for the US Bankruptcy Court to accept.