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Delta Air Sees 2Q Revenue Down 90%, Burns $60m in Cash a Day (1)

April 3, 2020, 8:59 PM

Company is burning more than $60m in cash/day, CEO Ed Bastian says in memo to employees, included in SEC filing.

  • “We still haven’t seen the bottom,” Bastian says
  • Continues to shrink network as demand falls; schedule this month will be at least 80% smaller than originally planned
  • 30k employees have volunteered for unpaid leaves of absence; company needs more volunteers
  • Government assistance funds are “welcome news” but “are not nearly enough”
  • “Without the self-help actions we are taking to save costs and raise new financing, that money would be gone by June”
  • Estimate was for Delta 2Q rev. to be ...