Court grants stay in Air Seychelles winding-up process

Estonia’s Nordica to restructure after €7.2mn 1H23 loss

Nordica (ND, Tallinn Lennart Meri) and Xfly (Estonia) parent Nordic Aviation Group has triggered “a process to turn the company around” by hiring aviation advisory firm Knighthood Global in an effort to put the Estonian state-owned company back on the path of profitability, it announced on August 1.

The move came as Kristen Michal, who as the newly appointed climate minister recently took responsibility for the airline, ordered the supervisory board to carry out “a special audit” after the company posted a preliminary loss of EUR7.2 million euros (USD7.9 million) for the first half of the year.

“The special audit follows a situation today where Nordica’s financials have taken a nosedive in a very short period of time,” he said.

Jan Palmér, chief executive of both Nordica and Xfly, sent the board a letter of resignation last week, which the board accepted. In his place as interim CEO is now Remco Althuis, a commercial advisor and the head of the turnaround consultancy team. Althuis has previously worked in managerial positions at KLM...

Air Seychelles eyes A321neo; diversifies with ACMI, charters

Prosecutor probes Montenegro Airlines' would-be Etihad deal

UAE's Etihad Airways to double fleet to 150 aircraft - CEO

Etihad Airways (EY, Abu Dhabi International) aims to "double its fleet to 150 aircraft" enabling it to triple its passenger capacity to 30 million by the end of the decade, Chief Executive Officer Antonoaldo Neves has told Reuters.

This follows a shift in strategy to focus on medium to long-haul destinations, moving away from operating ultra-long-haul flights where competition is intense and profitability challenging, Neves said. The plan is to connect China, Southeast Asia, India and the Gulf Cooperation Council (GCC) countries to Europe and the US East Coast.

"Our mandate is very clear. We don't fly to places where we don't make money," he said.

Last October, Abu Dhabi sovereign wealth fund ADQ took full control of the airline, appointing Neves who had previously led a turnaround at TAP Air Portugal (TP, Lisbon). The UAE airline wrapped up a five-year turnaround plan and signalled renewed aspirations to become a leading global airline after it scaled back following the impact of Covid-19. At the end of 2021, Etihad had placed its...