SIA confirms 96% capacity cuts, grounding 138 planes

The mainboard-listed company is now aggressively pursuing cost-cutting measures, including salary and fee cuts for company directors and the SIA group's management, and a voluntary no-pay leave scheme for certain management positions.

It is also engaging with unions on additional cost-cutting measures, with more steps to be taken imminently, it said. The airline is currently in discussions with aircraft manufacturers to defer payment and deliveries of upcoming aircraft. It has drawn on its lines of credit to meet its immediate cash flow requirements, and is in talks with several financial institutions for future funding requirements, it said.

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SIA looking to store some planes as travel demand evaporatesSINGAPORE Airlines (SIA) is studying storing some of its planes - such as its double-decker Airbus A380s - as it cuts capacity from its network amid a dearth of travel demand, The Business Times understands. Read more at The Business Times.
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