27-Mar-2020 8:06 AM

GAP details plans to navigate through the COVID-19 pandemic

Grupo Aeroportuario del Pacifico (GAP) announced (25-Mar-2020) the following measures to address the business impact of the COVID-19 pandemic:

  • A service cost-control plan was put into effect via the reduction of energy, security services, cleaning and maintenance in accordance with passenger demand, in order to operate at minimum levels without affecting quality. Operational areas that are not currently being used will be temporarily closed;
  • Delayed non-obligatory capital investments GAP will request the postponement of investments committed for this year from the proper authorities;
  • Postponing the proposal distributions of dividends and equity reductions that were included in the agenda for the ordinary and extraordinary shareholders' meeting scheduled for 28-Apr-2020.

These actions seek to manage liquidity levels. The balance of this cash position to date is MXN10.5 billion (USD451.4 million), of which 65% is USD denominated in order to fulfil the GAP's commitments with its employees, suppliers and creditors, thereby prioritising airport operation. GAP does not have any debt maturities for the remainder of 2020. [more - original PR - English/Spanish]

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