Tag Archives: 767-300

SkyGreece Airlines to file for bankruptcy protection and reorganization

SkyGreece Airlines (Athens) was a short-lived airline with interests in both Greece and Canada. The airline started operations on June 22, 2014 and abruptly ended all operations last month stranding passengers, especially in Canada. The company has issued this statement about its intention to file for bankruptcy protection in Canada:

SkyGreece logo (large)

SkyGreece Airlines, S.A. on September 3 announced that, with the authorization and approval of its board of directors, the company has filed a Notice of Intention to Make a Proposal (Notice of Intention) pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (BIA) (Canada).

Pursuant to the Notice of Intention, Ernst & Young Inc. (EY) has been appointed as the trustee in the company’s proposal proceedings (the Proposal Trustee) and in that capacity will monitor and assist the company in its restructuring efforts.

It was determined by the company’s board of directors that as a result of the company’s current financial situation, seeking protection under the BIA would be in the best interests of the company and all of its stakeholders. This was a very difficult decision for SkyGreece. The company ultimately determined that this was the best course of action to ensure that all of its creditors, including passengers, were treated equitably. While under BIA protection, the company will continue with its efforts to resume service, while determining the best way to see that all parties are compensated fairly.

A Notice of Intention is the first stage of a restructuring process and allows the company to pursue a restructuring of its financial affairs and operations, through a formal Proposal to creditors. This filing has the effect of imposing an automatic stay of proceedings (Stay) that will protect the company and its assets from the claims of creditors and others while the company pursues its restructuring.

SkyGreece was founded with a commitment to providing economical, customer-focused air travel between Athens, Toronto, Montreal, Budapest, Zagreb and New York. In spite of its recent challenges, the company looks forward to serving passengers again soon and to doing everything it can to take care of those passengers who have been recently affected.

SkyGreece is actively working to quickly improve customer communications by establishing a customer and creditor support centre, which it hopes to have operational in the coming days.

Copyright Photo: TMK Photography/AirlinersGallery.com. SkyGreece Airlines Boeing 767-31A ER SX-BPN (msn 26470) is pictured sitting at Toronto’s Pearson International Airport (YYZ).

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WestJet’s first Boeing 767-300 arrives today in Calgary with a new logo

WestJet 767-300 WL (15)(Grd)(WestJet)(LR)

WestJet (Calgary) today (August 27) ushers in a new era in the airline’s 19-year history with the arrival early this morning of the first of four Boeing 767-300 extended range aircraft, allowing the airline to begin serving Europe and other regions of the world from Canada on a non-stop basis. Inaugural wide-body flights will begin in early September.

WestJet 767-300 WL (15)(Flt)(WestJet)(LR)

Featuring a new teal and blue maple leaf-themed logo (above) that will eventually appear on all WestJet aircraft, the airline’s 767s seat 262 guests and have a range of approximately 11 hours.

WestJet 767-300 Cabin (WestJet)(LR)

The aircraft will include a Plus cabin with 24 premium seats in a two-by-two configuration, hot meals and all of the other amenities associated with Plus (above). The main cabin has 238 seats, with two seats on either side of the aircraft and three in the middle. By next spring all four 767s will be equipped with WestJet Connect, the airline’s new inflight entertainment and wireless connectivity system.

The four aircraft will arrive separately over the next eight months. The aircraft that arrives today will begin service in September and operate flights between Toronto and Calgary for the next several months. With the arrival of two additional wide-bodies this fall, the 767s will be flying from Alberta to Hawaii and between Toronto and Montego Bay, Jamaica beginning in December. The fourth and final aircraft will arrive next spring just prior to the launch of WestJet’s new service to London (Gatwick) in May 2016.

Following discussions over the summer with airports across the country, the airline will announce the Canadian cities from which it will operate its summer schedule, including to London, in mid-September.

Images: WestJet.

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Delta to offer two new seasonal routes next summer across the Atlantic

 

Delta Air Lines (Atlanta) and Virgin Atlantic Airways (London) will offer customers two new routes across the Atlantic with the introduction of Delta’s nonstop service from Salt Lake City to London (Heathrow) and New York (JFK) to Edinburgh, Scotland, beginning in May 2016.

