March 23, 2020 / 12:57 AM / 13 days ago

BRIEF-Singapore Airlines Announces Significant Capacity Cuts & Grounding Of Aircrafts

March 23 (Reuters) - Singapore Airlines Ltd:

* MAKES SIGNIFICANT CAPACITY CUTS AND GROUNDS AIRCRAFT

* WILL BE CUTTING 96% OF CAPACITY THAT HAD BEEN ORIGINALLY SCHEDULED UP TO END-APRIL

* WILL RESULT IN GROUNDING OF AROUND 138 SIA AND SILKAIR AIRCRAFT

* SCOOT WILL ALSO SUSPEND MOST OF ITS NETWORK, RESULTING IN GROUNDING OF 47 OF ITS FLEET OF 49 AIRCRAFT

* UNCLEAR WHEN SIA GROUP CAN BEGIN TO RESUME NORMAL SERVICES

* TAKING STEPS TO BUILD UP ITS LIQUIDITY, AND TO REDUCE CAPITAL EXPENDITURE AND OPERATING COSTS

* COMPANY IS ACTIVELY TAKING STEPS TO BUILD UP ITS LIQUIDITY, AND TO REDUCE CAPITAL EXPENDITURE AND OPERATING COSTS

* SINGAPORE AIRLINES LTD ANNOUNCES ONGOING DISCUSSIONS WITH AIRCRAFT MANUFACTURERS TO DEFER UPCOMING AIRCRAFT DELIVERIES

* RESULTANT COLLAPSE IN DEMAND FOR AIR TRAVEL HAS LED TO A SIGNIFICANT DECLINE IN SIA’S PASSENGER REVENUES

* SALARY CUTS FOR SIA GROUP’S MANAGEMENT WITH DIRECTORS ALSO AGREEING TO A CUT IN THEIR FEES

* IS ENGAGING IN DISCUSSIONS WITH SEVERAL FINANCIAL INSTITUTIONS FOR FUTURE FUNDING REQUIREMENTS

* MEASURES TO ADDRESS IMPACT OF COVID-19 INCLUDE A VOLUNTARY NO-PAY LEAVE SCHEME UP TO CERTAIN MANAGEMENT POSITIONS Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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