09 Dec, 2008
Advantage Rent A Car files for bankruptcy
News reports state that Advantage Rent A Car has filed for reorganization under Chapter 11 in the bankruptcy court of Minnesota.
The San Antonio, Texas-based company said it is exploring options such as reorganization, a sale or a merger. As a result of financial strain, Advantage said that it is immediately consolidating its network of rental locations to focus efforts on the most profitable, highest volume sites.
* Under the terms of the ProtectMyHoliday policy cover will be excluded for this company in respect of policies issued from 9th December 2008
05 Dec, 2008
Flightline collapses
News reports state that Flightline Ltd, the Southend airport-based airline, went into administration yesterday.
10 Nov, 2008
Alma de Mexico Airlines files for Bankruptcy
News reports state that Alma de Mexico suspended operations and filed for bankruptcy last Friday, citing the "crisis" in the industry and global economy.
29 Oct, 2008
Sterling European Airlines to File for Bankruptcy Protection Today
News reports state that Sterling Airlines A/S will file for bankruptcy today after its Icelandic owner ran out of capital to support the business and after the company was unable to enter a deal to divest itself.
``Negotiations have been conducted with several potential investors, but it was impossible to make ends meet,'' the company said in a statement on its Web site today. ``The inevitable result is that Sterling Airlines has no option but to file for bankruptcy.''
Sterling's owner Palmi Haraldsson had sought to find a partner for the airline, after rising fuel costs and less demand for air travel reduced the company's profitability. Haraldsson's plans to inject enough capital in the company to keep it liquid until 2009 were undermined by the collapse of the Icelandic financial system, Sterling said. Iceland on Oct. 24 secured a $2.1 billion loan from the International Monetary Fund.
``Over a three- to four-week period, the whole financial system melted down, and that resulted in our shareholder being unable to continue his support to the company,'' Sterling said.
Sterling customers who bought their tickets on the company's Web site won't be refunded, according to the statement.
17 Oct, 2008
Lte International Airways ceases operations
Their website staets
"Lte International Airways S.A. wish to inform you that due to the financial situation of the company, that make it difficult to meet the operational expenses in the next days, we have had to suspend our charter and scheduled operations.
Lte is doing everything to minimize the impact of this suspension of services on its clients and providers. After 20 years operating with maximum dedication to our clients it just was not possible to avoid this situation given world events lately.
We apologize for the inconvenience this may cause to our passengers, clients and suppliers.
Lte International Airways S.A."
01 Oct, 2008
AIRUnion shuts down
News reports state that AiRUnion, the failed Russian airline alliance that comprised five carriers, ceased to exist Tuesday as the management company shut down.
The Russian government intended to replace AiRUnion with a state-owned grouping of nine airlines, but AiRUnion COO Gustav Baldauf said that "we are still working on a concept for a follow-up company" and that decisions on how the replacement alliance would function "will take some time."
Talks with the government are on hold and Atlant-Soyuz Airlines, the Moscow-owned carrier that was supposed to take over AiRUnion's flights, still is awaiting certification to do so.
19 Sep, 2008
Alitalia 'on the edge of an abyss'
News reports state that Berlusconi: Alitalia 'on the edge of an abyss' after CAI withdraws rescue offer.
Alitalia's future is in serious doubt after Italian investment group CAI yesterday withdrew its €1 billion ($1.4 billion) offer to rescue the airline.
"I received confirmation from CAI that it has withdrawn its offer," Prime Minister Silvio Berlusconi told reporters. "We could be on the edge of an abyss." He previously had warned AZ's workers that there was "no alternative" to CAI's plan and all 20,000 employees would lose their jobs if talks between labor and the investment consortium collapsed.
Six of the carrier's nine unions, including pilots and flight attendants, refused to accept concessions contained in the CAI proposal. A deadline set by the consortium passed yesterday without labor groups' agreement to the rescue plan and CAI issued a statement saying its members had "unanimously" voted to withdraw their offer.
While the airline's aircraft were expected to fly today, AZ Administrator Augusto Fantozzi said earlier this week that money needed to keep the airline operating was "about to run out."
17 Sep, 2008
Olympic Airways to shut down
News reports state that Olympic Airlines will be shut down and restarted as Pantheon Airways early next year pending European Commission approval of a Greek government plan to rescue the loss-making carrier. Under the plan, Pantheon would be privatized, likely including foreign investment. It would continue operating Olympic's domestic network but would cut back international routes and be about 65% of Olympic's size. Several thousand jobs would be eliminated. Greek Minister of Transport Kostas Chatzidakis said OA is one of Europe's worst performing companies and cannot continue in its current form.
12 Sep, 2008
XL Travel Group (XL Airways) Bust - Thousands Stranded
News reporst state that XL Leisure Group Plc, the U.K.'s third largest tour operator, went into administration early today, leaving tens of thousands of passengers stranded, with the company blaming rising fuel costs and the economic slowdown.
