March 31, 2020 / 12:35 PM / 2 months ago

Crisis-hit airlines face crippling cash squeeze, IATA says

FILE PHOTO: Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus disease (COVID-19), at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama, U.S. March 25, 2020. REUTERS/Elijah Nouvelage

PARIS/LONDON (Reuters) - Global airlines warned on Tuesday that many carriers may not survive a record cash squeeze in the second quarter, as revenues and traffic plunge because of the coronavirus crisis.

Fresh quarterly estimates suggest airlines face a $61 billion cash burn and a $39 billion net loss during the current quarter, the head of the International Air Transport Association, told a media conference call.

“These are numbers beyond anything we have ever had in our industry,” IATA Director General Alexandre De Juniac added.

Reporting by Tim Hepher, Alistair Smout, editing by Louise Heavens

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