Most airlines face bankruptcy by end of May, industry body warns
The airline industry is warning that it must shed jobs and obtain state support to survive the coronavirus crisis, as carriers around the globe grounded the majority of their fleets and took steps to conserve cash. CAPA warned that by the end of May most airlines would be bankrupt due to the unprecedented travel restrictions that are being rolled out by govts around the world. “Many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants,” Capa said in a report. “Co-ordinated govt and industry action is needed — now — if catastrophe is to be avoided.” IATA estimated that the industry would lose up to US$113b in revenue as a result of the crisis. But that was before the widening international lockdown. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-03-17/general/most-airlines-face-bankruptcy-by-end-of-may-industry-body-warns
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Most airlines face bankruptcy by end of May, industry body warns
The airline industry is warning that it must shed jobs and obtain state support to survive the coronavirus crisis, as carriers around the globe grounded the majority of their fleets and took steps to conserve cash. CAPA warned that by the end of May most airlines would be bankrupt due to the unprecedented travel restrictions that are being rolled out by govts around the world. “Many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants,” Capa said in a report. “Co-ordinated govt and industry action is needed — now — if catastrophe is to be avoided.” IATA estimated that the industry would lose up to US$113b in revenue as a result of the crisis. But that was before the widening international lockdown. <br/>
