Tag: Collapses

Singapore Air to Raise S$850 Million After Travel Collapses

(Bloomberg) — Singapore Airlines Ltd. plans to raise as much as S$850 million ($630 million) via the sale of convertible bonds as it seeks to increase liquidity amid a pandemic that’s wiped out travel demand.



a large passenger jet sitting on top of an airport tarmac: Ground staff prepare as a Boeing Co. 787-10 Dreamliner aircraft, operated by Singapore Airlines Ltd., stands docked to a passenger boarding bridge at Changi Airport in Singapore, on Wednesday, March 28, 2018. In May, Osaka and Perth will be first scheduled destinations for the airline's new 787-10s.


© Bloomberg
Ground staff prepare as a Boeing Co. 787-10 Dreamliner aircraft, operated by Singapore Airlines Ltd., stands docked to a passenger boarding bridge at Changi Airport in Singapore, on Wednesday, March 28, 2018. In May, Osaka and Perth will be first scheduled destinations for the airline’s new 787-10s.

The funds will be used for operating cash flow, to service debt and for capital expenditure, Singapore’s flagship carrier said in an exchange filing Thursday. The pricing of the convertible notes is expected shortly.

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Singapore Airlines said Monday that it planned to raise additional liquidity in the debt capital markets and through a sales and lease-back deal after reporting its biggest quarterly net loss.

Read more: Covid-19 Drives Singapore Air to Worst Quarterly Loss on Record

The airline has already raised S$11.3 billion through a rights offering and loans, and is cutting 20% of its workforce. The carrier’s cash burn rate has fallen to below S$300 million a month currently, from about S$350 million during the three months through July.

Read more: Singapore Air Unlikely to Find Profit in 2H: Earnings Outlook

HSBC Holdings Plc will help to manage the note sale.

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©2020 Bloomberg L.P.

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Travel to Spain collapses as coronavirus hits

FILE PHOTO: People sunbathe on Ondarreta beach, amid the coronavirus disease (COVID-19) outbreak, in San Sebastian, Spain, May 30, 2020. REUTERS/Vincent West

MADRID (Reuters) – International tourist arrivals to Spain fell 87% year-on-year in September, data showed on Tuesday, as coronavirus restrictions and a rapid rise in cases put many off visiting.

After a disastrous summer season, when few visitors came despite the lifting of lockdowns, many had hoped the stricken tourist sector, which normally accounts for 12% of economic output, would improve in September.

But September’s year-on-year fall was even steeper than the 76% drop recorded in August, while tourists spent 90% less in September than in the same month a year ago.

Over the first nine months of the year, some 16.8 million foreign tourists visited Spain, around 75% fewer than in the same period of 2019, the National Statistics Institute (INE) said.

France now accounts for the largest group of foreign tourists after the number of Britons – who last year made up a fifth of international visitors – plunged 81% between January and September.

Still, officials in the Canary Islands were optimistic that some of the winter season there could be salvaged after Germany and Britain removed travel restrictions to the archipelago

While Spain’s gross domestic product rebounded in the third quarter, the economy was still 8.7% smaller than a year ago.

Reporting by Nathan Allen, Editing by Inti Landauro and Ingrid Melander

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Travel to Spain Collapses as Coronavirus Hits | World News

MADRID (Reuters) – International tourist arrivals to Spain fell 87% year-on-year in September, data showed on Tuesday, as coronavirus restrictions and a rapid rise in cases put many off visiting.

After a disastrous summer season, when few visitors came despite the lifting of lockdowns, many had hoped the stricken tourist sector, which normally accounts for 12% of economic output, would improve in September.

But September’s year-on-year fall was even steeper than the 76% drop recorded in August, while tourists spent 90% less in September than in the same month a year ago.

Over the first nine months of the year, some 16.8 million foreign tourists visited Spain, around 75% fewer than in the same period of 2019, the National Statistics Institute (INE) said.

France now accounts for the largest group of foreign tourists after the number of Britons – who last year made up a fifth of international visitors – plunged 81% between January and September.

Still, officials in the Canary Islands were optimistic that some of the winter season there could be salvaged after Germany and Britain removed travel restrictions to the archipelago

While Spain’s gross domestic product rebounded in the third quarter, the economy was still 8.7% smaller than a year ago.

(Reporting by Nathan Allen, Editing by Inti Landauro and Ingrid Melander)

Copyright 2020 Thomson Reuters.

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