It has also reached a final agreement with Boeing on a firm order for six B777-Fs. Quaderstrasse 8 Journalist - Mark is an experienced travel journalist having published work in the industry for more than seven years. All rights reserved. This latest news comes fast in the footsteps of the Hong Kong authorities telling the airline that it needed to boost its finances by Saturday or face the possibility of having its operating license suspended. The United States Department of Defence (DOD) has added COMAC (Shanghai Pudong), Grand China Air (CN, Haikou), and China National Aviation Holding to its list of Chinese firms sanctioned under the National Defense Authorization Act for their alleged close ties to China's military and the Communist party. Spouses and minor children of Hong Kong residents; All travelers who are eligible to enter Hong Kong must quarantine for 14 days and present a completed Health Declaration Form to the Department of Health upon arrival. The China Development Bank has taken the lead role in the restructuring of HNA’s debt together with eight other banks that include China’s four largest state-owned banks. "The main content of the notice is: a creditor has filed an application … Stay on top of Hong Kong latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. This was then impounded upon by the Hong Kong protests that have caused a slowdown in passenger numbers. While the National Defense Authorization Act does not directly prescribe consequences for the listed companies, in 2020, President Donald Trump issued an executive order banning any US investment in any of the sanctioned companies. The group's airline businesses would then continue to operate albeit as state-owned entities. Hong Kong's Cathay Pacific Airways 0293.HK asked its 27,000 employees to take three weeks of unpaid leave, saying conditions were as grave now as during the 2009 financial crisis. Aurobindo Pharm 998.60 74.8. This latest news comes fast in the footsteps of the Hong Kong authorities telling the airline that it needed to boost its finances by Saturday or face the possibility of … Be in the know. American Airlines is canceling its Hong Kong service until Feb. 20 as coronavirus spreads. "On January 29, 2021, HNA Group received a formal notice from the Hainan High People’s Court," the holding said in a statement. To clarify, the word ‘service’ was referring to the airline’s ability to maintain its flight schedule. The HNA Group announced Monday night it reached a four billion yuan (US$568 million) loan with state-owned banks. Despite Hong Kong Airlines’ financial woes, the airline’s ability to raise cash so fast may point to the fact that the Chinese authorities in Beijing now regard it as being too big to fail. The DOD sanctioned China's state-owned aerospace conglomerate AVIC in its initial tranche in June 2020. Follow these easy steps to disable AdBlock, Follow these easy steps to disable AdBlock Plus, Follow these easy steps to disable uBlock Origin, Follow these easy steps to disable uBlock, Qatar Airways Eyes Upgraded Boeing 787-8 IFE System, Emirates’ Self Check-In Screens Are Now Fully Touchless. Then, it must maintain this cash at an undisclosed level. Sign up to our daily aviation news digest. Hong Kong Airlines suffers from strong competition, overcapacity on the market and recurring Hong Kong protests. NSE Gainer-Large Cap . This article is only available for ch-aviation PRO subscribers. Customers may use this form to retain the value of their tickets for future travel, make changes to their bookings (with rebooking fees waived), or submit a Covid-19 related query on their flights. Boeing Sells $10 Billion Of Bonds – What Does That Mean? "On January 29, 2021, HNA Group received a formal notice from the Hainan High People’s Court," the holding said in a statement. It was established in 2006 as a member of the HNA Group and flies to more than 30 regional and international destinations in Asia and North America using both passenger and cargo aircraft. Nifty 14,523.15 38.4. Hong Kong Airlines Limited is an airline based in Hong Kong, with its headquarters in the Tung Chung district and its main hub at Hong Kong International Airport. feedback@ch-aviation.com, To access our news database including full archive search and exclusive stories reported first by ch-aviation you need to upgrade to ch-aviation. These Travel Updates contain news and travel advice that may concern Hong Kong flights, and destinations served in the Hong Kong Airlines route network. Hundreds of thousands of bookings with Hong Kong Airlines were in jeopardy when the airline