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Korean Air Lines plans to sell new shares to raise about 1t won ($817m) after the coronavirus outbreak wiped out 90% of its flights. The Seoul-based carrier aims to sell about 79.4m new shares to existing holders in July, it said in a regulatory filing Wednesday. The price is initially estimated at 12,600 won a share, with the final level to be determined on July 6. Korean Air, which has slumped 36% this year, closed at 18,200 won. Korean Air also said it will get 1.2t won in loans from Korea Development Bank and Export-Import Bank of Korea. The state-run lenders last month agreed to provide the funds on condition that Korean Air sold new shares. Korean Air employees have taken pay cuts of as much as 50%, while more than two-thirds have gone on leave for six months as part of the company’s efforts to lower costs. The airline is also selling non-core assets to raise funds.<br/>

Delta is temporarily suspending service to 10 US airports due to a dramatic drop in air travel demand amid coronavirus concerns. Effective May 13, the airline is suspending operations at Chicago Midway, Oakland International Airport, Hollywood Burbank, Long Beach, T. F. Green International Airport, Westchester County Airport, Stewart International, Akron-Canton, Manchester-Boston Regional Airport and Newport News/Williamsburg International Airport through at least September. Passengers affected by the flight suspensions will be given the flexibility to reschedule canceled flights to any date through Sep 30, 2022. Additionally, Delta employees affected by the disruption will receive some sort of pay protection through Sep 30, 2020. Apart from these flight suspensions, the carrier is seeking permission from the US DoT to temporarily stall operations in nine other US cities, where travel demand dropped to the point where a very limited number of people flew daily for most part of April. In those nine cities, the airline plans to consolidate services by serving only the important airports.<br/>