(Centre for Aviation, Sydney, 31 December 2020) On 31-Dec-2020 IAG announced that its subsidiary British Airways had received commitments for a GBP 2 billion five-year term loan facility underwritten by a syndicate of banks. On 8-Jan-2021 easyJet announced a GBP1.4 billion five year facility,...
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2020/12/29
Country: Sweden
Issue: Aircraft
(VnExpress International, Hanoi, 6 December 2020) Swedish financial institutions have proposed a commercial loan to develop aviation projects in Vietnam, including the Long Thanh International Airport. The Swedish Export Credit Agency and the state-owned Export Credit Corporation in Sweden have...
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2020/12/29
Country: Ireland, Norway, USA
ECAs: Export-Import Bank of the United States
Issue: Aircraft
(Irish Times, Dublin, 7 December 2020) Norwegian Air Shuttle secured a crucial lifeline on Monday when the High Court granted the embattled carrier and five Irish subsidiaries protection from creditors. Norwegian owes creditors, mainly aircraft lessors and banks, more than $5 billion (€4.1...
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2020/09/30
Country: USA
ECAs: Export-Import Bank of the United States
Issue: Aircraft, Transparency
(New York Times, Fairfax, 4 September 2020) In 1971 at the urging of banking lobbyists, the U.S. Export-Import Bank created the Private Export Funding Corporation (PEFCO), a private entity owned by over two dozen banks and a handful of big corporations. It has operated under consecutive 25-year...
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2020/08/30
ECAs: UK Export Finance (UKEF)
Issue: Aircraft, Corruption
(Pomerantz LLP, New York, 29 August 2020) New York law firm Pomerantz has initiated a class action on behalf of Airbus investors who acquired Airbus securities in the U.S. between February 24, 2016, and July 30, 2020, On January 31, 2020,...
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2020/07/31
Country: Brazil, USA
ECAs: Export-Import Bank of the United States
Issue: Aircraft
(Reuters, Washington, 30 July 2020) The U.S. Export-Import Bank said on Thursday its board of directors approved a $97.2 million working capital loan guarantee for Brazilian aircraft maker Embraer’s U.S.-based business jet subsidiary. The federal export credit agency said the guarantee for the...
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2020/07/29
Country: United Kingdom, USA
ECAs: Export-Import Bank of the United States
Issue: Aircraft
(JSUPRA, Sausalito, 16 July 2020) The use of Export Credit Agency (ECA) financing in the aviation industry has ebbed and flowed over the years, and it is often during turbulent times that it has proved to be most popular. Given the current COVID-19 pandemic and the unprecedented downturn...
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2020/06/29
Country: USA
Issue: Aircraft
(Aviation Week, London, 15 June 2020) The U.S. Export-Import Bank (EXIM) is back in the business of supporting Boeing and General Electric (GE)—leading aerospace and defense companies that served as the face of alleged corporate welfare to anti-bank critics in recent years. Last week, EXIM said...
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2020/06/29
Country: China, France, Germany, Italy, United Kingdom, USA
Issue: Aircraft
(Reuters, Paris, 9 June 2020) France launched what it billed a 15-billion-euro ($17 billion) support plan for its aerospace industry on Tuesday, accelerating research on a green jetliner and warning 100,000 French jobs could be lost due to the coronavirus crisis. The plans - which include 7...
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2020/05/30
Country: United Kingdom
ECAs: Export-Import Bank of the United States, UK Export Finance (UKEF)
Issue: Aircraft, Common Approaches, European Union, OECD
Member: Global Witness
(Lexology, London, 30 April 2020) While businesses lobby governments for support, there have been suggestions that ECAs may need to step up to fill a reduced commercial debt capacity for aircraft. During the 2008-2009 global financial crisis, European ECAs financed up to a third of annual...
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2020/04/29
Issue: Aircraft
(Global Capital, London, 2 April 2020) Private sector insurance companies have written extensive guarantees for the purchase of new aircraft from Boeing and Airbus in the past two years, filling a gap in the market left by the retreat of US Eximbank and European export credit agencies. But with...
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2020/03/30
Country: France, Spain, USA
Issue: Aircraft
(Aviation Today, Rockville MD, 24 March 2020) Airbus partially resumed assembly and production work in France and Spain on March 23, while Boeing will temporarily suspend the majority of its U.S.-based airplane production activity beginning March 25 as the two commercial aerospace giants...
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2020/02/29
Country: France, Germany, Korea, Malaysia, United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Aircraft, Corruption
(Reuters, Paris, 3 February 2020) Fallout from the Airbus bribery scandal reverberated around the world on Monday as the head of one of its top buyers temporarily stood down and investigations were launched in countries aggrieved at being dragged into the increasingly political row. Prosecution...
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2020/01/29
Country: France, Germany, United Kingdom, USA
ECAs: UK Export Finance (UKEF)
Issue: Aircraft, Corruption
(Reuters, London, 28 January 2020) Airbus faces a record $4 billion fine and lower 2019 profits after unveiling a preliminary deal with French, British and U.S. authorities following a crippling three-year probe into allegations of bribery and corruption over jetliner sales. The European...
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2019/11/29
Country: Canada, South Africa, United Kingdom
ECAs: Export Development Canada
Issue: Aircraft, Corruption
(Corporate Jet Investor, London, 21 November 2019) A judge in the UK courts has ruled that the sale of Global 6000 ZS-OAK can now go ahead, after Export Development Canada (EDC) settled its litigation with Westdawn Investments. Westdawn Investments is a South African company that is owned by...
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