Delta secures US$5.4b in CARES Act payroll support
Delta will be prohibited from administering involuntary furloughs or pay-rate reductions through Sept 30, the primary condition of accepting CARES Act payroll assistance. The airline reports a 95% decline in passenger traffic since the coronavirus pandemic began and has reduced its flight schedule by 80%. It raised more than US$3b in additional capital in Q1 of this year, and improved its liquidity through the voluntary furloughs of 35,000 employees. “These steps, taken together, are vital to protecting Delta’s future over the next several months as we operate a minimal schedule to provide essential services for those who must travel,” CE Ed Bastian says.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-04-16/sky/delta-secures-us-5-4b-in-cares-act-payroll-support
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Delta secures US$5.4b in CARES Act payroll support
Delta will be prohibited from administering involuntary furloughs or pay-rate reductions through Sept 30, the primary condition of accepting CARES Act payroll assistance. The airline reports a 95% decline in passenger traffic since the coronavirus pandemic began and has reduced its flight schedule by 80%. It raised more than US$3b in additional capital in Q1 of this year, and improved its liquidity through the voluntary furloughs of 35,000 employees. “These steps, taken together, are vital to protecting Delta’s future over the next several months as we operate a minimal schedule to provide essential services for those who must travel,” CE Ed Bastian says.<br/>