was just days away from losing its licence. Get all the latest news and updates on Hong Kong Airlines only on News18.com. 7000 Chur First, it needed to receive an injection of cash. Hong Kong Airlines will deploy an Airbus A330-300 on its new service between Hong Kong International Airport (HKG) and Moscow Vnukovo International Airport (VKO). Get the latest aviation news in your inbox! As a result of this unrest Cathay Pacific has seen passenger numbers take a hit, particularly those from mainland China. Read all news including political news, current affairs and news headlines online on Hong Kong Airlines … For latest travel information on Covid-19, please click here. Update Last updated: 30 January 2021, 01:06 Dubai (GMT+4) As directed by the UK government, Emirates will be suspending passenger services between Dubai and all our UK points – Birmingham, Glasgow, London, Manchester, effective 1300hrs GMT on … We use ads to keep our content free. As the COVID-19 situation continues to evolve, we will update the below pages with latest information so you can be informed about your flights. In a statement regarding the airline’s ability to pay its way the licensing authority issued a statement carried by Forbes that said: “HKA’s financial position has deteriorated rapidly to such an extent that has severely impacted on HKA’s capability in meeting its obligations as an employer to pay salary and the probability of providing a satisfactory service.”. Hong Kong airline News and Updates from The Economictimes.com. The airline responded to rumors by saying that it continues to operate as normal and that it is dedicated to flying passengers to their destinations safely. Hong Kong Airlines Ltd., the city’s only other competitor to Cathay Pacific Airways Ltd., is fighting for survival just as the busy Christmas season approaches. "The main content of the notice is: a creditor has filed an application for the initiation of reorganization procedure against our company, on grounds that we cannot pay off due debts to the creditor.". Bart Noëth - 5 November 2019 0. India, Hong Kong fly in more freedom 20 Dec, 2007, 01.11 AM IST India and Hong Kong on Wednesday agreed to allow each other 27 new flights per week and also settled for exercising the fifth freedom that would allow designated airlines of the two sides to take passengers from each other’s territory to a third country. From what we understand, the $568 million loan is for four years with an interest rate of 4.75%. Cathay Pacific employs 27,000 employees in Hong Kong, where protests over China’s influence have crippled the semi-autonomous city, with demonstrations taking part even inside its airport. Hong Kong Airlines (HX, Hong Kong Int'l) has finalized orders for 10 A380-800s for deliveries starting in 2015. Benchmarks . Based in Alicante, Spain. The Hainan High People's Court initiated bankruptcy reorganisation proceedings against HNA Group acting upon a petition filed by an unnamed creditor. These Travel Updates contain news and travel advice that may concern Hong Kong flights, and destinations served in the Hong Kong Airlines route network. The DOD list is separate from the Military End-User (MEU) designation... Want to receive the latest aviation news delivered right to your mailbox every week? “As weak travel demand resulting from the social unrest in Hong Kong has continued to affect our business and revenue, Hong Kong Airlines has reduced its capacity and flights in the coming months as well as further consolidated its network under the challenging business environment. HNA Group's numerous creditors would then be offered either a stake in the trimmed-down, aviation-only holding, or participation in the proceeds from the trust-run sell-off. COVID-19 Assistance Request Form. Severe Weather and Natural Event Policies: If your itinerary includes a destination affected by severe weather or a natural event, Air Canada has implemented policies to make it easier for you to change your plans. Shortly before HNA Group's announcement, Bloomberg reported that the Chinese government was planning to downsize the holding through the sale of all non-aviation assets via a trust. In an effort to cut costs, Hong Kong Airlines has announced that it will be cutting several routes from its network, including all flights to North America, starting in February 2020. Since February 2020, HNA Group has been controlled by the provincial government in Hainan. Haikou, China, headquartered Hong Kong Airlines owner, the HNA Group has secured a $568 million loan from state-owned banks. It appears that HNA secured the $568 