International
Virgin Atlantic calls on government to rescue 7.5 billion airlines: CityAM
Virgin Atlantic chiefs are preparing to send a letter to Prime Minister Boris Johnson asking the government to provide a $ 7.5 billion package to support airlines decimated by the coronavirus epidemic.
Sky News has reported that Virgin Group president Peter Norris will write to Johnson on Monday to warn him of the potentially devastating impact the pandemic could have on the sector.
Read more: BA boss warns worse coronavirus than airline financial crisis
The letter, which is also expected to be signed by managing director Shai Weiss, will precede what should be an eventful week for the industry, as more and more flights are canceled as countries step up their response to the disease.
In it, Norris will ask the government to provide the airlines with a credit facility for the duration of the epidemic, which will then be repaid when normal service resumes.
Last week, world airline stocks plunged as President Donald Trump introduced a travel ban for visitors to 26 EU countries, adding to the pain for an industry already in shock. massive cancellations of flights to and from China.
The decision to extend the ban to the UK and Ireland, which was made over the weekend, will put additional pressure on airlines like Virgin Atlantic, British Airways and Norwegian, which many people expect to see fall as a result.
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British Airways boss Alex Cruz yesterday told staff in a memo titled "British Airways survival" that he should land the planes "like never before" and lay off staff.
Norwegian, who analysts say is particularly at risk due to its large debt stock, said on Thursday that it would cut 4,000 flights and lay off 50% of its staff.
CEO Jacob Schram called on the Norwegian government to implement "powerful and extraordinary measures" to boost the company's liquidity:
“It is crucial for us that the government works on solutions for the second phase. We ask that these solutions come quickly.
"At the same time, we will take all necessary measures to reduce the financial losses this situation causes us, however painful they may be."
Read more: Norwegian to cut 4,000 flights as U.S. travel ban on coronavirus hits airlines
Norris' request comes just weeks after the bankruptcy of Flybe, partially owned by Virgin Atlantic, after failing to secure a government bailout.
Virgin had funded the regional carrier, but was forced to refuse to inject more money due to the impact of the pandemic on its own operations.
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