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Airline Finance News - Europe.

Nov 15, 2009

Aer Lingus

Aer Lingus flew 1.32 billion RPKs in October, down 8.9 percent year-over-year, against a 10.4 percent cut in capacity to 1.77 billion ASKs. Load factor rose 1.3 points to 74.6 percent. Nov 13, 2009

Aer Lingus

Aer Lingus, the struggling Irish national carrier, reported a 9.7 percent fall in revenue for Q3. The carrier said long haul capacity on the three months to the end of September fell by 18 percent compared with the same period last year. This led to a 13.2 percent drop in the number of passengers on long haul. Passenger numbers and capacity on short haul increased, respectively, by 10 percent and 10.5 percent in the quarter. Aer Lingus said cash flow since the end of December 2008 had fallen 38.8 percent to EUR399.9m by the end of September. Nov 10, 2009

Aer Lingus, Airbus

Aer Lingus, the loss-making Irish flag carrier, said that its aggressive downsizing had helped to ensure its survival by reducing costs, but it warned that Ochallenging conditionsO might lead to more cuts. The airline has scaled back its long-haul flights and is concentrating instead on competing with Ryanair, its Irish rival and shareholder, on short-haul routes. Having already terminated the lease of one of its A330 aircraft last month, it said that it would take another A330 out of long-haul service, cutting its winter fleet to five jets. The airline was operating eight this summer. Aer Lingus said yesterday that long-haul passenger numbers had fallen by 13.2 per cent in the three months to September 30. Average long-haul fares had fallen by 18 per cent as the carrier struggled to attract passengers in the Republic of IrelandOs recession-hit economy. Christoph Mueller, the new chief executive, has said that Aer LingusOs survival prospects are only 50-50. It plans to shed 676 staff and cut the pay of others in a move designed to save EUR74 million (GBP66 million). A further EUR23 million will be cut elsewhere. Unions said that they would fight the cuts, but Mr MuellerOs team expect negotiations with staff and unions to be concluded around November 18. Aer Lingus said that its third-quarter revenue had fallen by 9.7 per cent. However, the Irish carrierOs short-haul network has been more robust and passenger numbers rose by 10 per cent in the third quarter. Average short-haul fares were down 12.3 per cent, but this was offset by an 8.5 per cent increase in revenues from extras such as bag charges. The company said: OThe action taken to remove capacity on underperforming parts of the network has had a positive impact on stabilising load factors and yields while reducing operating costs.O The airline, which has twice fended off hostile approaches from Ryanair. Aer LingusOs net cash had reduced by 39 per cent in the nine months to the end of September to EUR400 million. Nov 9, 2009

Air France

Air France's executive vice-president of flight operations Gilbert Rovetto is to retire. The airline says that Rovetto was always due to retire in December and that this had been decided before the 1 June crash of an Air France Airbus A330 (AF447) in the South Atlantic. Rovetto's role carries responsibility for flight safety at Air France. Nov 10, 2009

Air France KLM

Air France KLM flew 17.68 billion RPKs in October, down 4.1 percent from the year-ago month. Capacity dropped 5.6 percent to 21.41 billion ASKs and load factor increased 1.3 points to 82.5 percent. Nov 10, 2009

Air France KLM

Air France-KLM said that it had suffered a tenth straight month of lower passenger numbers. October traffic figures were down 4.1 per cent compared with a year ago, while cargo was down 19.1 per cent. Nov 9, 2009

Alitalia

Alitalia, the Italian carrier rescued from bankruptcy, has posted a EUR15m operating profit for the third quarter. It compares with operating losses of EUR210m for the first quarter and EUR63m for the second. The airlines said its operating loss for the first nine months of 2009 to the end of September stood at EUR258m. Alitalia said it revenues during Q3 were EUR838m, 6.3m passengers were carried and the average load factor was 74 percent, compared with 65 percent in Q2. The airline said its market share was also rising with 53 percent of domestic flights in Q3 compared to 51 percent in Q1 and 20 percent of the international market out of Italy, compared to 19 percent. Alitalia said its net financial indebtedness on 30 September was EUR831m compared to EUR770m

