Aviation
Delta and LATAM Airlines Group S.A
Delta and LATAM Airlines Group S.A. (“LATAM”) today announced that they have entered into a strategic partnership that for the first time combines the strengths of the leading airlines in North and Latin America.
Delta’s 777 aircraft to retire by end of 2020, simplifying widebody fleet amid COVID-19
The strategic partnership will unlock new growth opportunities, building upon Delta’s and LATAM’s global footprint and joint ventures worldwide, including Delta’s existing partnership with Aeroméxico. With their complementary networks, Delta, LATAM and their partners will be able to offer access to a greatly expanded array of worldwide destinations. Together, the partnership will provide greater customer convenience, a more seamless travel experience and better connect customers with the rest of the world.
Additional details of the partnership include:
- Delta will invest $1.9 billion for a 20 percent stake in LATAM through a public tender offer at $16 per share, to be funded principally with newly issued debt and available cash.
- Delta will also invest $350 million to support the establishment of the strategic partnership.
- Delta will acquire four A350 aircraft from LATAM and has agreed to assume LATAM’s commitment to purchase 10 additional A350 aircraft to be delivered beginning in 2020 through 2025, supporting Delta’s ongoing fleet transformation.
- Delta will be represented on LATAM’s Board of Directors, further strengthening the relationship.
- The tender offer and the strategic partnership are subject to customary closing conditions and all required governmental and regulatory approvals, including anti-trust immunity.
- Why LATAM retired its entire A350s fleet?
- Partnership brings together the leading airlines in North America and Latin America, connecting the Americas to the world as never before.
- Together, Delta and LATAM will hold the leading position in five of the top six Latin American markets from the U.S.
- Together, the partners will serve 435 destinations worldwide and carry more passengers between North America and Latin America than any other partnership.
- Customers will benefit from significantly expanded travel choices across the Americas and an industry leading customer experience.
Aviation
No More Jet Airways. Supreme Court Says “No Choice”, Orders Liquidation
Jet Airways was once one of India’s leading airlines, known for its service and extensive network. Founded in 1993, it served millions of passengers, connecting cities across India and international destinations.
However, since grounding its flights in April 2019, Jet Airways has struggled to navigate financial turbulence, leading to years of efforts to revive the airline and return it to the skies.
On Thursday, the Supreme Court ordered the liquidation of Jet Airways, citing “no choice” but to take this decisive step after the resolution plan failed to meet creditor obligations. The court invoked its extraordinary powers under Article 142, which allows it to make orders for “complete justice” in any case, overriding previous tribunal rulings.
China Set to Debut New J-35A Stealth Fighter at Zhuhai Airshow
The Jalan-Kalrock Consortium (JKC), which had won the bid to revive Jet, faced criticism for not fulfilling payment commitments to creditors, which included major banks like the State Bank of India and Punjab National Bank.
The Supreme Court’s ruling pointed to “peculiar and alarming” issues surrounding the resolution plan’s implementation, leading to its conclusion that liquidation was the only feasible outcome.
HondaJet’s New Auto-Throttle: A Game-Changer for Luxury Aviation
Chief Justice DY Chandrachud, alongside Justices JB Pardiwala and Manoj Misra, emphasized that while liquidation should be a last resort, it was necessary as the resolution plan was “no longer capable of implementation.”
In line with this decision, the court ordered that the ₹200 crore already infused by JKC be forfeited and directed the National Company Law Appellate Tribunal (NCLAT) in Mumbai to appoint a liquidator to oversee the process.
JKC, a partnership between Murari Jalan, a UAE-based Indian entrepreneur, and Florian Fritsch, a Jet shareholder through Kalrock Capital Partners Limited, had taken ownership of Jet Airways two years after it was grounded. The consortium’s inability to fulfill its financial obligations has now led to this final verdict, marking the end of an era for Jet Airways in India.
-
Aviation2 months ago
Boeing confirms 797: A New Era for Mid-Size Aircraft
-
Aviation1 month ago
Microsoft Flight Simulator Raises $3 Million to Bring Back the An-225 Mriya
-
Aviation2 months ago
Lockheed and Tata Team Up to Build C-130J MRO Facility in India
-
Tech2 months ago
China Developing Jet to Travel Anywhere in Two Hours
-
Airlines2 months ago
Qantas Engineers Stage Walkout Over Cost of Living Concerns
-
Airlines1 month ago
Qatar Citizens Can Travel to the United States Without a Visa
-
Aviation2 months ago
Boeing Offers 25% Pay Increase & Promise to Build Next Plane in Seattle
-
Airlines2 months ago
Indian Government Approves Air India and Vistara Merger