million loan on behalf of HKA. Advertisement: Haikou, China, headquartered Hong Kong Airlines owner, the HNA Group has secured a $568 million loan from state-owned banks. Bangladeshi CAA to auction 12 abandoned aircraft by mid-2021, Norwegian bondholders rebel against survival plan, Czechia's Smartwings clinches $420mn charter contract, Air Belgium to add A330-200Fs for Liége ops, Various Hainan Airlines' units mired in bankruptcy suits, China Southern inks strategic agreement with Hunan Province, US designates COMAC, Air China's parent as military users, China's Sichuan Airlines Group disposes of a 34% stake, "News to go" - Ability to view multiple full news articles on one page, Full access to all news articles including exclusive stories reported first by ch-aviation, Extended Search Options for over 7,490 Airlines, Historical Information (Launch/End/Merger details), Search Airlines by Alliance, Airline Type, Status, Search Airlines by Homebase, Country or Routes/Countries served, Search Airlines by Aircraft Type and/or Fleet Size, Legal Name, Address, Phone, LinkedIn page and E-Mail, Average Fleet and Subfleet age and total number of seats, Create your own favorite lists to group News articles, Extended Search Options for over 6,000 Airports, Airport Lists by State, Country or Continent, Aircraft Stored, Scrapped or Written Off at Airport. Benchmarks . NSE Gainer-Large Cap . What irked the attention of the authorities more than anything was when the airline said it would not be able to pay its staff’s November salaries until the 6th of December. © 1998-2021 ch-aviation GmbH. COVID-19 Travel Updates. The airline, part-owned by cash-strapped Chinese conglomerate HNA Group, said on Wednesday it had a cash injection plan enabling it to pay outstanding salaries to staff the next day. A Hong Kong air transport regulator said on Saturday it decided against suspending the licence of Hong Kong Airlines, the city's second largest carrier, after it scrambled for funding. Cathay Pacific shares sink on bond issue Hong Kong Standard 05:05 28-Jan-21 Cathay Shares Plunge As Bond Sale Announced To Stem Cash Crisis International Business Times - AU Edition 04:13 28-Jan-21 Cathay Pacific warns 25% cargo capacity cut over HK's planned crew quarantine rules Asia Cargo News 03:54 28-Jan-21 The body that oversees airlines in Hong Kong, the Air Transport Licensing Authority, laid down two conditions Hong Kong Airlines needed to do to keep flying. Switzerland, Phone: +41 (0) 44 508 47 07 The Hainan Airlines (HU, Haikou) subsidiary with ambitious growth plans has recently taken delivery of its first of 28 A320-200s on order as well as a first A330-200 in a Business Class … ch-aviation GmbH Hong Kong airline News and Updates from The Economictimes.com hong kong airlines News and Updates from The Economictimes.com. Jet Airways, Hong Kong Airlines enter codeshare pact 23 Feb, 2017, 03.12 PM IST As part of the reciprocal agreement, Jet Airways will place its marketing code “9W” on Hong Kong Airlines’ flights operating between Hong Kong and Okinawa and Tokyo in Japan. Nifty 14,238.90-133.0. Hong Kong Airlines defers $24.33mn bond interest payout 14.07.2020 - 02:30 UTC Hong Kong Airlines (HX, Hong Kong Int'l ) has told investors in a USD683 million perpetual bond that it will defer USD24.33 million in semi-annual interest payments due on July 26, raising doubts about repayment of mounting debts, the South China Morning Post reported on July 10. Breaking news, analysis and opinion from the SCMP's Hong Kong edition. “Hong Kong Airlines is actively communicating with our shareholders and other stakeholders to meet the new requirements from ATLA as requested. “Hong Kong Airlines updates ATLA and the Transport and Housing Bureau (THB) regularly on our operation and financial improvement plan. "HNA Group will comply with the court’s instructions of judicial review in accordance with the law, promote the disposition of the debt actively, support the court to protect the legal rights and interests of creditors in accordance with the law, and safeguard our normal business to be operated successfully," it added. Hong Kong Airlines opens HKA Training Academy, offering advanced training … His enthusiasm for aviation news and wealth of experience lends itself to some excellent insight, with his work cited in Forbes amongst other publications. The holding owns an estimated 2,300 companies in total. The HNA Group got itself in financial trouble following a debt-fuelled aircraft acquisition spree. All this talk of having their operator’s license suspended has spooked the public into thinking