Many of the world's airlines could be bankrupt by May because of the COVID-19 crisis, according to an aviation consultancy. These airlines have already collapsed because of the pandemic.
for the airline industry into law on last month, it's possible that it won't be enough — while other airlines around the world remain in jeopardy, particularly as credit markets seize up.The latest was Virgin Australia, which declared bankrupcy but is continuing to operate.Air travel has been one of the hardest-hit industries in the early days of the COVID-19 pandemic.
As the virus spread to Europe, followed by the Americas and Africa, passenger demand plummeted across the board. People were second-guessing trips anywhere away from home, and were trying to avoid anything involving air travel, given the inherent close proximity to other people, some of whom could be carrying the virus.
While Flybe had ongoing financial difficulties and was already on the brink, the coronavirus situation, and the associated decrease in bookings, served as the final nail in its coffin. earlier this month that by the end of May, "most airlines in the world will be bankrupt" without coordinated government and industry intervention. Flybe : March 2020
However, due to the "unforeseen impact of the coronavirus," the airline will cease all operations on April 1, Trans States Holding CEO said in a memo to employees.File photo: An American Eagle flight, operated by Compass Airlines, seen taking off from Los Angeles International Airport. August 30, 2015.Compass Airlines — also owned by Trans States Holdings — will also shut down in April.
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