Local news reported last week that Philippine Airlines is considering filing bankruptcy protection in the US courts to give the embattled carrier more breathing space to restructure debts which have ballooned to US$5 billion, mostly owed to suppliers and lessors of planes. This would make its proposed debt restructuring plan the largest in the country’s history. Company insiders told local newspaper Inquirer that the embattled flag carrier will likely file court protection in the US … [Read more...] about Philippine Airlines eyes US court protection from creditors
Asia-Pacific carriers
Several Asia Pacific carriers face existential threat, AAPA says
AAPA Director General Mr. Subhas Menon in a statement said several Asia Pacific carriers may face an existential threat unless they get recapitalisation or fund injections. Although he did not state or pinpoint which airlines are affected. September figures released by AAPA showed “markedly depressed levels” for passenger and cargo demand year on year, and the trade association sees “no recovery in sight.” AAPA noted that although manufacturing conditions further improved globally, some … [Read more...] about Several Asia Pacific carriers face existential threat, AAPA says
IATA: CNY, US port delay boost Feb air freight
The International Air Transport Association (IATA) released February data for global air freight markets showing a sharp increase in year-on-year air freight volumes. Growth measured by freight tonne kilometers (FTK) was up 11.7 per cent in February, compared to February 2014. Capacity grew 7.4 per cent. Much of the impressive February result is due to the timing of the Lunar New Year activities. Air freight is given a strong boost in the weeks leading up to the holiday, which last year fell … [Read more...] about IATA: CNY, US port delay boost Feb air freight
MALAYSIA: Asia-Pacific carriers could be first to recover
Asia-Pacific carriers may be the first to recover from the dramatic industry downturn due to the lower household debt in Asia compared with the US andEurope, according to the International Air Transport Association’s chief economist. Asia-Pacific airlines may see recovery as early as 2010 – ahead of the rest of the industry – due to the lower household debt in the region compared to significantly higher household debt levels in the US and … [Read more...] about MALAYSIA: Asia-Pacific carriers could be first to recover
IATA: International cargo traffic in “free-fall”
The latest international scheduled traffic statistics from the International Air Transport Association (IATA) show that in the month of December global international cargo traffic plummeted by 22.6 per cent compared to December 2007. For the full-year 2008, international cargo traffic was down 4 per cent compared to 4.3 per cent growth in 2007. ¡°The 22.6 per cent free fall in global cargo is unprecedented and shocking," said Giovanni Bisignani, IATA¡¯s director general and CEO. "There is no … [Read more...] about IATA: International cargo traffic in “free-fall”
IATA: International cargo traffic in "free-fall"
The latest international scheduled traffic statistics from the International Air Transport Association (IATA) show that in the month of December global international cargo traffic plummeted by 22.6 per cent compared to December 2007. For the full-year 2008, international cargo traffic was down 4 per cent compared to 4.3 per cent growth in 2007. ¡°The 22.6 per cent free fall in global cargo is unprecedented and shocking," said Giovanni Bisignani, IATA¡¯s director general and CEO. "There is no … [Read more...] about IATA: International cargo traffic in "free-fall"
