Delta 'burning' more than USD60m per day, expects 90% decline in revenue for 2Q2020: CEO

Delta Air Lines CEO Ed Bastian, in a memo, stated (03-Apr-2020) the airline reduced capacity for Apr-2020 by 80% and is now "burning more than USD60 million in cash every day". However, while Mr Bastian said the carrier applied to US Treasury Secretary Mnuchin for worker protection grants, he noted these "funds alone are not nearly enough". Revenue in 2Q2020 is expected to be down 90% and despite the airline's cash burn, "we know we still haven't seen the bottom". Mr Bastian said: "We continue to shrink our network as demand falls and will operate just enough flying to maintain essential services", with 115,000 frequencies cancelled in Apr-2020. [more - original PR]