unaligned

Norwegian carrier Flyr’s chief executive, Tonje Wikstrom Frislid, has opted to step down from her post having led the airline since it commenced operations last year. CFO Brede Huser is taking over, the carrier states. The transition comes at a crucial point in the airline’s development, because Flyr has been under financial pressure and has slashed its operations for the winter season. Flyr has sought to reinforce its fiscal position with share placements and offerings aimed at raising up to NKr700m. It says the proceeds from an initial private placement of NKr250m will be used to support the airline through the first quarter of next year, with income from other offerings will help position it for summer ramp-up. Flyr has warned that it “may not be able to sustain its future operations” if it cannot successfully complete the additional share offerings. Frislid says the airline is “moving into a new phase” and that she has taken the “difficult decision” to “pass on the responsibility”. “[I] am convinced that Flyr will get through this demanding time,” she adds. Successor Huser takes over the leadership with immediate effect. He formerly served in several senior roles at budget carrier Norwegian. <br/>

Ukrainian carrier SkyUp Airlines has obtained the third-country approval required to open services to the UK. The airline, which has been using a fleet of Boeing 737-700s and -800s, says it has obtained the approval from the UK regulators. Operators which were previously able to access the UK under the European Union Aviation Safety Agency third-country scheme – known as Part-TCO – have had to re-apply for clearance since the UK’s ‘Brexit’ withdrawal from the European Union. UK recognition of Part-TCO, which remained in effect for two years after the withdrawal, is set to cease at the end of 2022. SkyUp says its new UK clearance, needed from 2023, confirms compliance with aviation security and allows it to operate UK services – although it has not indicated when, or it, it will open routes. The airline’s operations have been badly disrupted by the Ukrainian conflict which broke out early this year. SkyUp says it has provided detailed information on operations, its fleet, flight history, safety management, manuals and procedures, and other aspects – including authenticity confirmation from Ukrainian regulators – to obtain its UK clearance. It states that it can operate to the UK “without additional permits”, and adds that it received a similar approval from Swiss authorities earlier this year enabling it to carry out wet-leasing services.<br/>

Latvian carrier Air Baltic posted net profit before exceptionals in the third quarter as it sees an improvement in its financial results. Air Baltic posted a pre-exceptionals net profit of E17.1m for the three months ending 30 September. It did not provide a corresponding figure for 2021, but it was a year in which it posted net losses of E135.7m – itself a roughly halving in losses from 2020. Air Baltic CE Martin Gauss says: “The aviation industry is recovering from the effects of the pandemic, and that is reflected also in our financial results. With exceeding E362.5m revenue and 2.4m passengers already in the first nine months of this year, Air Baltic is on the way back to profitability.” Air Baltic revenues were 172% higher over the first nine months of this year than during the same period on 2021. The Latvian carrier’s recovery from the pandemic has been further complicated by the impact of the Russia-Ukraine war. ”The war in Ukraine with all its consequences has changed our market conditions significantly, facing supply chain issues, growing fuel prices, rescheduling the airline’s operations, and more,” says Gauss. ”But we remain consistent and our core goal remains the same – Air Baltic will continue expanding its market share, by further improving connectivity between the Baltics and the rest of the world.”<br/>

Air Moldova has clashed with the country’s civil aviation regulator in an extraordinary spat over the results of inspections at the airline. The Moldovan civil aviation authority has declared that, during unannounced inspections, it found “serious deficiencies” in the airline’s finances which could potentially interfere with air safety and the carrier’s operational functionality. According to the regulator, the airline has been categorised as having “major financial difficulties” and faces “potential risk of insolvency”. The authority has sought a corrective action plan from the carrier to remedy the situation and ensure smooth operations. It has also accused Air Moldova of promoting ticket sales for summer 2023 without approval for the flight schedule and despite lack of authorisation to serve certain destinations – and has asked the carrier to suspend such sales, given the results of the inspection. But Air Moldova has reacted fiercely to the regulator’s actions, describing its request to halt ticket sales as “unfounded and illegitimate” – intended to disparage the company’s image – and adding that the inspection results are “dubious”. The airline says it is disputing all the findings of the inspection, rejecting it as “obviously fabricated”, and accusing the regulator of deliberately trying to impact the carrier’s business. While the civil aviation authority says it is pursuing legal channels, with a view to holding accountable those allegedly responsible for the airline’s situation, the carrier retorts that it believes the regulator itself has been compromised, and claims some inspectors have refused to co-operate with the authority regarding its unannounced check on the company.<br/>

