A bit more on the bonds issue:Miscellaneous recent news:-
Etihad’s new baggage policy a simple cash grab: how does it stack up to competitors? - Blue Swan Daily
Cuts Continue at Etihad as Barber/Beauty Salon Eliminated from First/Business Lounges - View from the Wing
Etihad May Default on $1.2 Billion in Bonds - View from the Wing
On the plus side, Etihad & Mercedes-Benz Announce New Chauffeur Service Partnership - One Mile at a Time.
Etihad's problems weren't caused by their operations, it was their completely idiotic investments in flailing airlines.Strategic, thanks as some are articles I'd suggest many of us would not have viewed.
Given my speciality is not accounting, do you perceive that EY would still be losing large sums of money each day?
It doesn't strike me that cutting small but memorable items like PJs is a good strategy, going by how often such sleepwear or the absence thereof is discussed on air traveller fora.
Etihad Airways is looking at introducing a premium economy cabin to offer a wider variety of fares, according to airline group CEO Tony Douglas, at the same time as it scales back its global ambitions following almost US$3.5 billion in losses.
This will likely include cancelling scores orders for Airbus and Boeing jets as Etihad puts the brakes on a long-running and costly attempt to close the gap with larger Persian Gulf rivals Emirates and Qatar Airways.
Douglas said the focus on Abu Dhabi will prioritize point-to-point flights over the 'super-hub' model that the carrier previously pursued as it sought to attract customers making flights between Asia, Europe, Africa and the Americas.
That in turn it will reduce the need to swell the fleet from about 110 planes now. Etihad currently has one of the biggest backlogs in global aviation with 98 unfilled orders at Airbus and 77 with Boeing.
Etihad has scrapped some marginal routes including San Francisco and Edinburgh and further destinations are also likely to be abandoned, though others, such as Barcelona, will be opened, the CEO said.
Etihad has already retreated from the so-called equity alliance strategy devised by former chief James Hogan, which saw it splurge cash on a clutch of struggling carriers, among which Air Berlin and Alitalia filed for insolvency last year.
Douglas said that he’s open to closer relations with Dubai-based Emirates, while adding that it is for the owners of the two carriers to decide whether they should in any way be brought together.
“There is a proximity, we are like-minded, on a personal level we get on extremely well, and where there is opportunity in a non-competing way to get mutual advantage, frankly why wouldn’t you? For us it would probably be looking to learn, as simple as that.”
Etihad last month posted a US$1.52 billion core airline loss for 2017, narrowing from US$1.95 billion a year earlier, when demand was hurt as the low price of crude weighed on oil-producing Gulf economies. Revenue improved 3.4 percent last year though passenger numbers were virtually static at 18.6 million.
You can’t put a price on ego thoughIn 2018, Etihad posted a further $1.28 billion loss.
EY is far from the only major airline with large accumulated losses - MH is another one - but one has to consider how much longer governments can afford to keep bailing such entities out when there's subjectively better things to spend funding on.