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Stock impact report

American, Delta and others apply for relief grants — now comes the hard part [CNBC]

Delta Air Lines, Inc. (DAL) 
Last delta air lines, inc. earnings: 4/22 07:00 am Check Earnings Report
US:NYSE Investor Relations: ir.delta.com
Company Research Source: CNBC
U.S. airlinesJetBlueAmericanUnitedDeltaCarriers had until 5 p.m. ET Friday to apply for $25 billion in grants in exchange for not furloughing workers or cutting their pay rates through Sept. 30, aid that airlines and labor unions lobbied for and approved in a $2 trillion coronavirus relief package last week. The aid also allows for $29 billion in loans for passenger and cargo airlines.The coronavirus has devastated air travel demand, prompting airlines to plead with their employees to take unpaid and partially paid leave as they scramble to cut costs. Even with the aid, top airline leaders warn of a prolonged slump in demand that has no end in sight."But those funds alone are not nearly enough," Delta CEO Ed Bastian told employees in a note. "We are expecting our revenue in the second quarter to be down 90%. Without the self-help actions we are taking to save costs and raise new financing, that money would be gone by June."He said 30,000 employees have volunteered for unpaid leaves o Show less Read more
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