Norse Atlantic Airways has raised NKr300 million ($30 million) through a private placement aimed to generate funds required for its UK operation. The airline, having completed the placement, is turning its attention to a subsequent offering to other shareholders, intended to generate further proceeds – as well as “limit the dilutive effect” of the private offer. Norse Atlantic states that the net proceeds are intended to maintain a “cash buffer” following a requirement from UK authorities to invest $46 million for sole use by the carrier’s UK subsidiary. This will enable the airline to increase services from London Gatwick to US destinations. “By structuring the equity raise as a private placement, the company is able to raise capital quickly and in an efficient manner,” it states. Norse says the private placement, the application period for which closed on 25 November, has been directed at “selected” Norwegian and international investors. CE Bjorn Tore Larsen says the placement was one-and-a-half times oversubscribed, indicating “strong confidence” in the business model of the carrier which operates a fleet of Boeing 787s. “This successful equity raise will allow Norse Atlantic to build on its already strong financial base,” says Larsen. “We were already in a much stronger position strategically and financially than many other airlines and we now look forward to growing from strength to strength.” The private placement comprised 120 million new shares while the subsequent offer – aimed at investors that could not participate in the private issue – will cover up to 60 million shares at the same price. <br/>

Jet Airways' creditors and its new owners are deadlocked over a resolution plan to lift the Indian airline out of bankruptcy, putting its future in limbo, four sources said. Creditors may approach India's aviation ministry to seek approval to liquidate Jet's assets if there is no resolution on Tuesday in a critical court hearing, a senior banker said. "There are concerns the resolution plan may fall apart so we are looking to see if we can at least get something out of this deal via the liquidation route," the banker, who has direct knowledge of the matter, told Reuters on Monday. Once India's biggest private airline, Jet ceased flying in April 2019 after it ran out of cash. It was taken to bankruptcy court by creditors owed about 180b rupees ($2b). A restructuring plan was approved by the National Company Law Tribunal (NCLT) in June and Jet was set to resume operations by the first quarter of 2022 under its new owners. However, disagreements between the new owners, a consortium including London-based Kalrock Capital and UAE-based businessman Murari Lal Jala, and its lenders risks derailing Jet's recovery. A spokesperson for Jet's owners said in a statement on Monday that the resolution plan was binding upon all involved parties and was approved by the bankruptcy court. "We are "working closely" with the erstwhile lenders of Jet to implement this plan, and remain "fully committed" to getting Jet Airways off the ground," it added. State Bank of India, the lead lender in the creditor group, declined to comment. The court-appointed resolution professional overseeing the case did not immediately respond to an emailed request for comment from Reuters. Jet's creditors believe it needs around 10b rupees of capital to run its operations in full but it has not managed to bring that amount to the table, the banking source said.<br/>

IndiGo is planning to fly another airline’s Boeing Co. larger jets as it tries to plug capacity gaps amid a surge in travel demand. India’s biggest airline said in a statement Monday that it is working on finalizing a contract for inducting Boeing 777 aircraft on a so-called wet lease basis for the winter schedule. Wet leasing refers to the practice of leasing an aircraft, along with crew to fly the plane and provide service onboard. IndiGo didn’t specify how many 777 jets would be involved or from what airline. A person familiar with the matter said India’s Directorate General of Civil Aviation had given IndiGo the green light to wet lease six 777s from Turkish Airlines for three months, with the ability to extend that arrangement. The move comes after India’s Ministry of Civil Aviation ruled that Indian carriers can wet lease wide-body jets for as long as one year based on the international routes they intend to fly, up from six months previously. Representatives from IndiGo declined to comment. A spokesperson for the Ministry of Civil Aviation didn’t immediately respond to a request for comment. India’s government is pushing local carriers to expand their fleets of wide-body aircraft to better compete on international routes with the likes of Emirates and Etihad Airways PJSC, which dominate overseas travel to and from the nation through their hubs in Dubai and Abu Dhabi respectively. In India, only Air India and Singapore Airlines’ Indian affiliate Vistara fly the majority of long-haul routes. For India, establishing aviation links with Turkey has been controversial in the past. Former Turkish Airlines Chairman Ilker Ayci earlier this year backed away from taking the chief executive role at Air India after facing political opposition considering Turkey’s strained relations with India.<br/>