Delta completes over USD25bn in financing transactions in 2020

Delta Air Lines announced (14-Jan-2021) it implemented the following measures to mitigate COVID-19 impacts:

• Completed over USD25 billion in financing transactions in 2020, including USD9 billion SkyMiles financing;
• Received USD5.6 billion in payroll support programme proceeds through the CARES Act, with USD4 billion in grant funds, USD1.6 billion in low interest rate loans and issuance of warrants for over 6.7 million shares;
• Restructured aircraft order book, reducing aircraft purchase commitments by USD2 billion in 2020 and USD5 billion through 2022;
• Accelerated fleet simplification strategy with 227 aircraft retirements in 2020, reducing the number of fleet families from 13 to 11. The carrier anticipates the cumulative retirement of around 400 aircraft through 2025, further simplifying fleet families down to nine;
• Reduced total adjusted operating expense by 40%, with a nearly 50% or greater reduction in 2/3/4Q2020. [more - original PR]