{"id":6885,"date":"2020-03-16T15:54:23","date_gmt":"2020-03-16T07:54:23","guid":{"rendered":"https:\/\/www.everydayonsales.com\/news\/?p=6885"},"modified":"2020-03-16T15:54:23","modified_gmt":"2020-03-16T07:54:23","slug":"covid-19-effect-is-massive-and-the-virus-could-bankrupt-most-airlines-by-end-of-may","status":"publish","type":"post","link":"https:\/\/www.everydayonsales.com\/news\/covid-19-effect-is-massive-and-the-virus-could-bankrupt-most-airlines-by-end-of-may\/","title":{"rendered":"Covid-19 Effect is Massive and The Virus Could Bankrupt Most Airlines by End of May"},"content":{"rendered":"

\"\"Believe it or not but the Covid-19 impact is massive and it can really bankrupt the airlines<\/a> by end of May. As per reported by Bloomberg<\/em><\/a>, the coronavirus pandemic will bankrupt most airlines<\/a> worldwide by the end of May unless the governments and the industry take coordinated steps to avoid such a situation, an aviation consultant warned.<\/p>\n

As you can see now, lot of the major airlines<\/a> are doing as much as they can to prevent this but they might probably been driven into technical bankruptcy or substantially breached debt covenants already, Sydney-based consultancy CAPA Centre for Aviation warned in a statement Monday (March 16).<\/p>\n

Carriers are depleting their cash reserves quickly because their planes are grounded and those that aren\u2019t are flying more than half empty, it said.<\/p>\n

“Coordinated government and industry action is needed – now – if catastrophe is to be avoided, \u201d CAPA said. Otherwise,”emerging from the crisis will be like entering a brutal battlefield, littered with casualties, \u201d it said.<\/p>\n

Most of the biggest carriers in the US, China and Middle East are likely to survive because of government help or support from their owners, CAPA said.<\/p>\n

Airlines<\/a> have been among the biggest corporate casualties of the virus outbreak as the coronavirus grinds air traffic to a halt. Carriers from American Airlines<\/a> Group Inc to Australia\u2019s Qantas Airways Ltd have slashed capacity, while some like Sweden\u2019s SAS AB have temporarily laid off most staff. Even the MAS<\/a> is offering their employee to take up the unpaid leave,<\/p>\n

Flybe, Europe\u2019s biggest regional airline, has already collapsed. Carriers could face as much as US$113 billion in lost revenue this year, according to the International Air Transport Association.<\/p>\n","protected":false},"excerpt":{"rendered":"

Believe it or not but the Covid-19 impact is massive and it can really…<\/p>\n","protected":false},"author":20,"featured_media":5385,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[67],"tags":[1063],"class_list":["post-6885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-airlines"],"acf":[],"yoast_head":"\nCovid-19 Effect is Massive and The Virus Could Bankrupt Most Airlines by End of May - EverydayOnSales.com News<\/title>\n<meta name=\"description\" content=\"Believe it or not but the Covid-19 impact is massive and it can really bankrupt the airlines by end of May.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.everydayonsales.com\/news\/covid-19-effect-is-massive-and-the-virus-could-bankrupt-most-airlines-by-end-of-may\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Covid-19 Effect is Massive and The Virus Could Bankrupt Most Airlines by End of May\" \/>\n<meta property=\"og:description\" content=\"Believe it or not but the Covid-19 impact is massive and it can really bankrupt the airlines by end of May.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.everydayonsales.com\/news\/covid-19-effect-is-massive-and-the-virus-could-bankrupt-most-airlines-by-end-of-may\/\" \/>\n<meta property=\"og:site_name\" content=\"EverydayOnSales.com News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/everydayonsales.my\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-16T07:54:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.everydayonsales.com\/wp-content\/uploads\/sites\/5\/2020\/03\/airlines-bankrupt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"384\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Chan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@everydayonsales\" \/>\n<meta name=\"twitter:site\" content=\"@everydayonsales\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Chan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.everydayonsales.com\/news\/covid-19-effect-is-massive-and-the-virus-could-bankrupt-most-airlines-by-end-of-may\/\",\"url\":\"https:\/\/www.everydayonsales.com\/news\/covid-19-effect-is-massive-and-the-virus-could-bankrupt-most-airlines-by-end-of-may\/\",\"name\":\"Covid-19 Effect is Massive and The Virus Could Bankrupt Most Airlines by End of May - 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