Mirroring its impact on aviation, the COVID-19 pandemic has had a significant impact on airline companies due to travel restrictions and a slump in demand among travelers. Several airlines have declared bankruptcy, with some ceasing operations, while other airlines reported historic reductions in flights, as well as accelerating retirements of certain aircraft types, such as the Airbus A340, Airbus A380, or the Boeing 747. By 8 October 2020, 43 commercial airlines had gone bankrupt, and many more were expected to follow.[1] In late October 2020, ACI Europe stated that 193 (mostly regional) of the 740 airports in Europe were also risking bankruptcy.[2]
In 2019, Air Canada was in talks to buy Air Transat for C$720 million but later revised their price to C$180 million in October 2020 due to the impact of the COVID-19 pandemic.[55]
On January 24, 2020, LOT Polish Airlines announced that it would acquire Condor Flugdienst.[56] On 2 April 2020 it was announced that the sale had fallen through due to the industry turmoil caused by the coronavirus pandemic.[57][58]
In November 2020, Korean Air (more than 170 aircraft) parent Hanjin announced a W1.8 trillion ($1.62 billion) takeover bid for rival Asiana Airlines (82 aircraft) from Kumho Industrial, becoming one of the ten largest airlines in the world, as state-owned Korea Development Bank will invest W800 billion into Hanjin KAL.[59]
This list is incomplete; you can help by adding missing items. (March 2020) |
"For all intents and purposes, [SAA] has already collapsed," says Adrian Saville, founder of Cannon Asset Managers in Johannesburg.
...the only remaining options are either the company winds down by terminating employees with an agreement, or they apply to the courts to discontinue business rescue and place the airline into liquidation. "The practitioners have presented a collective agreement to all unions and representatives of non-unionized employees of SAA on April 17, 2020, for consideration and negotiation, and have advised that agreement must be reached by April 24, 2020.
...we'll be suspending around 60 per cent of our domestic flying until the end of May 2020.
All Qantas and Jetstar international flights from Australia will be suspended from the end of March until at least 31 May 2020. Some additional services may be considered to assist with repatriation. More than 150 aircraft will be grounded during this time, including all of Qantas' A380s, 747s and B787s.
The statement went on to say that because of the ski valley's B Corp ethos – which involves partaking in the local community – it has acknowledged the reality that "the uncertainty of current and future travel restrictions to New Mexico made it impossible to deliver a reliable Taos Air service this year."