June 30, mainly to deposits on new planes and maintenance. Nov 9, 2009

American Airlines, British Airways

Oneworld alliance partners American Airlines and British Airways remain adamant in their belief that calls for the two carriers to relinquish slots at London Heathrow in order to achieve transatlantic antitrust immunity with fellow alliance partner Iberia are illogical and unnecessary. The 31 October statutory deadline for the US Department of Transportation to issue its decision regarding antitrust among the carriers has passed, and recently reports have surfaced that European Union regulators could require the carriers to hand over slots at Heathrow to allay EU concerns about reduced competiton in the transatlantic market. Nov 10, 2009

BMI

Newly-filed accounts from UK operator BMI have revealed the airline's dire financial performance, and an admission that the carrier needs GBP190 million in additional funding by the end of October 2010. BMI burned through more than GBP90 million in cash during the year, leaving it with GBP40.7 million, and the company's auditor has expressed reservations about the airline's ability to continue as a going concern, highlighting its heavy losses. In the year to 31 December 2008 the airline posted an operating loss of GBP135 million (USD225 million) before exceptional items deepened the figure to nearly GBP160 million. Nov 11, 2009

British Airways

British AirwaysO cabin crew have been slammed for not moving with the times or helping Chief Executive Willie Walsh cutting costs at the beleaguered flag-carrier. With strike action looming at the recession-hit airline, aviation consultant Jonathan Strickland said: OCabin crew still think that things have not changed.O Speaking at World Travel Market, the premier global event for the travel industry, he said the industry Ohad not been terribly focused on costs before [ETH] it was always glamourO. Nov 13, 2009

British Airways

British Airways flew 9.41 billion RPKs in October, down 1.9 percent year-over-year, against a 6.4 percent cut in capacity to 11.79 billion ASKs. Load factor rose 3.7 points to 80.7 percent. Nov 10, 2009

British Airways

British Airways cabin staff will start their vote on industrial action against the airline the day the disputed contracts come into force. Unite the union, which represents the majority of BA's 14,000 cabin crew, will open the ballot on November 16. Unite said: "BA's continued failure to consult properly on 2,000 notified redundancies and the company's determination to impose fundamental changes to working practices, work organisation and terms and conditions of employment leave it no other option but to ballot the cabin crew workforce." The ballot will close on Monday, December 14, leaving open the possibility of strike action from December 21. BA's ceo Willie Walsh urged Unite on Friday (November 6) to withdraw its plans for industrial action, saying that structural change is necessary to secure long term profitability for the airline. BA announced on Friday it had made a pre-tax loss of GBP292m between April and September of this year, and confirmed that the changes to working agreements would go ahead as planned. Nov 9, 2009

British Airways

British Airways is to be the leading sponsor of the Business Travel and Meetings Show in London next February. Centaur, the show organizers, said the UK national carrier was one of a "long line of world-leading business travel suppliers" supporting the event. As part of its sponsorship, BA will host an exclusive business lounge. Virgin Atlantic will also be sponsoring the BTMS' executive buyer programme and firstr class lounge with thetrainline and Concur. Other show supporters include Sabre Travel Network, which is sponsoring the agents lounge and association partners include Buying Solutions, ITM, NBTA, Paragon and HBAA. ITM will also be a key contributor to the brand new Advice Clinic alongside Eventia, HBAA, ITM Project Icarus, JMP Consultants and a number of experienced travel managers. The show will be held at Earl's Court on February 9-10, 2010. www.businesstravelshow.co.uk Nov 9, 2009

British Airways

The poor results from the European airlines come after British Airways said last week that it had lost GBP292 million in the six months to the end of September. BA has cut its capacity by about 6 per cent this winter and expects to shed 4,900 jobs by March. Nov 9, 2009

British Airways, Iberia

British Airways and Iberia have agreed to merge creating the third largest airline in the world. The two carriers signed a memorandum of understanding (MOU) after 16 months of talks to set up a new joint holding company TopCo with BA boss Willie Walsh as its ceo. BA will hold 55 percent of the new company and Iberia 45 percent. Both BA and Iberia will keep their own individual brand but a statement by the two loss making carriers said they expected to make about EUR400m in annual synergies. About one third will come from a joint sales operation and network and revenue management benefits with the rest in savings on IT, fleet, maintenance and back office functions. The statement said there was a "compelling strategic rationale" for the merger. It would benefit shareholders, customers and employees. The merger which is expected to be completed late next year, will create an airline with 419 aircraft, 205 destinations and with a joint annual revenue of EUR15bn. Only Air France KLM and the Lufthansa Group are bigger. BA customers will gain access to up to 59 new destinations, of which 13 will be in Latin America where Iberia is particularly strong. Iberia's customers will gain up to 98 new destinations in the BA network. Customers will also be offered better frequencies and connections, more competitive prices, access to more VIP lounges and enhanced frequent flyer benefits, the airlines said. Nov 13, 2009

