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JUST IN: Aviation group warns coronavirus could bankrupt MOST airlines worldwide by May
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03/16/2020 03:21 PM
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The coronavirus pandemic could lead most airlines across the world to bankruptcy by May, an aviation group warned Monday.
The Centre for Aviation (CAPA) said travel restrictions and recommendations issued by countries pose great economic challenges for airlines, and the group urged national governments to coordinate with each other to mitigate the risks.
“By the end of May-2020, most airlines in the world will be bankrupt,” CAPA said in a statement Monday. “Coordinated government and industry action is needed — now — if catastrophe is to be avoided.”
Many airlines have probably been driven into technical bankruptcy already, CAPA said, adding that cash reserves are running low and forward bookings are “far outweighed” by mass cancellations made each time a new government’s recommendation discourages flying.
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