Starting May 1, 2016, Salt Lake City will be Delta’s eighth U.S. destination from Heathrow and the only nonstop service between London and the Mountain West.

Daily nonstop service between New York-JFK and Edinburgh will begin on May 26, 2016. Delta’s new service from Scotland’s capital city joins Virgin Atlantic’s three times weekly summer seasonal service from Glasgow to Orlando.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Boeing 767-332 ER N1613B (msn 32776) arrives in Los Angeles.

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Delta issues this statement regarding the Skymark Airlines’ creditors choice of ANA for the recovery

Delta Air Lines (Atlanta) has issued this statement about the choice of ANA (All Nippon Airways) (Tokyo) to lead the recovery of bankrupt Skymark Airlines (Tokyo):

Delta logo

Creditors have chosen ANA, Japan’s largest airline, to sponsor financially troubled Skymark Airlines’ rehabilitation. Skymark is Japan’s third-largest airline.

Delta had offered to back an alternative plan, an indication of its commitment to serving the region.

Masaru Morimoto, Delta’s managing director of Japan, thanked Skymark’s creditors and business partners for their support of the Creditors’ Rehabilitation Plan. The company said while Delta will not be able to support Skymark as a sponsor airline, Delta’s desire remains for Skymark to recover as one of the three largest Japanese airlines.

“Delta’s strategy in Japan remains strong and the company will continue its ongoing focus on improving the customer experience and network offerings,” he said.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Boeing 767-332 ER N196DN (msn 28453) approaches the runway at Narita International Airport (NRT) near Tokyo.

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Air Canada sets new records for daily passengers

Air Canada (Montreal) said it achieved a single-day record for passengers carried on July 30 and it  expected to surpass its record again yesterday as Canadians take to the skies for the August holiday long weekend. On July 30 Air Canada welcomed an estimated 141,000 customers on board its aircraft, and the July 31 forecasted bookings indicated that number was expected to grow to approximately 150,000.

Copyright Photo: James Helbock/AirlinersGallery.com. Air Canada’s leisure unit, Air Canada rouge Boeing 767-333 ER C-FMWQ (msn 25584) arrives in Las Vegas.

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UPS exceeds forecasts for the second quarter, international operating profit jumps 17%

UPS (United Parcel Service) (UPS Airlines) (Atlanta and Louisville) today announced second quarter 2015 diluted earnings per share of $1.35, a 12% increase over adjusted results for the same period last year. All three segments improved operating profit and margin, led by International and Supply Chain and Freight performance.

The company continued:

UPS-We Love Logistics logo

Highlights:

  • All Segments Improve Profitability and Expand Margins
  • International Operating Profit Jumps 17%
  • Export Shipments up 5.5% with Strong Intra-Europe Growth
  • Supply Chain and Freight Operating Profit Climbs 18%
  • Revenue Growth Dampened by Changes in Currency and Fuel Prices
  • 2015 EPS Growth at Higher End of 6%-to-12% Guidance Range

Currency exchange rates and lower fuel surcharges reduced total reported revenue growth. Total revenue declined 1.2% from the same quarter last year to $14.1 billion. Pricing initiatives continue to drive base rates higher.

“During the quarter, UPS continued to invest for the future by expanding capacity and launching new capabilities that provide higher value to customers,” said David Abney, UPS chief executive officer. “The strong momentum in our International segment is expected to continue and gives us confidence in achieving the upper end of our guidance range.”

On a reported basis, operating profit increased $1.2 billion, and diluted earnings per share was up $0.86. In the second quarter of 2014, UPS reported diluted earnings per share of $0.49, which included a $665 million after-tax charge for the transfer of certain post-retirement liabilities to defined contribution healthcare plans.

Total company shipments increased 2.1% over the second quarter last year to 1.1 billion packages, led by U.S. Deferred Air products and International Export shipments.
Cash Flow

For the six months ended June 30, UPS generated $3.3 billion in free cash flow. The company paid dividends of $1.3 billion, an increase of 9.0% per share over the prior year. UPS also repurchased 13.5 million shares for approximately $1.4 billion.