British Airways, Iberia

British Airways and Spain's Iberia announced on Thursday a preliminary agreement for a USD7 billion merger to create the world's third-largest airline by revenue. The deal, which the companies hope to close by the end of 2010, ends the British flag carrier's long pursuit of Iberia to create an enlarged group, able to cope with the industry's largest downturn in decades. BA shareholders will have 55 percent of the combined firm, to be headquartered in London with 419 aircraft flying to 205 destinations, while Iberia shareholders are to get 45 percent. In a joint statement, BA and Iberia said the merger would provide "enhanced scale to compete with other major airlines and participate in future industry consolidation." The new company will combine British Airways' strong position in Europe-to-North America traffic with Iberia's Latin American business, and will potentially be reinforced by a planned alliance with AMR Corp's American Airlines. Iberia's chairman Antonio Vazquez will be chairman of the new company, while BA's Chief Executive Willie Walsh will be CEO. Each airline will have seven members on the new 14-member board. The deal will create a new holding company, which will own the two airlines. The two companies will have dual hubs in London and Madrid, and will keep their own licenses, codes and brands for the first five years of the merger. This mirrors the structure set up by Air France-KLM from the Franco-Dutch merger in 2004, which created a holding company plus two operational units to preserve national identities and bilateral international landing rights. Ahead of the announcement of a deal, BA shares closed 7.5 percent higher at 206.8 pence, while Iberia shares ended up 11.8 percent at 2.22 euros. Nov 12, 2009

British Airways, Iberia

British Airways and its Oneworld partner Iberia have reached an agreement to merge the two carriers. The memorandum of understanding, which follows months of discussions, will create a carrier with 419 aircraft and 205 destinations. BA says that it expects the merger to be completed in late 2010. It says the tie-up is based on a "principle of parity at board and management level". Between them the two airlines carried 62 million passengers in 2008 with combined revenues of EUR15 billion (USD22 billion). The carriers expect the deal to generate synergies of EUR400 million per year. Nov 12, 2009

British Airways, Iberia

The boards of BA and Iberia were yesterday (November 12) holding separate meetings to discuss proposals for a merger between the two airlines. A statement to the London Stock Exchange said the boards would consider a "potential transaction". But the BA statement stressed that "no decisions" have been taken. The full statement said: "Further to recent market speculation, British Airways confirms that the British Airways and Iberia boards are holding separate meetings (November 12) to consider a potential transaction. "However no decisions have been taken and at this time, there can be no guarantee that a transaction will be forthcoming. "A further announcement will be made in due course, if appropriate." Iberia also confirmed the board meetings and issued a similar statement to BA's. The two airlines, both members of the oneworld alliance, have been in merger talks since the summer of 2008. The plan was a GBP4.2bn all share merger. Nov 12, 2009

EasyJet

EasyJet transported 4.2 million passengers in October, a 6.6 percent increase year-over-year, while load factor rose 3 points to 86.8 percent. Nov 10, 2009

Emirates Airlines

Emirates Airline Wednesday said some of its double-decker Airbus A380 planes for delivery in 2010 will be delayed and that it may take over aircraft orders from rival carriers. "We've taken a bit of a delay on deliveries but not in years," Emirates Airline Chairman Sheikh Ahmed bin Saeed Al Maktoum told reporters at a press conference ahead of the Dubai Airshow that starts Sunday. With a total of 58 orders, Emirates, the largest airline in the Middle East, is Airbus's biggest customer for the A380. The Dubai-based carrier is due to receive six of the superjumbos next year, slowing to five in 2011. Deliveries are expected to rise to 12 in 2012 and 11 in 2013. Sheikh Ahmed said the carrier will take delivery of two A380s in December and January, but didn't detail how many aircraft will be affected and by how long. At the end of 2010 Emirates will operate 15 A380s instead of the planned 20 and it expects to take 11-12 aircraft in both 2012 and 2013. Delivery of its order for 58 should be finished by 2017. Clark also said Emirates is evaluating converting options on additional planes in order to take advantage of newly open delivery positions and that its Dubai-Incheon A380 service will begin Dec. 14. Nov 11, 2009

