Etihad e compagnie aeree nella sua sfera d'influenza
- Autore Discussione kenyaprince
- Data d'inizio
Che poi alla fine stavano per introdurla qualche tempo fa, ma è successo che la maggioranza è andata sotto al parlamento di Abu Dhabi perché quel giorno erano tutti (con una carriola ripiena di dollari) puntualmente a ritirare la loro parte di utili stratosferici che macina Etihad da secoli...e hanno così approvato la mozione dell'opposizione: villa con piscina per tutti.
Uno scandalo.
UAE's Etihad scrambles to shore up $1.2bn bonds
Sources say airline is urgently examining ways to avert a technical default of bonds
Etihad Airways is urgently examining ways to avert a technical default of some $1.2 billion in bonds indirectly linked to the Gulf airline, sources close to the situation told Reuters.
An Amsterdam-based special purpose vehicle called SPV Equity Alliance Partners (EAP) was set up in 2015 and issued two bonds for Etihad and other airlines it partially owned at the time, including Alitalia and Air Berlin, which are both now insolvent.
The bonds are quoted at a discount of more than 25 cents on the dollar after Alitalia entered special administration and Air Berlin filed for bankruptcy protection last year.
Etihad could now end up spending hundreds of millions of dollars to keep the bond structure alive, although it is not legally obliged to do so as there is no cross-default provision in the bond documentation, the sources said.
With more than $400 million of EAP debt in the hands of United Arab Emirates investors, there is political and reputational pressure on the Abu Dhabi carrier to avoid a default in March and Etihad is holding internal talks to assess whether and how to support the bonds, the sources said.
An Etihad spokesman declined to comment on the bonds, the proceeds of which were used to enter into separate debt obligations with each entity involved, with those of Alitalia and Air Berlin each amounting to around 19 percent.
Until now a credit enhancement mechanism has covered coupon payments which were due to be paid by the defaulting airlines, but if this "liquidity pool" is used to pay coupons due in March and June it will drop below 75 percent of the original balance.
This would trigger a "remarketing event" in which defaulted debt obligations would be auctioned for cash, according to the documentation of the EAP bonds, a $700 million bond maturing in 2020 and a $500 million bond due to be repaid in 2021.
Etihad spent billions of dollars on airline acquisitions that failed to deliver expected returns. The state-owned airline once owned minority stakes in eight other carriers.
At the time of the bond issues through EAP, they were seen as strengthening Etihad's partnerships with the other airlines. However, it has since sold two, while Alitalia and Air Berlin have declared insolvency.
Etihad posted its first loss in six years in 2016 and began a strategic overhaul. Last month it pulled its Airbus freighter fleet from service and asked some pilots to take unpaid leave.
None of the potential solutions are straightforward, the sources said, but Etihad could reach one over the next few weeks and one idea being considered, two sources said, is that Etihad could buy Alitalia's mini-bond within EAP.
Etihad agreed at the end of 2016 to repay the principal of Alitalia's portion of debt issued by EAP, equivalent to $235 million. But this was signed before Alitalia's workers rejected a restructuring plan for the Italian carrier in early 2017, leading the company to bankruptcy.
With Alitalia now under administration, it is not clear whether the agreement would succeed in repaying Alitalia's debt in the EAP bonds, as it could be used by the administrator to repay Alitalia's more senior creditors.
Alitalia did not respond to a request for comment.
Another option might be for Etihad to pay directly into the EAP bonds' liquidity pool, to guarantee coupon payments.
"If Etihad does nothing, they'll end up paying a lot. If they don't try to save EAP, their reputation for sophisticated financial management would take a battering," one source said.
http://www.arabianbusiness.com/banking-finance/388982-uaes-etihad-scrambles-to-shore-up-12bn-bonds
Sources say airline is urgently examining ways to avert a technical default of bonds
Etihad Airways is urgently examining ways to avert a technical default of some $1.2 billion in bonds indirectly linked to the Gulf airline, sources close to the situation told Reuters.
An Amsterdam-based special purpose vehicle called SPV Equity Alliance Partners (EAP) was set up in 2015 and issued two bonds for Etihad and other airlines it partially owned at the time, including Alitalia and Air Berlin, which are both now insolvent.
The bonds are quoted at a discount of more than 25 cents on the dollar after Alitalia entered special administration and Air Berlin filed for bankruptcy protection last year.
