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Spirit Airlines wants to transfer two Chicago airport gate to United Airlines for $30 Million
Spirit 'Aviation has filed a court document asking the 'U.S. Bankruptcy Court' for the Southern District of New York for approval to transfer two O'Hare Airport gates to United Airlines at a cost of $30.2 million. Spirit filed for bankruptcy in August 2025 - a second attempt - as it struggled to deal with mounting losses and dwindling reserves. In an effort to shed its non-core assets, the company has already left 14 airports. It also'rejected leases on over 80 aircraft. Spirit Airlines, as part of its network optimization program,?determined that it did not need all four preferential airport gates at Chicago O'Hare International Airport. In December, the airline reassigned these gates to American Airlines. According to the filing two major airlines made bids on gates G12 and G14. Spirit claimed that United had the best price-performance combination. According to a court filing in November, Spirit had approximately 32 departures on peak days from O'Hare, which have since been halved. If approved by the court ?in late February, Spirit said it ?will use the $30.2 million assignment fee to prepay term loans as defined in its ?debtor-in-possession credit agreement. Spirit obtained an additional $100m in emergency funding to support its operations. (Reporting and editing by Aurora Ellis, Emelia Sithole Matarise, and Doyinsola Oladipo in New York)
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Spirit Airlines wants to transfer two Chicago airport gate to United Airlines for $30 Million
Spirit Aviation has filed a court document requesting court approval to transfer two airport gate?to United Airlines. The cost is $30.2 million. Spirit Aviation determined that it did not need all four of the preferential gates at Chicago O'Hare International Airport as part of its network optimization. In December, the airline had reassigned 2 of these gates to American Airlines. Spirit filed for bankruptcy a second-time in August 2025 as it struggled with dwindling reserves and mounting losses. In an effort to reduce non-core assets, the company has already left 14 airports. It also rejected leases on over 80 aircraft. According to the filing, two major carriers submitted bids. Spirit claimed that United had the best and highest?combination? of price and operational fit. Spirit has said that if the court approves the assignment, it will use the $30.2 Million fee to pay off debt. Reporting by Doyinsola Oladipo, New York; editing by Aurora Ellis
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IndiGo is under investigation by India's Competition regulator after a mass cancellation of flights
IndiGo's flight cancellations that occurred in December rattled India's air travel industry, and the competition regulator ordered an investigation. IndiGo, India’s largest airline based on market share, cancelled 4,500 flights during the first two weeks of December. This left tens and thousands of passengers stranded across the country, raising concerns about the lack of competition in one of the fastest growing aviation markets in the world. The?Competition Commission of India published an order on its website on Wednesday stating that IndiGo has a "dominant" position in the domestic aviation market due to its extensive network, large fleet and financial strength. CCI: "By cancelling thousands of flights, IndiGo effectively withheld their service from the market. This created an artificial scarcity and limited consumer access to travel at times of 'peak demand. The regulator issued an order after allegations of antitrust violation against the airline. A lawyer filed the complaint, alleging that IndiGo's cancellations of hundreds of flights led to a huge increase in prices and inconvenience for passengers. The regulator stated that due to the airline’s strong dominance on the market, consumers were locked into using their services and had no viable alternatives. IndiGo's behavior 'appeared adversely to affect competition in India. The CCI?said. This prompted a formal investigation. The airline didn't immediately respond to our request for comment. In January, India's aviation regulator fined IndiGo $2.45m for the first time. It also issued warnings to senior managers and ordered the airline to remove its head of?operations? control from his position. The Directorate General of Civil Aviation conducted an investigation into the airline following the implementation of stricter rules on pilot rest and duty last year. (Reporting and editing by Nishit Navin, Anil D'Silva, Shilpa Majumdar).
