ARC NEWS
El Al secures financing for 787-8
July 31, 2023
El Al has signed an agreement to cover the financing of its 16th Boeing 787-8. The Israeli flag carrier says in a 27 July stock-market disclosure that it has entered into a memorandum of understanding with a "foreign investment bank". The loan will be provided by two special-purpose vehicles incorporated in Japan and is guaranteed by UK Export Finance. The airline notes that the aircraft, scheduled for delivery in July, is powered by Rolls-Royce engines. Under the terms of the agreement, El Al is not able to repay the loan early, expect under specific circumstances. Fleets data shows the carrier has three 787-8s in operation and one on order.


Airlink loses latest court bid to recover funds from SAA
July 28, 2023
A court in South Africa has dismissed an application from Airlink to recover R890 million ($51 million) from its former franchise and commercial partner South African Airways. The Johannesburg High Court ruled on 25 July that SAA did not owe funds derived from ticket sales for Airlink flights prior to the flag carrier's voluntarily placing itself in business rescue on 5 December 2019 but payable after that date. SAA says the ruling upheld two previous judgements on the same matter, by the South African Supreme Court of Appeal and the High Court in 2020. Airlink had requested that payments owed for flown and unflown tickets before SAA went into business rescue in 2019 not be treated as "pre-commencement debts" under the restructuring process, as Airlink would otherwise not be deemed a concurrent creditor under the plan. SAA says this application was dismissed and that Airlink was ordered to pay costs. "We welcome the judgement and hope this finally lays this matter to rest," states SAA interim chief executive John Lamola. "SAA's journey through business rescue was both painful and necessary." Airlink's managing director Rodger Foster says he respects the court's decision. "It is, after all, the duty of the company's leadership to explore every available avenue to recover the funds," he adds. "Meanwhile, we will continue to focus on growing Airlink as an independent, financially robust, commercially vibrant, competitive and sustainable airline."


​Etihad returns A380 to service
July 27, 2023
Etihad Airways has reactivated a first Airbus A380, deploying it on the London Heathrow route. "The aircraft adds much-needed capacity connecting Abu Dhabi with London Heathrow, and allows us to build our network and increase frequencies across the network," states Etihad chief executive Antonoaldo Neves. "With a surge in demand for travel over the summer, the return of our much-loved A380 comes at the perfect time." In December 2022, Etihad disclosed a plan to reactivate four of its 10 A380s from this year's summer season. The fleet had been placed in storage in 2020, amid the pandemic.


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