Airbus warns staff on jobs with its 'survival at stake'

Chief Executive Guillaume Faury said Airbus was"bleeding cash at an unprecedented speed".PARIS - European planemaker Airbus issued a bleak assessment of the impact of the coronavirus crisis, telling the company's 135,000 employees toand warning its survival is at stake without immediate action.

In a letter to staff, Chief Executive Guillaume Faury said Airbus was"bleeding cash at an unprecedented speed" and that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review.Airbus has begun implementing government-assisted furlough schemes starting with 3,000 workers in France,"but we may now need to plan for more far-reaching measures," Faury said.

Industry sources have said a new restructuring plan similar to its 2007 Power8 which saw 10,000 job cuts could be launched in the summer, but Faury indicated the company was already exploring"all options" while waiting for clarity on demand. People familiar with the matter say Airbus is also in active discussions with European governments about tapping schemes to assist struggling industries, including state-guaranteed loans.

It has already expanded commercial credit lines with banks, buying what Faury described as"time to adapt and resize".

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