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Croatia Airlines has managed to reduce Q1 operating losses to Kn86.2m ($13.9m) compared with the previous figure of Kn95.7m. Its revenues for the period more than halved to Kn113.6m. The company says the beginning of the year has been “weaker than expected”, with travel reservations still “declining” on all the routes offered by the carrier. Croatia Airlines says it is focusing on markets on which there is evidence of demand while continually optimising its schedule. “The company is ready to establish or renew individual routes and introduce additional flights on existing routes if there is an increase in demand for air transport,” it states. Croatia Airlines was able to operate to 12 international and five domestic destinations over the quarter, but passenger numbers were down by 73%. The company posted a net loss of Kn96.9m for the three-month period. It operated 12 aircraft over the quarter – six Airbus A320-family jets and six De Havilland Canada Dash 8-400s – with particular focus on the turboprops. Croatia Airlines says it operated only 25 daily flights on average compared with 60 in the previous winter season.<br/>

Thai Airways International faces a key hurdle Wednesday as the national flag carrier navigates the devastation wreaked on the global travel industry by the pandemic. Creditors will meet via video conference to vote on its debt restructuring plan. The airline, which has total liabilities of at least $11b, in March proposed a three-year freeze on loan repayments in one of the nation’s most high-profile restructurings. Thai Airways is seeking a deferment of bond repayments for six years and a waiver of unpaid interest on loans as part of the plan, involving about 170b baht ($5.5b) of debt. It’s also looking to raise 50b baht in new capital, plans to slash its workforce in half and sell property to help return to profitability. Creditors holding at least 50% of the airline’s debt must approve the plan for it to pass, according to Thailand’s bankruptcy law. The Southeast Asian country is facing renewed woes more than a year into the pandemic as a new wave of infections brings more turmoil to its crucial travel sector. Thai Airways, which saw a record loss of 141b baht last year, joins other global peers in trying to get debt relief as mass flight suspensions cause carriers to seek financial help from governments and investors.<br/>