REUTERS: US airlines are collectively burning more than US$10 billion in cash per month and averaging fewer than two dozen passengers per domestic flight in the wake of the coronavirus pandemic, industry trade group Airlines for America said in prepared testimony seen by Reuters ahead of a US Senate hearing on Wednesday.
Net booked passengers have fallen by nearly 100 per cent year-on-year, the testimony before the Senate Commerce Committee said. The group warned that if air carriers were to refund all tickets, including those purchased as nonrefundable or those canceled by a passenger instead of the carrier,"this will result in negative cash balances that will lead to bankruptcy."
Calio said airlines"anticipate a long and difficult road ahead ... History has shown that air transport demand has never experienced a V-shaped recovery from a downturn."The US Treasury has awarded nearly US$25 billion in cash grants to airlines to help them meet payroll costs in exchange for them agreeing not to lay off workers through Sep 30. Major airlines have warned they will likely need to make additional cuts later this year to respond to a long-term decline in travel demand.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: US airlines burn US$10 billion a month as traffic plummetsU.S. airlines are collectively burning more than US$10 billion in cash per month and averaging fewer than two dozen passengers per domestic ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US Treasury to borrow record US$2.999 trillion in Q2[WASHINGTON] The United States Treasury said Monday it will to borrow a record $2.999 trillion in the April-June period largely to finance spending on relief programmes amid the coronavirus pandemic. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
US household debt reached US$14.3 trillion, credit standards tightened in first quarterAmerican households added US$155 billion of debt in the first quarter and overall debt levels rose to a new record at US$14.30 trillion, the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US says 'evidence' virus came from China lab as Europe eases lockdownUS Secretary of State Mike Pompeo on Sunday said 'enormous evidence' showed the new coronavirus originated in a lab in China, further fueling tensions with Beijing over its handling of the outbreak. Pompeo's comments came as Europe and parts of the United States prepared to cautiously Had it been from other US administrations it would seem to be credible, not so when from current administration.🤷♂️ lies peddling against China Quit Talking cock. Show us the evidence or shut the fork up.
Source: YahooSG - 🏆 3. / 71 Read more »
Congress Republicans accuse China of seeking to indoctrinate US studentsWASHINGTON: A group of US House of Representatives Republicans released a letter on Monday (May 4) charging China with seeking to indoctrinate ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Intel buys Moovit transit app for US$900 million to help develop robotaxisChipmaker Intel Corp has bought Israeli public transit app maker Moovit for about US$900 million to help it develop self-driving 'robotaxis' that ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »