Gregory Polek has spent his entire career in aviation journalism with AIN, starting as a proofreader and assistant to then-managing editor Mary Mahoney in 1995 after serving an internship with&nbsp;New Jersey Monthly&nbsp;magazine and completing his B.A. degree in English/Writing at New Jersey’s William Paterson College. By 1997 Polek accepted a position as an associate editor, covering the regional airline beat for&nbsp;Aviation International News&nbsp;in place of retiring industry veteran Don Anderson. The assignment took Polek across North America and Europe to profile regional airlines varying in size and mission from the likes of floatplane operators Kenmore Air and Chalk’s Ocean Airways to regional jet operators such as SkyWest and American Eagle. Today, in his dual role as Air Transport Editor and International Airshow Editor, Polek writes, edits, and manages AIN’s commercial aviation content while overseeing each of the company’s daily international air show publications in Paris, Farnborough, Singapore, and Dubai. Most recently Polek has assumed oversight of daily coverage of the Helicopter Association International’s annual Heli-Expo convention.

Senior Editor

Gregory Polek

Singapore Airlines (SIA) expects to raise as much as S$15 billion ($10.36 billion) through the sale of S$5.3 billion in new shares and up to a further S$9.7 billion&nbsp;through 10-year mandatory convertible bonds (MCBs), the company announced Thursday. SIA has also arranged a S$4 billion bridge loan facility with DBS Bank to support its near-term liquidity requirements as cash drain accelerates amid the Covid-19 crisis.

 


The company said it intends to use the proceeds from the rights issues to fund capital and operational expenditure requirements. While both issuances stand subject to shareholder approval at an extraordinary general meeting (EGM), SIA said its largest shareholder—Temasek Holdings—will underwrite the funding.

 


“This is an exceptional time for the SIA Group,” said SIA chairman Peter Seah. “Since the onset of the Covid-19 outbreak, passenger demand has fallen precipitously amid an unprecedented closure of borders worldwide. We moved quickly to cut capacity and implement cost-cutting measures.&nbsp;We have also worked closely with the Singapore government to bring Singaporeans home safely during this time. At the same time, we are also working with various parties to enable our staff on no-pay leave to have other income opportunities.”

 


The aviation sector serves as a key pillar of Singapore’s economy, supporting 12 percent of the country’s gross domestic product and 375,000 jobs. SIA Group—which includes SIA, SilkAir, and Scoot—account for more than half of the passengers flying into and out of Singapore Changi Airport.

 


On Monday, Singapore Airlines said it will cut 96 percent of its system capacity originally scheduled through the end of April and ground most of its fleet as tightening border controls brought international air travel to a near standstill. The moves will see 138 Singapore Airlines and SilkAir aircraft grounded out of a total fleet of 147, while 47 of 49 aircraft sit idle&nbsp;at low-fare subsidiary Scoot.

 


Measures to build liquidity and reduce spending and operating costs at SIA include ongoing discussions with aircraft manufacturers to defer upcoming aircraft deliveries. Other moves have involved executive salary cuts and voluntary unpaid leave for certain management positions&nbsp;while&nbsp;SIA remains engaged with unions on more cost-cutting measures, steps toward which the company said it would take “imminently.”

News about commercial airlines, including regulations, aircraft orders, safety, acquisitions, and mergers.

Singapore Airlines Arranges for Major Funding Injection

SIA Group expects to raise as much as S$15 billion in equity and debt funding.

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News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

News about environmental issues relating to aircraft operations, including noise issues, emissisions, and regulations. See Fuel for biofuel.

News and issues relating to international air transport and cargo carriers, national airlines and regional airlines, including aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

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News and issues relating to the aerospace industry that are related to the science, engineering and business of flight in space involving civil, industrial and military applications, and similar topics related to flight in the atmosphere of the Earth that are not covered more directly by other AINonline subject channels. In other words, both astronautical and aeronautical subjects, except for those aeronautical topics that are specifically covered elsewhere on this website.

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New developments at airports including regulations and noise issues; legal disputes; openings, acquisitions and mergers.

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News and developments about everything that goes into the cabin of an aircraft, from floor coverings to headliners, with a special emphasis on in-flight entertainment, communications and other electronics for passengers. If it is in the cabin of an aircraft, it’s covered here.

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