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Non-Tech : Airline Discussion Board

JETS 25.18

-2.0%

Nov 13 4:00 PM EST

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From: Moonray	8/19/2020 10:29:59 AM
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Southwest turns down government loan, plans more flight cuts Leslie Josephs Southwest Airlines is turning down a $2.8 billion government loan from part of $25 billion in government funds set aside for the ailing airline industry. The Dallas-based carrier says it “can secure additional financing at favorable terms if needed” and that it has already raised close to $19 billion this year in debt and stock sales, as well as $3.3 billion in government payroll support. The airline reported “modest” improvement in bookings for August and September and slightly better-than-expected cash burn this quarter of $20 million a day compared with a forecast of $23 million. But Southwest is cautious. It’s planning for September capacity to be about 40% less than last year, down from a previous estimate for a drop of no more than 25% year-over-year. For the third quarter, capacity will fall by an estimated 30% to 35%, lower than the 20% to 30% Southwest previously forecast. Southwest also estimates its October capacity will be at about 40% to 50% of last year. o~~~ O

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