With more than $400 million of EAP debt in the hands of United Arab Emirates investors, there is political and reputational pressure on the Abu Dhabi carrier to avoid a default in March and Etihad is holding internal talks to assess whether and how to support the bonds, the sources said.
An Etihad spokesman declined to comment on the bonds, the proceeds of which were used to enter into separate debt obligations with each entity involved, with those of Alitalia and Air Berlin each amounting to around 19 percent.
This would trigger a "remarketing event" in which defaulted debt obligations would be auctioned for cash, according to the documentation of the EAP bonds, a $700 million bond maturing in 2020 and a $500 million bond due to be repaid in 2021.
Etihad spent billions of dollars on airline acquisitions that failed to deliver expected returns. The state-owned airline once owned minority stakes in eight other carriers.
At the time of the bond issues through EAP, they were seen as strengthening Etihad's partnerships with the other airlines. However, it has since sold two, while Alitalia and Air Berlin have declared insolvency.
Etihad posted its first loss in six years in 2016 and began a strategic overhaul. Last month it pulled its Airbus freighter fleet from service and asked some pilots to take unpaid leave.
None of the potential solutions are straightforward, the sources said, but Etihad could reach one over the next few weeks and one idea being considered, two sources said, is that Etihad could buy Alitalia's mini-bond within EAP.
Etihad agreed at the end of 2016 to repay the principal of Alitalia's portion of debt issued by EAP, equivalent to $235 million. But this was signed before Alitalia's workers rejected a restructuring plan for the Italian carrier in early 2017, leading the company to bankruptcy.
With Alitalia now under administration, it is not clear whether the agreement would succeed in repaying Alitalia's debt in the EAP bonds, as it could be used by the administrator to repay Alitalia's more senior creditors.
Alitalia did not respond to a request for comment.
Another option might be for Etihad to pay directly into the EAP bonds' liquidity pool, to guarantee coupon payments.
"If Etihad does nothing, they'll end up paying a lot. If they don't try to save EAP, their reputation for sophisticated financial management would take a battering," one source said.
http://www.arabianbusiness.com/banking-finance/388982-uaes-etihad-scrambles-to-shore-up-12bn-bonds
In pratica rischiano il default per il pagamento di un bond all' epoca emesso per finanziare AZ e AB e che adesso si ritrovano sul groppone. La situazione finanziaria di Etihad sembra quindi decisamente compromessa.
Cesare, capisco che l'articolo usa termini tecnici ma hai preso lucciole per lanterne. Etihad non rischia il default, lo si evince da "although it is not legally obliged to do so as there is no cross-default provision in the bond documentation". Che, in parole povere vuol dire che se le obbligazioni saltano, Etihad ci rimette - al massimo - la reputazione.
Citando qualcuno di nostra conoscenza (
), qualcuno si fara' male finanziariamente ma non sara' certo Etihad a meno che non decida di farlo!Cristallino.Cesare, capisco che l'articolo usa termini tecnici ma hai preso lucciole per lanterne. Etihad non rischia il default, lo si evince da "although it is not legally obliged to do so as there is no cross-default provision in the bond documentation". Che, in parole povere vuol dire che se le obbligazioni saltano, Etihad ci rimette - al massimo - la reputazione.
Citando qualcuno di nostra conoscenza (
La questione è principalmente politica nel senso che fra chi perderà i soldini nel caso EY non si accolli il bond ci sono influenti investitori locali.
Etihad phasing out five Boeing 777-200LRs after U.S. routes cut
Come da titolo, Etihad mette in vendita cinque 772 che erano impiegati su rotte con il Nord America: https://finance.yahoo.com/news/etih...g-777-200lrs-u-routes-150825458--finance.html
Come da titolo, Etihad mette in vendita cinque 772 che erano impiegati su rotte con il Nord America: https://finance.yahoo.com/news/etih...g-777-200lrs-u-routes-150825458--finance.html
Etihad silently phases out 20 planes within a month
The review Etihad Airways, the Abu Dhabi-based ME3 carrier, is currently undergoing brought a wind of change to its fleet. Just within last month the Gulf carrier decided to phase out at least 20 aircraft according to media reports.