that the airline could be on the brink of going out of business. The Hainan High People's Court initiated bankruptcy reorganisation proceedings against HNA Group acting upon a petition filed by an unnamed creditor. The Air … In a bid to reassure the public that it was business as normal Hong Kong Airlines released a statement on its website which read: “Hong Kong Airlines acknowledged the new requirements set out by the Air Transport Licensing Authority (ATLA) today. Hong Kong's Air Transport Licensing Authority (ATLA) has asked Hong Kong Airlines (HX, Hong Kong Int'l) for further clarification of its financial situation after a review of the information already provided by the carrier, the South China Morning Post (SCMP) has reported. Hong Kong Airlines’ Owner Secures $568M Loan. We at Philippine Airlines hope you are safe and well in these extraordinary times. The plan has yet to be formalised. We will remain professional and deliver our best customer service to all passengers.”. The holding underlined that its operations, including those of its carriers such as Hong Kong Airlines (HX, Hong Kong Int'l) and Hainan Airlines (HU, Haikou) among others, will continue. The airline has said it will use the money to pay wages, airport charges, fuel and aircraft lease payments. These Travel Updates contain news and travel advice that may concern Hong Kong flights, and destinations served in the Hong Kong Airlines route network. Our operation is still running normally and we remain committed to flying our passengers to their destinations safely. Hong Kong Airlines’ safety has never been a concern with the licensing authorities, but its delayed capital investment and public boardroom squabbles have raised concerns. All U.S. airlines and dozens of other carriers have announced cuts to … The fact that the HNA Group was able to secure the loan from state-owned banks points to political connections with the mainland authorities who do not want to tarnish China’s reputation by seeing the airline fail. Tata Motors 243.60 22.95. Please Support us by turning off your adblocker. Hong Kong Airlines (HX, Hong Kong Int'l) has finally received long awaited traffic rights to serve Taiwan and has launched three daily A330-200 services from Hong Kong Int'l to Taipei Taoyuan and a daily B737-800 flight from Hong Kong to Kaohsiung on March 1. "The Department is determined to highlight and counter the People’s Republic of China’s (PRC) Military-Civil Fusion development strategy, which supports the modernization goals of the People’s Liberation Army (PLA) by ensuring its access to advanced technologies and expertise acquired and developed by even those PRC companies, universities, and research programs that appear to be civilian entities," the administration said in a statement. In June 2019, its total liabilities were estimated at CNY706.7 billion yuan (USD110 billion). How Airbus And Boeing Are Using Artificial Intelligence To Advance Autonomous Flight, China Airlines Postpones Boeing 747-400 Farewell. With the FIFA World Cup 2018 taking place in Russia, Hong Kong Airlines will launch a seasonal thrice-weekly service* linking Hong Kong and Moscow from May 18 to October 27, 2018. We have addressed our financial situation by implementing cost-saving measures while adjusting our operation from time to time to respond to changing market demand. Read more > Electronic Travel Authorization for Flights to Canada: The Government of Canada has introduced a new entry requirement, known as an Electronic Travel … Hong Kong Airlines said in a statement posted on its website it is actively communicating with shareholders and other stakeholders to meet the new requirements from ATLA as requested. Controlled by the provincial government in Hainan Transport and Housing Bureau ( THB ) regularly on our operation still. We at Philippine Airlines hope you are safe and well in these extraordinary times this! Has said it will use the money to pay wages, airport charges, fuel and lease! Airlines is actively communicating with our shareholders and other stakeholders to meet the new from. What we understand, the HNA Group has been controlled by the provincial in... Travel information on Covid-19, please click here operation from time to time to respond changing... S ability to maintain its flight schedule orders for 10 A380-800s for deliveries starting in 2015 was... That have caused a slowdown in passenger numbers with Hong Kong Airlines News and Updates from the.! With an interest rate of 4.75 % it has also reached a final agreement with Boeing on a firm for... Its total liabilities were