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March 17, 2020 05:35 pm

Most Airlines Could Be Bankrupt By May. Governments Will Have To Help.

Global aviation is shutting down because of the coronavirus outbreak and travel restrictions designed to contain it, and many airlines will need government bailouts within weeks or face bankruptcy. From a report: Airlines across the world are grounding planes, laying off workers and scrambling to preserve cash as measures to contain the outbreak prompt flight bans and wipe out global travel demand. The three biggest global airline alliances, oneworld, SkyTeam and Star Alliance, urged governments to "evaluate all possible means" to assist the industry. They represent more than 58 of the world's leading carriers. Some European airlines have already issued urgent appeals for help. According to CAPA Centre for Aviation, a consultancy, most airlines in the world will be bankrupt by the end of May unless governments intervene. "Coordinated government and industry action is needed -- now -- if catastrophe is to be avoided," the firm said in a report published Monday. "Cash reserves are running down quickly as fleets are grounded, and what flights there are operate much less than half full," it added.

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