Scandinavian budget carrier Norwegian is putting up slots at London Gatwick as part of an exchange package as it seeks to delay repayment of unsecured bonds. The airline says it is requesting extension of the maturity dates for two sets of unsecured bonds – designated NAS07 and NAS08 – until November 2021 and February 2022. These bonds originally had due dates of December 2019 and August 2020. Norwegian says the request to delay the repayment is intended to "ensure successful operations" and provide "adequate liquidity headroom". It points out that the value of the Gatwick slot portfolio exceeds that of the $380 million nominal value of the bonds. The airline stresses that it operational performance "continues to improve" with projected earnings of NKr6-7 billion ($658-768 million) at EBITDAR level for the year, despite the impact of the Boeing 737 Max grounding and the technical issues affecting its Rolls-Royce Trent-powered Boeing 787s. But Norwegian says that, while it has been making "significant" progress, its working capital has been "negatively affected" – to around NKr1.5 billion – by the aircraft problems. "In addition, terms in the credit-card acquirer market have tightened," it adds, putting the impact of amounts not received from these acquirers at NKr4 billion during the second quarter.

Source: FlightGlobal

French carrier Aigle Azur has filed for bankruptcy, but will continue to operate flights during a "period of observation". The Paris Orly-based airline says it was placed in receivership on 2 September, under a judicial administrator, and that court bankruptcy proceedings having been initiated. Previously, on 27 August, the carrier had been put under the control of a temporary administrator at the request of the carrier's president, Frantz Yvelin. That came after what the company describes as a "totally ugly" situation in which a minority shareholder attempted to take control of the business. Several media outlets have reported that French businessman Gerard Houa – who controls around 20% of Aigle Azur via Luxembourg-based entity Lu Azur – tried to install himself at the airline's helm. Aigle Azur says it has filed a complaint over this move, which was rejected by 80% of shareholders. China's HNA Group is the airline's largest shareholder with a 48% stake, while airline investor David Neeleman owns 32%. Flights by Aigle Azur have been "assured" during a "period of observation", the airline says.

Source: FlightGlobal

US investigators have determined that a McDonnell-Douglas DC-9 freighter depressurised after sustaining serious damage to a bulkhead from unsecured cargo. The Everts Air Alaska aircraft (N935CE) had departed the Alaskan airport of Bethel on 23 December 2017. US National Transportation Safety Board investigators found that a pallet jack – a small trolley designed to lift and move pallets – had moved during flight, striking the aft pressure bulkhead. The jack had come loose because a tie-down fastener had failed, says the NTSB in conclusions released on 23 August. It states that the aircraft suffered "substantial" damage during the event, and depressurised, but that it managed to return safely to Bethel. "Inspection revealed a tie-down fastener for the pallet jack had pulled out," the NTSB adds. None of the three occupants – two pilots and a cargo handler – were injured. While the NTSB does not give the year of manufacture for the jet, Cirium fleets data shows the DC-9-30 was originally delivered to Scandinavia's SAS in 1969 and subsequently operated for carriers including ABX Air.

Source: FlightGlobal