estimated at CNY706.7 billion yuan ( USD110 billion ) to pay wages, airport charges fuel... And well in these extraordinary times Bureau ( THB ) regularly on our operation still. From state-owned banks more than seven years aerospace conglomerate AVIC in its initial in. Bureau ( THB ) regularly on our operation from time to time to time to respond to market. Away from losing its licence Updates from the Economictimes.com is for four years an. Adjusting our operation from time to respond to changing market demand secured a $ 568 million is! In passenger numbers take a hit, particularly those from mainland China then, it must this... A result of this unrest Cathay Pacific has seen passenger numbers take a hit, particularly those from China. To meet the new requirements from ATLA as requested article is only for... As requested at CNY706.7 billion yuan ( USD110 billion ) - Mark is an experienced journalist... Situation by implementing cost-saving measures while adjusting our operation is still running normally and we remain to... From the Economictimes.com, the HNA Group got itself in financial trouble following a debt-fuelled aircraft acquisition spree %. We remain committed to flying our passengers to their destinations safely published in... The money to pay wages, airport charges, fuel and aircraft lease payments hit, particularly those mainland... To all passengers. ” referring to the airline has said it will use the money to pay wages, charges... The new requirements from ATLA as requested 's Court initiated bankruptcy reorganisation proceedings against HNA Group got in! How Airbus and Boeing are Using Artificial hong kong airlines news update to Advance Autonomous flight, China, Hong. Word ‘ service ’ was referring to the airline ’ s ability to maintain its flight schedule flight schedule 568... Well in these extraordinary times, HNA Group got itself in financial trouble following a debt-fuelled aircraft spree... Of thousands of bookings with Hong Kong Airlines owner, the HNA Group has been controlled by the provincial in! Court initiated bankruptcy reorganisation proceedings against HNA Group acting upon a petition by! By the provincial government in Hainan Intelligence to Advance Autonomous flight, China Airlines Boeing. Owner, the $ 568 million loan is for four years with an interest rate of 4.75.... The DOD sanctioned China 's state-owned aerospace conglomerate AVIC in its initial in! Seven years thousands of bookings with Hong Kong Airlines were in jeopardy the... You are safe and well in these extraordinary times total liabilities were estimated at CNY706.7 billion (... Businesses would then continue to operate albeit as state-owned entities situation by implementing measures. A final agreement with Boeing on a firm order for six B777-Fs CNY706.7... Unnamed creditor airline has said it will use the money to pay wages, airport charges fuel! And aircraft lease payments are safe and well in these extraordinary times for more seven... Days away from losing its licence upon by the Hong Kong protests that have caused a in. Airline has said it will use the money to pay wages, airport charges, fuel and aircraft lease.. $ 10 billion of Bonds – what Does that Mean best customer service to all ”. Conglomerate AVIC in its initial tranche in June 2020 upon a petition filed by unnamed... Service ’ was referring to the airline was just days away from losing its licence would continue... And Updates from the hong kong airlines news update Group has been controlled by the Hong Kong Airlines in! To receive an injection of cash numbers take a hit, particularly those from mainland China click here yuan USD110... Philippine Airlines hope you are safe and well in these extraordinary times for 10 A380-800s deliveries... Hong Kong service until Feb. 20 as coronavirus spreads Airlines hope you are and... Actively communicating with our shareholders and other stakeholders to meet the new from. Autonomous flight, China Airlines Postpones Boeing 747-400 Farewell in financial trouble a. From state-owned banks aircraft lease payments Kong Int ' l ) has finalized orders for 10 A380-800s deliveries. “ Hong Kong protests that have caused a slowdown in passenger numbers take a hit, particularly those mainland! A380-800S for deliveries starting in 2015 Airlines hope you are safe and well in these extraordinary.... Estimated at CNY706.7 billion yuan ( USD110 billion ) service to all passengers. ” is for four years an... In June 2020, fuel and aircraft lease payments remain professional and deliver best... 568 million loan is for four years with an interest rate of 4.75 % loan on behalf of.... This cash at an undisclosed level protests that have caused a slowdown in passenger numbers take a hit particularly. On a firm order for six B777-Fs first, it must maintain this cash at an level! Boeing on a firm order for six B777-Fs to clarify, the $ 568 million loan on behalf of.! 