Etihad Airways, Flybe

Etihad Airways and Flybe announced a codeshare deal under which the UK airline will place its code on EY's flights from Paris Charles de Gaulle, Frankfurt and Manchester to Abu Dhabi while EY will add its code to "a number" of BE flights between CDG, FRA, MAN and 35 UK airports. Nov 9, 2009

Feel Air

Feel Air, a new Scandinavian LCC, will begin operations with Stockholm Arlanda-New York JFK and Oslo Gardermoen-Bangkok service in spring 2010 aboard dry-leased A330-200s, it announced yesterday. It currently is raising capital of NOK240 million (USD42.1 million) with Norwegian investment bank DnBNOR Markets. The new airline will be led by former Norwegian DG-Civil Aviation Otto Lagarhus and former Senior VP of VIA Travel Group Kai Holmberg. "We are building a Ryanair-type cost religion, combined with AirAsia X operation and business model, wrapped up in a Virgin-style employment and branding philosophy," Holmberg said. Feel Air will target leisure travelers and plans to weight frequencies toward New York in the summer and Thailand in the winter. It predicted EBITA of NOK48 million next year based on yield of USD0.05, load factor rising from 49 percent to 76 percent and fleet utilization of 16.7 hr. per day. Nov 10, 2009

Finnair

Finnair said negotiations with Finnair Catering employees represented by the Finnish Aviation Union have failed to produce the required EUR5 million (USD7.5 million) in savings and that 60 employees now will be made redundant in a "first stage." Afterward, "a reorganization of operations will be considered to achieve additional savings, and a review of structural solutions will be initiated," the airline said. Catering employs some 650 people. The carrier said it also is exploring solutions with its Northport ground handling subsidiary and Finnair Cargo Operations. Nov 13, 2009

Finnair

Finnair flew 1.72 billion RPKs in October, a 12.3 percent decline from the year-ago month. Capacity fell 12.9 percent to 2.18 billion ASKs and load factor was up 0.5 point to 78.7 percent. Nov 13, 2009

Finnair

Finnair named Nokia Siemens Networks COO Mika Vehvilainen as its new president and CEO effective Feb. 1. He will succeed Jukka Hienonen, who is leaving the airline at the end of January. Vehvilainen, 48, will join Finnair on Jan. 5 and "has strong experience of sales and marketing and of strategic management and business development in Asia, North America and Europe," the airline said. Nov 12, 2009

Finnair

Finnair traffic dropped by 11 percent in October compared with the same month in 2008. Capacity was 12 percent down compared with last year but the load factor rose by 1 percent to 78 percent. The Finnish national carrier said that its European traffic fell by nearly 10 percent in the month weith a 12 percent cut in capacity while traffcie to Asia dropped by 12 percent while capacity was down 13 percent. Christer Haglund, Finnair's senior vp communications, said: "Capacity was optimally cut to match falling demand. "Winter is expected to continue to be difficult, so further adjustments to traffic will be made. "For leisure traffic in particular, the coming winter season will be tough." www.finnair.com Nov 9, 2009

Finnair

The difficult trading conditions in the aviation sector were also highlighted by Finnair yesterday. FinlandOs national carrier said that it had cut capacity by 12 per cent to adjust to weaker demand. The carrier also said that it would make more cuts this winter and revealed that passenger traffic fell by 11.5 per cent in October, compared with the same month last year. Finnair has announced 200 redundancies and said that it would begin statutory talks with its 9,000 personnel to initiate more cost-cutting measures. In June it said that it would double a savings programme to USD200 million (GBP120 million) N with most of the new cuts aimed at personnel costs. Nov 9, 2009

Iberia

Spanish carrier Iberia has been forced to cancel flights tomorrow and Wednesday (November 10 and 11) as cabin crew were planning to stage their second strike in less than a month. The strike has been called by cabin attendants unions' CTA and SITCPLA over a pay dispute. The previous strikes were held on October 26 and 27. Flights between Madrid and London are among those affected, along with Paris, Brussels, New York and Sao Paulo. In total more than 360 flights have been cancelled. In a statement, the airline said: "Iberia is cancelling some flights scheduled for 10-11 November, since they are not covered by the minimum services requirement established by Spanish authorities. Nov 9, 2009