On February 4, 2018, Reuters reported that Etihad is planning to ground – and perhaps sell - five of its Boeing 777-200 LR aircraft. The planes are believed to be no longer needed as they were used on flights to the United States on routes that are being reduced.
A week earlier, on January 29, 2018, European Aviation announced an agreement to purchase ten Etihad’s A340 aircraft: seven A340-600 and three A340-500. According to a statement by the company, the aircraft are going to be delivered “over the next few months”.
On January 24, 2018, it was also reported that Etihad chose to dispose of five Airbus cargo aircraft. According to Reuters, five A330 freighters were grounded with the intention to sell or lease them, as the carrier opted for an all-Boeing freighter fleet.
In its February 2017 report, Etihad disclosed a fleet of 122 passenger and cargo aircraft and 175 deliveries foreseen between 2017 and 2025. However, the carrier is known to be undergoing a review launched in 2016, which includes a new fleet and network plan.
As it became known in July, 2017, the year 2016 marked a significant financial loss of $1.87 billion and the first time the airline actually reported a loss since becoming profitable in 2011.
Also in 2017, Etihad said goodbye to its long-term chief executive James Hogan, who was famous for bold strategy of attracting traffic to Abu Dhabi hub by buying minority stakes in often troubled foreign airlines. Two of these airlines – Alitalia and Air Berlin – filed for administration in 2017.
Hogan’s strategy was rumored to be the reason for his leave and partially blamed for the carrier’s financial losses, as it saw an $808 million charge on certain assets and financial exposures to equity partners in 2017. Some sceptics have even recently suggested a merger with Emirates as the “most logical” solution to the gulf carrier’s financial and strategic “woes” attributed to unsuccessful past investments.
Aerotime
The review Etihad Airways, the Abu Dhabi-based ME3 carrier, is currently undergoing brought a wind of change to its fleet. Just within last month the Gulf carrier decided to phase out at least 20 aircraft according to media reports.
On February 4, 2018, Reuters reported that Etihad is planning to ground – and perhaps sell - five of its Boeing 777-200 LR aircraft. The planes are believed to be no longer needed as they were used on flights to the United States on routes that are being reduced.
A week earlier, on January 29, 2018, European Aviation announced an agreement to purchase ten Etihad’s A340 aircraft: seven A340-600 and three A340-500. According to a statement by the company, the aircraft are going to be delivered “over the next few months”.
On January 24, 2018, it was also reported that Etihad chose to dispose of five Airbus cargo aircraft. According to Reuters, five A330 freighters were grounded with the intention to sell or lease them, as the carrier opted for an all-Boeing freighter fleet.
In its February 2017 report, Etihad disclosed a fleet of 122 passenger and cargo aircraft and 175 deliveries foreseen between 2017 and 2025. However, the carrier is known to be undergoing a review launched in 2016, which includes a new fleet and network plan.
As it became known in July, 2017, the year 2016 marked a significant financial loss of $1.87 billion and the first time the airline actually reported a loss since becoming profitable in 2011.
Also in 2017, Etihad said goodbye to its long-term chief executive James Hogan, who was famous for bold strategy of attracting traffic to Abu Dhabi hub by buying minority stakes in often troubled foreign airlines. Two of these airlines – Alitalia and Air Berlin – filed for administration in 2017.
Hogan’s strategy was rumored to be the reason for his leave and partially blamed for the carrier’s financial losses, as it saw an $808 million charge on certain assets and financial exposures to equity partners in 2017. Some sceptics have even recently suggested a merger with Emirates as the “most logical” solution to the gulf carrier’s financial and strategic “woes” attributed to unsuccessful past investments.
Aerotime
Pare che anche l'avventura in Jet Airways (9W) sia prossima alla conclusione:
http://www.business-standard.com/ar...stake-in-jet-airways-capa-118030100541_1.html
Another one bites the dust (cit.)
Precisiamo un momento la battuta. Non volevo dire un'altra che Jet Airways chiude. E' comunque un'altra compagnia aerea che se ne va da Etihad Partners. Non so se Air Seychelles sia ancora nel gruppo ma si e' data una ridimensionata drastica, se non mi sbaglio dovrebbero essere rimaste Air Serbia (?) e Virgin Australia.
Non l'hanno chiusa l'esperienza con EAP, rimangono solo le quote di partecipazione se ricordo bene.