The U.K.'s Civil Aviation Administration said as many as 89,000 people could be stranded overseas with another 200,000 holding advanced bookings with the privately held company and its units.
XL Leisure, XL Airways UK Ltd., Excel Aviation Ltd., Explorer House Ltd., Aspire Holidays Ltd., Freedom Flights Ltd., Freedom Flights (Aviation) Ltd., The Really Great Holiday Company Plc, Medlife Hotels Ltd., Travel City Flights Ltd. and Kosmar Villa Holidays Plc are all in administration, XL said in a statement on its Web site this morning.
``The companies entered into administration having suffered as a result of volatile fuel prices, the economic downturn, and were unable to obtain further funding,'' XL said in the statement.
29 Aug, 2008
Airline collapse hits thousands
News reports state that hundreds of people have been left stranded and up to 45,000 have lost bookings after the collapse of the low-cost transatlantic airline Zoom.
The carrier suspended all its flights, blaming the economic downturn and steep rises in fuel bills.
29 Aug, 2008
Alitalia board OKs bankruptcy protection
News reports state that Alitalia's board on Friday formalised a request to seek bankruptcy protection, Corrado Passera, the CEO of the stricken carrier's sale adviser Intesa Sanpaolo said.
22 Aug, 2008
AiRUnion - financial problems impact operations
News reports state that Russian airline alliance AiRUnion is facing significant financial troubles and having trouble paying its bills, to the point where aircraft at Moscow Domodedovo, which controls fuel distribution, are not being fueled on time.
21 Aug, 2008
IATA's Bisignani: 'We are in the perfect storm'
News reports state that "We are a fragile industry and we are in crisis; wait and see is no longer an option," was yesterday's assessment from IATA DG and CEO Giovanni Bisignani, who was addressing the Australian National Aviation Press Club in Sydney.
He claimed that despite the recent reduction in oil prices, commercial aviation remains in need of assistance. "We are in the perfect storm of uncontrollable fuel costs and falling demand. Airlines could lose as much as $6.1 billion this year. Already 25 airlines in our financial system have gone bust--greater than immediately following 9/11--and we are bracing for more," he told the gathering.
01 Aug, 2008
BA Chief warns "airlines will go bust"
News reports state that more airlines will go bankrupt this year as rising fuel costs and weak consumer confidence ravage the industry, the chief executive of British Airways warned today.
Willie Walsh said carriers that struggled to make a profit during the recent sales boom will not survive the "worst ever" trading environment the industry has seen. The downturn has put 25 airlines out of business this year, including Luton-based business carrier Silverjet.
"You are going to see more airlines go bust. If you look around there are a lot of airlines out there that have not been profitable in the past few years. Those guys will not survive," he said.
28 Jul, 2008
Trade Winds Airlines files for Chapter 11
News reports state that TradeWinds Airlines announced Monday that it has filed for Chapter 11 bankruptcy protection, citing "a perfect storm" of adverse market conditions and what it called failed financial commitments.
25 Jul, 2008
Aerocalifornia services suspended
News reports state that Aerocalifornia was suspended again by the Ministry of transport and communicatios of Mexico on 23 July 2008 because of unpayed debts the airline has with airports with a sum of USD$25,900,000. The ministry said they will allow the airline to fly again when the money is paid.
17 Jul, 2008
Report Predicts Airline Bankruptcies, Liquidation in 2009
News reports state that a report released Tuesday by Fitch Ratings on the country's top airlines states that numerous layoffs, grounded flights and price increases, in addition to various cost-cutting measures, may not be enough to aid the struggling airline industry from the escalating effects of high oil prices, CNN reports. The report warns that record fuel costs, as well as meager cash flow, may instigate "multiple bankruptcies and liquidation" for major U.S. airlines in 2009 and that recent economic changes by carriers "are not sufficient to counter the devastating impact of jet fuel prices."
12 Jul, 2008
Airline stocks in tailspin over new record-high oil price
News reports state that a new record high for benchmark oil prices sent airline shares spiraling downward. At last check, the Amex Airline Index had shed 3.4% to 14.31 points with all of its 14 components trading down. Crude for August delivery was up $4.85 to $146.50 a barrel on the New York Mercantile Exchange. Earlier it rallied to an all-time high of $146.90 a barrel in electronic trading on Globex. Network carriers were plunging.
11 Jun, 2008
Oil costs will push some Asian airlines under: analysts
News reports state that Record-high oil prices have sparked the biggest crisis in the Asian airline industry since the SARS scare, and analysts say some carriers are likely to go under if prices do not let up soon.
30 May, 2008
ALMOST 10,000 PASSENGERS HIT BY SILVERJET GROUNDING
New reports state that almost 10,000 passengers have been affected by Silverjet ceasing operations this morning.
The Civil Aviation Authority estimates that 7,000 UK and 2,500 overseas passengers have bookings with the business class carrier.
09 May, 2008
EuroManx stops flying
EuroMax Airlines website stated today "It is with great regret that EuroManx have announced today that the company is ceasing operations forthwith with no further flights being operated." News reports state that Euromanx went out of business blaming fuel prices and falling passenger numbers.
