German airline may seek government support as flights are cancelled and bookings plummet
Deutsche Lufthansa is looking into government support amid the “immense” fallout from the coronavirus, which could burden travel demand for months.
Italy’s decision to restrict movement for a quarter of its population comes on top of the cancellation of large events such as the Geneva Motor Show and the ITB tourism fair in Berlin. The International Air Transport Association estimated carriers may lose as much as $113bn in ticket sales in 2020.Chancellor Angela Merkel’s governing coalition was due to meet on Sunday evening in Berlin to map out a strategy to mitigate the damage from the epidemic on Europe’s largest economy.
On Friday, Lufthansa cited “drastic declines in bookings and numerous flight cancellations” in recent days, saying all of its traffic is now affected. The company acted after investors started to question its ability to withstand the downturn. The company’s five-year credit default swaps, which bondholders buy to protect their holdings against a potential default, more than tripled in the last 10 trading days to the most expensive level in seven years.
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