U.S. Domestic Package

U.S. Domestic revenue increased $140 million over the second quarter last year to $8.8 billion. Shipment growth was led by Deferred Air products up 15% and UPS SurePost which increased more than 8%. Total daily deliveries grew 1.8% due to a slower pace of B2C (business-to-consumer) growth.

Operating profit was $1.2 billion, up $35 million or 3.0% over prior-year adjusted results. Operating margin expanded to 13.6% as improved pricing and productivity offset higher benefit costs.

On a reported basis, operating profit increased $992 million after the transfer of certain post-retirement liabilities to defined contribution healthcare plans, which occurred in the second quarter of last year.

Continued improvements in base rates were offset by lower fuel surcharges. Revenue per package was flat, as changes in fuel surcharges dropped reported yield by almost 300 basis points.

International Package

Currency-adjusted International revenue was up 1.5% over the same period last year. UPS daily Export shipments increased 5.5%, primarily due to an 8.5% increase in intra-Europe shipments. The strong dollar drove U.S. imports higher, while U.S. exports were down slightly.

International operating profit increased $81 million, or 17% over the adjusted results for the same period in 2014. Network improvements, volume growth and pricing initiatives all contributed to expanded operating margin and increased profitability. The segment experienced growth from middle-market accounts and improved premium product sales.

On a reported basis, operating profit increased $108 million after the transfer of certain post-retirement liabilities to defined contribution healthcare plans in the second quarter of last year.

Underlying base rates were up across all regions, though revenue per package decreased 2.4% on a currency-neutral basis. Lower fuel surcharges reduced reported revenue per package by about 350 basis points.

Supply Chain & Freight

Supply Chain & Freight revenue declined 4.5% to $2.2 billion, due to Forwarding revenue management initiatives, currency and lower fuel surcharges at UPS Freight. Operating profits improved $31 million, or 18% over the adjusted results for the same quarter 2014, driven by gains in Forwarding.

On a reported basis, operating profit increased $113 million after the transfer of certain post-retirement liabilities to defined contribution healthcare plans that occurred in the second quarter of 2014.

UPS Forwarding operating profit and margin expanded as the business unit continued to implement a disciplined pricing strategy across key trade lanes. The unit also benefited from improved market conditions and customer mix. Forwarding tonnage and revenue dropped during the quarter, primarily due to revenue management initiatives and the impact of currency fluctuations.

Distribution revenue increased at a mid-single digit growth rate. Growth in Mail services, Healthcare and Aerospace industries contributed to revenue improvements.

UPS Freight revenue declined 2.5% due to lower fuel surcharges and a drop in tonnage driven by changes in customer mix and slowing market growth. LTL (less-than-truckload) revenue per hundredweight growth remained positive, with a 1.4% gain.

Outlook

“The second quarter results reflect continuing gains in our International business,” said Richard Peretz, UPS chief financial officer. “Even though the U.S. economy appears to be growing at a slower pace, our global portfolio and performance reinforces our expectations to attain the higher-end of the guidance range.”

The company’s guidance for 2015 full-year diluted earnings per share is $5.05 to $5.30, a 6% to 12% increase over adjusted 2014 results.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Boeing 767-34AF N302UP (msn 27240) arrives in Anchorage, Alaska.

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Air Canada to transfer more winter routes to rouge

Air Canada (Montreal) is planning to transfer additional routes to its leisure subsidiary Air Canada rouge (Toronto-Pearson) (YYZ) for the upcoming winter season. According to Airline Route, the carrier will transfer or start the following routes:

Toronto – Sarasota/Bradenton (A319) (October 24)

Toronto – Fort Lauderdale/Hollywood (A319 and 767-300) (October 25)

Toronto – Panama City (767-300) (October 25)

Montreal – Fort Lauderdale/Hollywood (A319 and 767-300) (December 16)

Vancouver – Kona, Hawaii (767-300) (December 19)

Montreal – Tampa (A319) (January 15, 2016)

Montreal – West Palm Beach (A319) (January 15)

Montreal – Nassau (A319) (January 17)

Toronto – Barbados (767-300) (January 7)

Copyright Photo: TMK Photography/AirlinersGallery.com. Not operating under the rouge brand, Air Canada’s Boeing 767-3Q8 ER C-FJZK (msn 29386) waits for the next assignment at the YYZ base.

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