EasyJet secures enough cash for 9-month grounding of planes
EasyJet said it had enough cash to survive 9 more months of grounding after it secured new loans and made cash savings to boost its reserves to GB3.3b. The carrier, which is in a battle with its biggest shareholder over expansion, also said it expected to take no new aircraft deliveries next year, while its base case for the size of its fleet was reduced by 10% to 302 jets. EasyJet signalled it expected “headline” losses of GBP185m to GBP205m in the first half. While this was an improvement on last year’s GBP275m deficit, the impact of fuel and currency hedging would deliver a reported loss of between GBP360m and BGP380m, the group said. Just hours after EasyJet issued its trading update, founder Stelios Haji-Ioannou called for the removal of its CE and chairman over an order for aircraft with Airbus. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-04-17/unaligned/easyjet-secures-enough-cash-for-9-month-grounding-of-planes
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EasyJet secures enough cash for 9-month grounding of planes
EasyJet said it had enough cash to survive 9 more months of grounding after it secured new loans and made cash savings to boost its reserves to GB3.3b. The carrier, which is in a battle with its biggest shareholder over expansion, also said it expected to take no new aircraft deliveries next year, while its base case for the size of its fleet was reduced by 10% to 302 jets. EasyJet signalled it expected “headline” losses of GBP185m to GBP205m in the first half. While this was an improvement on last year’s GBP275m deficit, the impact of fuel and currency hedging would deliver a reported loss of between GBP360m and BGP380m, the group said. Just hours after EasyJet issued its trading update, founder Stelios Haji-Ioannou called for the removal of its CE and chairman over an order for aircraft with Airbus. <br/>