Icelandair

Icelandair Group said third-quarter EBITDA rose 35.5 percent year-over-year to ISK8.4 billion (USD68.2 million) on a 29 percent surge in revenue to ISK53.7 billion, although release of its full financial report was postponed until December because its financial restructuring "has not been finalized." It warned that depreciation and financial costs "increase[d] considerably" from the 2008 third quarter. The company was ISK4.98 billion in the red through the first half of 2009 compared to a ISK1.28 billion deficit in the year-ago semester. Nov 10, 2009

Icelandair

Icelandair Group airlines flew 341.7 million scheduled RPKs in October, a 6 percent increase from the year-ago month, on a 4 percent rise in capacity to 460.2 million ASKs. Load factor rose 1.6 points to 74.2 percent and unit revenue was up 9 percent to ISK8.03. Nov 10, 2009

Lufthansa, JetBlue Airways

Lufthansa and JetBlue Airways today kicked off codeshare operations linking their two networks via Boston and New York. At a ceremony at New York's John F. Kennedy International Airport this afternoon, JetBlue CEO Dave Barger and Lufthansa German Airlines CEO Christoph Franz officially launched the new partnership as the airlines welcomed their first arriving customer from Europe. The new relationship between JetBlue and Lufthansa expands the reach of both carriers, giving customers more choice in travel and providing JetBlue customers with new access to Europe, Africa, the Middle East, and Asia. Worldwide connections to such popular destinations as Bangkok, Barcelona, Dubai, Johannesburg, Mumbai, Paris, Rome, and Tel Aviv are now available daily via Boston and New York/JFK, where customers transfer seamlessly between domestic JetBlue flights and transatlantic services operated by Lufthansa. JetBlue and Lufthansa intend to further expand their codeshare in 2010 by adding more JetBlue destinations to the agreement. Nov 11, 2009

Malev Hungarian

Malev Hungarian Airlines expects a final decision about its future ownership by the end of this month. The troubled carrier is in talks with the government, which is considering reinvesting in Malev and helping it restructure, Deputy CEO and CCO Karim Makhlouf said. He said the government likely will acquire at least 51 percent. The airline currently is 99.5 percent owned by the AirBridge consortium, which is backed by Russia's Vneshekonombank. It was privatized in 2006. Meanwhile, management is doing everything possible to stabilize Malev, Makhlouf said. Its current fleet of 30 aircraft will be reduced to 20 for the winter season, with most of the remainder parked, and 30 percent of its 1,500 employees will be laid off. The fleet will rise back to 28 aircraft for the summer 2010 schedule. "We will focus on extending our network in Eastern Europe, with the first enhancements on these routes starting in January." He said Malev made a mistake in not focusing on Eastern Europe in the past and has failed to derive maximum benefit from its oneworld partnerships. It is looking to strengthen ties with Iberia, Finnair and British Airways. "We also want to take advantage of the restructuring of Austrian Airlines and CSA Czech Airlines. We believe we can react faster [in certain markets]," he said. Utilization is another key, and he said capacity additions will come largely through more efficient use of aircraft. Malev has suffered from load factors as low as 63 percent in the past and also from a poor image, inefficiencies and carrying too many employees. Nov 11, 2009

Malev Hungarian

Malev Hungarian Airlines expects a final decision about its future ownership by the end of this month. The airline currently is 99.5 percent owned by the AirBridge consortium, which is backed by Russia's Vneshekonombank. It was privatized in 2006. Meanwhile, management is doing everything possible to stabilize Malev, Makhlouf said. Its current fleet of 30 aircraft will be reduced to 20 for the winter season, with most of the remainder parked, and 30 percent of its 1,500 employees will be laid off. The fleet will rise back to 28 aircraft for the summer 2010 schedule. "Our plan is to increase the MA fleet by three steps, up to 40 aircraft, by 2012," he said. It plans to double its Q400 fleet to eight in the near future and remains committed to its letter of intent for 30 Sukhoi Superjet 100s. "We will focus on extending our network in Eastern Europe, with the first enhancements on these routes starting in January." Nov 11, 2009