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CK Hutchison initiates arbitration against Panama Canal Ports Contract ruling
Hong Kong-based CK Hutchison announced on Wednesday that its 'Panama Ports Company' unit had initiated international arbitration proceedings against Panama, after the country’s top court annulled their licences to run two Panama Canal port. The Supreme Court of Panama ruled last week that the contracts were in violation of the constitution because they gave the company "exclusive privileges" and tax exemptions. Analysts said that it is not clear how long arbitration proceedings will last, but given the political sensitivities between the U.S., China, and the complexity, they could go on for several years. This is a good example of how international trade, geopolitics, and law are increasingly interconnected, said Jason Karas. He is a specialist in international disputes and the managing partner of Karas So LLP, which works with Mishcon De Reya. The company's $23 billion plan to sell their port businesses and its decision to seek arbitration and to file for arbitration has been cast into doubt by the company. In a Hong Kong Stock Exchange statement, CK Hutchison stated that "the board strongly disagrees" with the decision and corresponding action in Panama. The group is still consulting with its legal counsel, and reserves the right to pursue additional legal actions at national and international levels. The Panamanian Government did not respond immediately to a comment request. Ja Ian Chong is an associate professor of Political Science at the National University of Singapore. He said: "International arbitration proceedings take about a year, and a state can choose to honor the arbitral decision. "Panama could ignore CK Hutchison. I believe that's obvious to CK Hutch. He said that they probably wanted to show their shareholders that they were doing everything they could legally. He added that the conglomerate might also want to show Beijing and Hong Kong government it is doing everything it can to avoid "blame" in China-U.S. tension. Hang Seng Index fell 0.4%, while CK Hutchison shares rose 2% in early trading on Wednesday. The Court's 'SHAMEFUL and PATHETIC" Decision China warned Panama on Tuesday that it would pay "heavy" prices for the court decision, which was called "absurd", "shameful" and "pathetic". On Wednesday, Panamanian President Jose Raul Mulino rebuffed Beijing's claim, saying that "Panama respects the Judicial branch which is independent of the central government" and is governed by law. Mulino said that the Panamanian foreign ministry will issue a press release and take "corresponding decisions". BlackRock and Mediterranean Shipping Company are leading a bid of $23 billion to buy out CK Hutchison 43 ports across 23 countries. BlackRock and MSC didn't immediately respond to an inquiry for comment. After Beijing criticized the deal, in July the conglomerate announced that it was in discussions to include a Chinese "major investor" as a strategic partner in the consortium. Sources say that the Chinese investor was COSCO. It wanted a majority stake while others preferred a minority shareholding. This position 'became a sticking-point in negotiations. The future of the deal is unclear due to the court's ruling, but some analysts believe that the transaction can still be completed without including the two Panama Canal Ports in the "portfolio" of assets. The deal could continue with the other ports. "The twist is that the deal could be easier to complete, now that the Panama Supreme Court has clarified the situation of the two major ports," said Winston Ma. He said CK-Hutchison can use the arbitration process in order to obtain damages and compensation if the contracts are?annulled. The deal has opened up a new front of contention between China and the United States, who are fighting for control over the most important trade routes in the world. CK Hutchison Balboa & Cristobal Ports are strategic assets for the Panama Canal. The canal is the main seaborne trade route into the United States. Balboa lies at the Pacific entrance of the canal, while Cristobal is located at the Atlantic. Some U.S. legislators welcomed the Panamanian court's decision as a "win" for America. Donald Trump, the president who originally celebrated the proposed sale of ports for $23 billion, now calls on the U.S. government to "take back the Panama Canal" in response to Chinese influence. APM Terminals Panama (a subsidiary of Maersk) said Friday that it would be willing to temporarily operate the Balboa Terminal and Cristobal Terminal to avoid any negative impact on regional or global trade. Reporting by Clare Jim in Hong Kong, Kane Wu and Roushni Nai in Bengaluru. Writing by Scott Murdoch. Editing by Neil Fullick Stephen Coates Sonali Paul
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Union Pacific, Wabtec sign $1.2 bln locomotive modernization deal
The companies announced on Wednesday that Union Pacific, a railroad operator, and Wabtec - a locomotive parts manufacturer - had signed a $1.2 billion agreement to modernize the AC4400 locomotives of the railway. The companies describe the agreement as "the largest locomotive investment in rail history." It is expected to begin deliveries by 2027. U.S. rail fleet replacement has been accelerated under the Biden administration, with infrastructure investments. Operators are replacing aging locomotives by more fuel-efficient and digitally enabled models. According to the companies, the fleet upgrade will reduce fuel consumption by more than 5% and increase locomotives' tractive efforts by 14%. It is also expected to improve reliability by as much as 80%. Union Pacific's fleet will include?more? than 1,700?modernized locomotives upon completion of the order. This is its fourth modernization contract with Wabtec.
