Delta has reported a $534 million loss for the first quarter and details a grim outlook
... [+]swung to a loss in the first quarter, and the company described a host of measures it’s taking to prepare for the tough months that lie ahead.
It will be even worse this quarter: The world’s largest airline by revenue has drawn down its schedule byWith cash pouring out, Delta is boosting its reserves and slashing spending. It’s raised $5.4 billion in capital since early March, and it expects to end the second quarter with about $10 billion in liquidity, up from $6 billion at the end of the first, giving it among the fattest war chests in the industry.
could retire 313 planes that are over the age of 20 years in its mainline fleet and operated by regional partners, Cowen analyst Helane Becker estimates. That would result in substantial job losses, which would come only after Sept. 30, when federal restriction on layoffs and salary cuts expire that are conditions of aid that the airline will receive.
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