Norwegian Air

A new low cost carrier offering long haul services is to be set up in Scandinavia. Backers of FEEL AIR are working with Norwegian investment bank DnBNOR Markets to raise USD42m to finance the operation. The aim is to launch the first flights from Oslo and Stockholm next spring to New York and Bangkok. Kai Holmberg, FEEL AIR's ceo, said fares would be "50 percent lower than existing competition". He said the airline would be based on the Ryanair and AirAsiaX models but with a "Virgin-style employment and branding philosophy." www.feelair.com Nov 12, 2009

Norwegian Air

Norwegian will issue up to 1.62 million new shares, corresponding to some 5 percent of the outstanding total, in a capital raising expected to generate NOK250-NOK260 million (USD43.9-USD45.7 million) based on Friday's closing price. "We see new opportunities ahead. This combined with Norwegian's positive development makes the timing good for strengthening the company's financial position and flexibility even further," CEO Bjorn Kjos said. HBK Invest AS, a company controlled by Kjos and DY Chairman Bjorn Kise, will reduce its holding in the airline from approximately 32 percent to around 29 percent. "Norwegian has reached a size where I find it natural to open up for new investors, both Norwegian and international ones. The goal is to build a strong and committed investor base for further expansion. In addition, more available shares will make the share more attractive," Kjos said. Nov 9, 2009

S7 Airlines, Aeroflot

S7 Airlines this week dismissed rumors that surface regularly in the Russian media that it will be absorbed by Aeroflot and confirmed that it is on track to join oneworld in November 2010. "I'm sure Aeroflot would like to acquire us and our network, but we are not for sale," Credit Risk and Alliance Manager Ilya Alexandrovskiy stressed. S7, which was technically bankrupt in February but since has restructured its debt, is "operational in excellent shape," Alexandrovskiy added. "The decision last winter to ground our Tupolev and Ilyushin fleet and operate only Western-built aircraft allowed us to be profitable," he noted, stating that S7 was profitable for the nine-month period ended Sept. 30. Traffic in the first nine months fell 15 percent-20 percent "in line with the Russian market." Implementation of oneword joining requirements is progressing "well," he said. "We are on track to formally join in November next year." Nov 13, 2009

SAS Scandinavian

Operating revenue for SAS dropped by 16.6 percent to SEK11m (EUR1m) for the third quarter from SEK13.2m (EUR1.3m) in the same period last year. The three months to the end of September also saw a 14.7 percent drop in passengers but a rise in net income from a SEK1,986m (EUR191.6m) loss last year to a SEK152m (EUR14.7m) profit. For the nine months to the end of September, SAS said its operating revenue dropped 13.8 percent to SEK34,595m (EUR3.3bn), passenger numbers were down 15.8 percent to 18.8m and net income fell from a profit of SEK3,571m (EUR334.4m) to a loss of SEK1,643m (EUR158.5m). SAS said that during the third quarter, the global economy remained very weak. It added: For the SAS Group, the third quarter was characterised by an increased load factor, but weaker yield. "The fall in yield is primarily attributable to lower demand for business travel and increasing competition. "However, the load factor was strengthened as a result of the comprehensive capacity reductions we implemented in line with the SAS Group's strategic approach, Core SAS, and the many aggressive market initiatives we have carried out." www.flysas.com Nov 9, 2009

TUI Travel, Boeing

TUI Travel aims to cut its carbon footprint with technologically-advanced Boeing 787 aircraft joining its fleet [ETH] although the recession means it has cancelled 10 of the 23 it had originally ordered. The travel giant generates an annual carbon footprint of 7.6m tons by flying its 30 million customers on holiday each year. Speaking at the launch of World Travel MarketOs World Responsible Tourism Day, chief executive Peter Long said TUI had cut its emissions by 8 percent between 2007-08, partly thanks to efficiencies created with the First Choice/Thomson merger, but in the next three or four years, it hopes to cut a further 6 percent. Nov 11, 2009

Turkish Airlines, Airbus

Airbus on Friday confirmed Turkish Airlines' order for three A330-300s and an MOU for two A330-200Fs. It said the 319-seat -300s will begin delivering in September 2010 rather than the originally reported 2012. Turkish THY now has ordered 10 A330-300s. Nov 9, 2009

ZZ AirGuideBusiness 091116

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Date:Nov 16, 2009
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