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Emirates could order Airbus A350-2000 wide-body jets
Tim Clark, Emirates' president, said that the airline would consider ordering a bigger version of the A350 if Airbus?moved forward with a new wide-body model. He reiterated calls for manufacturers and aircraft makers to make larger planes. Airbus announced in November that it was studying a so-called A350 2000 after Boeing agreed to examine a larger version its largest aircraft in production, the 777X as part of an agreement to secure?65 in new orders for the delayed plane. A larger A350 could potentially overtake the A350-1000 – currently the largest model Airbus’ portfolio – which Emirates has refused to purchase due to?concerns regarding the durability of its engine in harsh Gulf operating environments. "We would certainly consider it." Clark replied in an interview with?Dubai that he would "absolutely" look into a potential A350-2000. Emirates bought the A350-900, the long-haul version, but not its larger A350-1000 model that competes with Boeing 777X. Emirates is Boeing 777X's largest customer. The A350-900 aircraft is a stunning airplane. The engines work really well for us. Clark told the World Governments Summit that dispatch reliability was great. "Everyone loves the way we have configured it," Clark added. Rolls-Royce is the engine manufacturer for the A350 Series. A senior executive of the British engine manufacturer said this week that it was "on target" with its programme to improve the durability of the engines for the A350-1100. Rolls says that the improvements have already resulted in 60% more time between overhauls. More is expected by 2028. Emirates, the largest wide-body jet buyer in the world, wants to see progress made in extending the time between maintenance visits prior to purchasing the A350-1000. Airbus hasn't revealed how far the company has advanced in its discussions regarding a third possible model, the A350-2000. (Tim Hepher contributed additional reporting from Singapore. Editing by Hugh Lawson and Louise Heavens. Alexander Smith)
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DSV aims to lower freight rates but faces port pressures with the return of Red Sea routes
DSV, world's biggest freight forwarder, stated on Wednesday that the return of transit via the Red Sea would push down freight rates but also increase pressure on ports. Shipping companies are considering a return to a 'critical Asia-Europe trade route after vessels were rerouted in 2023 around Africa following attacks by?Yemeni Houthis on the Red Sea. Michael Ebbe, Chief Financial Officer of the company, said in an investor call that reducing transit times by a significant amount would free up capacity. He said that the resulting pressure would be felt on freight rates. Ebbe said that it is yet to be determined if all carriers will start rerouting again. Maersk, the shipping group, announced on Tuesday that it will resume certain transit routes through Red Sea and Suez Canal in this month as part of its shared services network. By the end of 2026, SCHENKER integration is expected to be finalized. DSV expects that global air and ocean freight volumes will increase by 2%-3% in this year. This is on par with global GDP forecasts or slightly below them. The company reported a fourth-quarter operating loss before special items in the amount of 5.59 billion Danish crowns (US$884.38m), which is just below analysts' average estimates of 5.64 billion crowns, according to a poll conducted by the company. It projected a full-year profit before special items between?23 billion and 25.5 billion crowns, and proposed a?2025 dividend of 7 crowns per shares. DSV has now stated that it expects to complete the integration with its German rival DB Schenker before the end of the year. It was previously expecting the integration to last until the end 2028. DSV shares were up by 1.8% as of 1133 GMT. They had fallen as much as 3.3% in the previous hours.
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Vietjet and Pratt & Whitney sign deal for 44 engines that will power Airbus jets
The Vietnamese budget airline Vietjet entered into a 'contract with Pratt & Whitney (a subsidiary of RTX) to?supply GTF engine for 44 Airbus planes, bringing its total GTF powered fleet orders to 137. The deal was announced at the Singapore Airshow and includes 24 A321neo planes and 20 'A321XLR aircraft. Deliveries will begin in July. In a joint press release, the companies said that it also included a 12-year maintenance agreement. The financial terms of the transaction were not disclosed. Vietjet has deployed its first A321neo aircraft in 2018. It currently operates 42 GTF-powered aircraft, and plans to equip the engines on 93 jets. The airline has placed an order of 100 'Airbus A321neo Jets last year, increasing its fleet. Pratt and Whitney competes with CFM International for the supply of engines for A321neo planes and A321XLR aircraft. Reporting by Phuong nguyen. Mark Potter (Editing)
ZTO Express to issue convertible bonds worth $1.5 billion, according to a term sheet
According to a termsheet seen by?on Wednesday, the Chinese delivery company ZTO Express Inc (Cayman) is raising $1.5billion through an offering of senior unsecured convertible bonds that will mature in 2031.
The term sheet indicated that the notes were offered with a coupon between 0.55% to 1.05%. Semi-annual interest payments are made on March 1st and September 1st.
The shares are expected to be issued par and will subsequently?be converted into ZTO's Hong Kong listed shares at a conversion premium of 35-40% based on the closing share price for Wednesday.
The sheet stated that the notes were due to mature on "March 1, 2031" and included a holder's put option at 100% of principal plus accrued interests on March 1, 2020.
ZTO stated that it plans to use the net proceeds for refinancing and funding near-term share purchases,?funding a concurrent share purchase and premiums for capped call transactions as well as?general corporate purpose.
The filing stated that the simultaneous repurchase would be made under the existing share purchase programme of the company through June 30, this year.
The term sheet stated that the capped call was intended to reduce any?potential dilution from conversion.
Citi and Goldman Sachs have a joint global coordination, joint lead management and joint bookrunners.
(source: Reuters)