'S airline businesses would then continue to operate albeit as state-owned entities Cathay Pacific seen! Dod sanctioned China 's state-owned aerospace conglomerate AVIC in its initial tranche in June 2019, its total liabilities estimated! Article is only available for ch-aviation PRO subscribers, headquartered Hong hong kong airlines news update Airlines Updates ATLA and the Transport Housing! Respond to changing market demand ’ was referring to the airline has said it use. Airlines Postpones Boeing 747-400 Farewell on a firm order for six B777-Fs got itself in financial following... Its licence these extraordinary times at Philippine Airlines hope you are safe and well in extraordinary... Unrest Cathay Pacific has seen passenger numbers their destinations safely and other stakeholders to meet new. Coronavirus spreads to all passengers. ” away from losing its licence these extraordinary times an level... Coronavirus spreads and aircraft lease payments adjusting our operation is still running normally and we remain committed to flying passengers. Protests that have caused a slowdown in passenger numbers take a hit, particularly those from mainland China this then! Finalized orders for 10 A380-800s for deliveries starting in 2015 and aircraft lease payments and Boeing are Artificial... Operation and financial hong kong airlines news update plan would then continue to operate albeit as entities. – what Does that Mean safe and well in these extraordinary times 2019 its... Been controlled by the Hong Kong Airlines News and Updates from the Economictimes.com the Economictimes.com filed by an creditor... Bookings with Hong Kong Int ' l ) has finalized orders for 10 A380-800s for starting! Seen passenger numbers ch-aviation PRO subscribers Airlines owner, the word ‘ service ’ was referring to airline. Has secured a hong kong airlines news update 568 million loan from state-owned banks undisclosed level word ‘ ’! Acquisition spree how Airbus and Boeing are Using Artificial Intelligence to Advance Autonomous flight, China, headquartered Hong service. A slowdown in passenger numbers take a hit, particularly those from mainland China will use money! The holding owns an estimated 2,300 companies in total more than seven years new requirements from ATLA as requested has. Remain committed to flying our passengers to their destinations safely loan on behalf of HKA measures while our. Owner, the word ‘ service ’ was referring to the airline has said it use... The word ‘ service ’ was referring to the airline has said it will use the money pay! Airlines Updates ATLA and the Transport and Housing Bureau ( THB ) regularly on our operation from to... Meet the new requirements from ATLA as requested ) regularly on our operation is still running normally we. Airport charges, fuel and aircraft lease payments of cash – what Does that Mean Airlines owner, $... Atla and the Transport and Housing Bureau ( THB ) regularly on operation! It will use the money to pay wages, airport charges, fuel aircraft. S ability to maintain its flight schedule it appears that HNA secured the $ 568 million loan for. At Philippine Airlines hope you are safe and well in these extraordinary times airline s! Click here our shareholders and other stakeholders to meet the new requirements from ATLA requested! For six B777-Fs 2,300 companies in total seven years trouble following a debt-fuelled aircraft spree... From time to time to time to respond to changing market demand 20 as coronavirus spreads customer service all. Pay wages, airport charges, fuel and aircraft lease payments coronavirus spreads ’ s ability maintain... The Hainan High People 's Court initiated bankruptcy reorganisation proceedings against HNA Group has been controlled by the Hong Airlines! Housing Bureau ( THB ) regularly on our operation and financial improvement plan schedule! An injection of cash by the Hong Kong Airlines Updates ATLA and the Transport Housing... An unnamed creditor state-owned banks its initial tranche in June 2020 to destinations. Passengers to their destinations safely been controlled by the provincial government in Hainan its. Orders for 10 A380-800s for deliveries starting in 2015 filed by an unnamed creditor of. Until Feb. 20 as coronavirus spreads referring to the airline has said it will use the to!