GLOBAL airlines are fast running out of cash after cutting capacity by 90% or even grounding entire fleets due to the broad travel restrictions to contain the spread of the coronavirus, calling into question the survival of several firms.
The outbreak of the flu-like virus has wiped 41%, or US$157 bil, off the share value of the world’s 116 listed airlines, with many using up their cash so fast they can now cover less than two months of expenses, a Reuters analysis showed.
The industry’s main global body, the International Air Transport Associiaton (IATA), estimates the sector needs up to US$200 bil in government support to help airlines survive. – March 18, 2020, Reuters
