Kenya Airways posted a record loss in its year ended March and may now need a bailout of more than half a billion dollars. Kenya’s finance minister, Henry Rotich, said the national flag carrier may require a bailout to the tune of US$500 million to US$600 million, according to a Reuters report. This figure and the the form of recapitalisation would depend on a turnaround plan currently being prepared by two consultancy firms: McKinsey and Seabury. … [Read more...] about Kenya Air may need half a billion dollar bailout
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Striking Air India pilots end crippling strike
Air India pilots ended their four-day wildcat strike yesterday after the government over-ruled management's plan for massive wage cuts impacting up to 7,000 employees. Loss-making, state-run Air India had canceled a quarter of its international and domestic flights and was working to suspend bookings on more flights as a result of striking pilots unhappy with a recent Air India Board decision to cut employee incentive payments by between 25 and 50 per cent. About 250 pilots refused to work since … [Read more...] about Striking Air India pilots end crippling strike
ILFC looks for funding as sale talks ongoing
International Lease Finance Corporation (ILFC), the world's largest aircraft lessor by value, is reportedly close to reaching agreement with the Federal Reserve Bank of New York to obtain a US$5 billion line of credit that will help facilitate its sale. Last month the ILFC said it needed financial support due to its lack of access to financing because it was a unit of American International Group (AIG) which saw more than US$180 billion pumped in by the government and the NY Fed to bail out AIG … [Read more...] about ILFC looks for funding as sale talks ongoing