04 May, 2008
Sri Lanka's budget airline grounded
News reports state that Sri Lanka's state-run budget carrier has suspended operations indefinitely because of a lack of planes, an aviation official said Sunday.
The budget airline, Mihin Lanka, has been dogged with financial trouble since it began commercial operations last April.
29 Apr, 2008
Nationwide Airlines ceases all flights due to critical cash flow
Nationwide Airlines announced today that they have ceased all flight operations due to critical cash flow following grounding of their aircraft earlier in the year and 30% increased in fuel costs.
27 Apr, 2008
Eos Airlines Files For Bankruptcy
News reports state that Premium class New York to London carrier Eos Airlines on Saturday said it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code. The company said it could not close on an investment that would have carried it to corporate profitability in 2009.
The petition was filed April 26 in the U.S. Bankruptcy Court in the Southern District of New York. Eos will immediately reduce its workforce, eliminating most of its positions. The carrier will cease operations entirely after April 27.
11 Apr, 2008
Frontier Airlines files for Chapter 11 bankruptcy
News reports state that Frontier Airlines filed for Chapter 11 bankruptcy late Thursday in Manhattan.
10 Apr, 2008
More than 30,000 passengers hit by Oasis Airlines closure
News reports state that more than 30,000 passengers holding tickets valued at 300 million Hong Kong dollars (38.5 million US dollars) have been affected by the collapse of Hong Kong's first long-haul budget airline, Oasis, travel industry officials said Thursday.
The airline, which offered fares of as little as 1,000 Hong Kong dollars between London and Hong Kong, suspended all flights Wednesday after going into voluntary liquidation.
10 Apr, 2008
Swazi Express Airways close operations
News reports state that Managing Director Hans Steffan, addressing a press conference at the company premises here yesterday, said operations came to a halt on Friday. Steffan, 39, said he had invested over E10 million into the 12-year old company."Swazi Express Airways has ceased to operate due to unfair competition from the government," he said.
05 Apr, 2008
Skybus folds
News reports state that Columbus-based airline blames high fuel prices, weak economy -- Surprised fliers find themselves stranded without notice -- 450 lose jobs; failure dims growth prospects for Port Columbus
04 Apr, 2008
ATA Airlines shuts down
News reports state that ATA Airlines, an independent carrier based in Indianapolis, shut down operations yesterday after filing for Chapter 11 bankruptcy protection Wednesday.
30 Mar, 2008
Aloha Airlines Halting Passenger Service
News reports state that Aloha Airlines said Sunday it will halt all passenger service after Monday, signaling the end of an airline that has served Hawaii for more than 60 years.
Aloha, which filed for bankruptcy for Chapter 11 bankruptcy protection on March 20, was a casualty of fierce competition and rising fuel prices. The airline said it will stop taking reservations for flights after Monday.
19 Mar, 2008
Low cost Indonesian airline Adam Air to be shut down
News reports state that Indonesian low-cost carrier Adam Air will no longer be allowed to fly, Indonesian officials said.
31 Jan, 2008
Travel misery after airline closure - City Star Airlines
Travel misery after airline closure
News reports state that Passengers are facing misery after an airline shut down following financial difficulties.
Aberdeen based City Star Airlines on Wednesday said it would cease operations from midnight.
The announcement came after one of the company's planes was impounded at Aberdeen Airport by BAA on Wednesday.
23 Jan, 2008
Norway's No. 4 airline, Coast Air, declares bankruptcy, immediately grounds all flights
News reports statte that Norway's No. 4 airline, Coast Air, declares bankruptcy, immediately grounds all flights, saying it had been stunned by unexpected and unsustainable fourth-quarter losses.
Coast Air was Norway's fourth-largest airline, after SAS Norway, Norwegian Air Shuttle and Wideroe.
18 Jan, 2008
Air Mauritanie liquidated
News reports state that court orderes Air Mauritanie to liquidate assets following ongoing financial crisis.
The Mauritanian court ordered Air Mauritanie liquidate its assets following a financial crisis that has plagued the national air carrier for years, a judicial source said Friday.
26 Dec, 2007
Big Sky Shuts Down Nationwide Operations
News reports state that the airline announced they are ceasing operations nationwide.
The Montana-based airline said they could not make a profit. A spokesperson for the company said that Big Sky is not bankrupt and that all shareholders will be paid. The airline plans to liquidate its assets as quickly as possible.
25 Dec, 2007
Maxjet Airways files for bankruptcy protection
News reports state that Maxjet Airways threw itself onto bankruptcy protection Monday as soaring costs, stiff competition and a deteriorating credit market scuttled the fledgling airline's bid to carve out a niche for itself by catering exclusively to business-class passengers in the trans-Atlantic market.
22 Dec, 2007
FlyWhoosh grounded
News reports state that troubled airine flyWhoosh finally admitted yesterday that its Dundee services have been grounded for good.