Pakistan’s PIA leases out its Heathrow slots for the summer
21.07.2023 – 03:52 UTC
PIA – Pakistan International Airlines (PK, Islamabad International) has lent its London Heathrow slots over to other carriers for the IATA 2023 summer season as the UK Civil Aviation Authority continues to blacklist all Pakistani carriers. However, plans are afoot in Islamabad to have that flight ban lifted and see PIA resume flying to London.
According to filings with airport slot coordinators, PIA has surrendered six weekly slot pairs to Vietnam Airlines (VN, Hanoi) between April 1 and October 2023, as well as ten weekly slots pairs to Kuwait Airways (KU, Kuwait) between March 26 and October 22, 2023.
The slots are made available to airlines at London Heathrow on a use-it-or-lose-it basis, with airlines holding slots required to use them at least 70% of the time. The CAA banned PIA in 2020 in the wake of a pilot licence forgery scandal. However, by leasing out its slots to carriers which will use them, PIA complies with the terms of its slot contract. Heathrow Airport, which…
Viet Nam’s Bamboo Airways denies bankruptcy speculation
17.07.2023 – 23:49 UTC
Bamboo Airways (QH, Hanoi) has denied rumours it is considering filing for bankruptcy, with the airline issuing a short statement on July 14 saying it was operating “stably.” The denial came a week after Dang Ngoc Hoa, chairman of the board at Vietnam Airlines (VN, Hanoi), publicly stated that he was aware of “a fairly large airline in Vietnam” talking to the government about applying for creditor protection.
Bamboo Airways, which has pursued an aggressive expansion strategy since its first flights in 2019, recently reported a VND17.6 trillion dong (USD747.8 million) loss for calendar 2022 and significant boardroom upheavals, including replacing its most recent CEO, who had served in the role for two months, as well as the board chairman, who served 16 days in the role.
Simmering away in the background is an ongoing series of financial deals to raise capital, rejig shareholdings, and facilitate loans. The newest chairman, Le Thai Sam, now owns a 53.6% stake in Bamboo Airways after he purchased 772 million additional shares in exchange for…
Another board shake-up at Viet Nam’s Bamboo Airways
14.07.2023 – 00:25 UTC
Less than two months into the job, the chief executive officer of Bamboo Airways (QH, Hanoi) has resigned. The airline announced the resignation of Nguyen Minh Hai on July 11, saying deputy chairman Nguyen Ngoc Trong would step in and serve as Acting CEO. Meanwhile, a former executive at JAL – Japan Airlines (JL, Tokyo Haneda) served an even briefer tenure at the carrier’s chairman.
The departure caps a period of board transition at the airline, with multiple members resigning following a large annual loss, then getting re-elected at an annual general meeting in June. Hai, a former deputy general director of Vietnam Airlines (VN, Hanoi), took on the CEO’s role in May. He said restoring the airline to profitability under a new investor, the Him Lam Corporation, was a top priority. Vietnamese language media outlets reported that Hai’s departure was linked to the airline’s restructuring.
This week’s board meeting also approved the June re-election of Le Thai Sam, Oshima Hideki, Le Ba Nguyen, and Nguyen Ngoc Trong. Notably, Sam, who…
