US airlines, Treasury Department reach deals on billions in coronavirus aid [CNBC]
Southwest Airlines Company (LUV)
Last southwest airlines company earnings: 4/28 06:00 am
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Source: CNBC
American said the Treasury Department approved $5.8 billion in assistance — a $4.1 billion grant and a $1.7 billion low-interest loan. The Fort Worth, Texas-based carrier said it plans to apply for another government loan of around $4.75 billion."By accepting these funds, we have happily agreed to not involuntarily furlough or reduce the hourly pay rates of our U.S.-based team members through Sept. 30, at which point we hope and expect that Americans are regularly flying again," American's CEO, Doug Parker, and the airline's president, Robert Isom, wrote to employees announcing its deal with the Treasury Department.Dallas-based Southwest said it expects to receive $3.2 billion under the program, more than $2.3 billion in payroll support and a 10-year low-interest loan of close to $1 billion. The loan will likely include 2.6 million warrants for the Treasury Department, and that the aid prohibits share repurchases and dividends until Sept. 30, 2021, and requires limits on executive com
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