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Airlines have been all-but-decimated as the novel coronavirus spreads around the world, resulting in travel bans, cancelled flights, and plummeting revenue. The largest airlines in the United States on Monday released details of a financial aid package designed to help shore up carriers' balance sheets as the novel coronavirus wreaks havoc on the industry.
"Each U.S. carrier is having direct and continuous conversations with their employees, and everyone understands the severity of the situation,". "The current economic environment is simply not sustainable, and it is compounded by the fact that the crisis does not appear to have an end in sight." "While carriers would avoid some costs from not operating, there are substantial ongoing fixed costs," Airlines for America said. "Also, since cash payments for expenses are typically due within 30 days, outflows tied to operations for the 30 days preceding the travel ban would come at a time when inflows are at their lowest point."
"We generally prefer the U.S. not interfere with airlines," Jamie Baker, an analyst at JPMorgan, said in a note to clients Monday. "After all, post-9/11 ATSB loans were disproportionately extended to airlines that ultimately exited the business, suggesting that the government was more adept at picking losers than winners."
They didn’t have a 3-6 month emergency fund?
Corporate social security
Bail out! Where did I hear that from before? 😥🇺🇸
Great ❤️
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Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »