Qantas warns of years-long recovery as it raises yet more funds

Qantas warned public appetite to fly overseas could take years to return as the airline borrowed yet more funds to weather aviation’s biggest-ever crisis. The carrier said Tuesday it raised an additional A$550m to ride out a near-halt in passenger revenue because of the coronavirus. Qantas shares climbed after the airline said it now has enough liquidity to withstand current conditions until December 2021. “It will be some time before total demand reaches pre-crisis levels,” CEO Alan Joyce said. “With the possible exception of New Zealand, international travel demand could take years to return to what it was.” With a drawn-out recovery looming, Joyce said Qantas’s fleet, routes and expenditure will all have to reviewed. “We need to think about what the Qantas Group should look like on the other side of this crisis in order to succeed,” he said. Qantas in March furloughed most of its 30,000-strong workforce and scrapped virtually all international flights. On Tuesday, it extended international flight cancellations until the end of July.<br/>