SYDNEY (BLOOMBERG, REUTERS) - Qantas Airways Ltd on Thursday (June 25) said it would raise A$1.9 billion (S$1.82 billion) in equity, cut at least 6,000 jobs and ground 100 aircraft for up to 12 months and some for longer as part of its plan to deal with the coronavirus crisis.. Read more at straitstimes.com.
SYDNEY - Qantas Airways Ltd on Thursday said it would raise A$1.9 billion in equity, cut at least 6,000 jobs and ground 100 aircraft for up to 12 months and some for longer as part of its plan to deal with the coronavirus crisis.The drastic overhaul shows how swiftly fallout from the virus can overrun even one of the world's strongest airlines. As recently as May, Qantas said it had enough liquidity to hold out until December 2021.
On Thursday, Qantas announced a three-year recovery plan, much of it centered on cost reductions, as the airline plots a path beyond the coronavirus. It aims to cut A$15 billion in expenses over three years, delivering A$1 billion in annual savings from 2023. Chief executive officer Alan Joyce said that while the airline had good prospects for recovery in the domestic market, it would take"years before international flying returns to what it was."
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