Coronavirus Will Bankrupt Most Airlines by May, Report Finds
The Centre for Asia Pacific Aviation says that unless there is coordinated government action, airlines around the world will run out of cash reserves
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March 17, 2020 - by Shamani Joshi for vice.com
- The Centre for Asia Pacific Aviation says that unless there is coordinated government action, airlines around the world will run out of cash reserves
As the number of COVID-19 cases climbs to more than 182,000, countries around the world are strictly enforcing travel bans and encouraging social isolation to contain the spread of the pandemic.
This also means that multiple businesses around the world have already taken a huge hit. A new report by aviation consultancy Centre for Asia Pacific Aviation (CAPA) now says that most airlines around the world will go bankrupt by May unless the governments step in. "Cash reserves are running down quickly as fleets are grounded and what flights there are operate much less than half full," CAPA said in a statement on March 16.
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