Why Airlines Don't Want to Refund Your Flight Tickets [Yahoo! Finance News]
TUI AG UNSP/ADR (TUIFY)
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Source: Yahoo! Finance News
Opinion) -- In documents published alongside Carnival Corp.’s $6.25 billion debt and equity offering last week, the beleaguered cruise ship operator showed why it might not keep much of that cash for long.Carnival held $4.7 billion in customer deposits at the end of February for trips that passengers paid for in advance but hadn’t yet taken. Because their cruises have been cancelled amid the coronavirus outbreak, many customers will want their money back. As such, Carnival could soon find itself short of cash again.Carnival’s predicament is shared by hundreds of travel, airline, sports, education and entertainment businesses — all of which depend on advanced payment from customers to fund their operations. People probably don’t realize it, but when they pay for a ticket months in advance they’re effectively extending these companies an interest-free loan. The world’s airlines might have to repay $35 billion in customer cash during the next three months, according to industry body IATA
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