EasyJet will run out of money by August if Airbus order goes ahead, founder warns

The founder of easyJet has warned that the airline will run out of cash by August if an order for more than 100 new Airbus jets is not cancelled. Stelios Haji-Ioannou, whose family controls one-third of the carrier’s shares, is seeking to remove the CFO, Andrew Findlay. An extraordinary open letter from the businessman begins: “My main objective is to terminate the GBP4.5b contract between easyJet and Airbus for 107 additional useless aircraft. If this GBP4.5b liability to Airbus is preserved – and not cancelled – by the easyJet board then, I regret to report, easyJet will run out of money around August 2020, perhaps even earlier.” In response to the coronavirus pandemic and the collapse in demand among passengers, the airline has grounded its entire fleet throughout April and May. While many in the aviation industry hope that flights in significant numbers will be resumed by June, Sir Stelios says restarting mass air-travel could be much longer.<br/>