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Plus More – Briefings From Union and Airlines Leadership
Plus More – Briefings From Union and Airlines Leadership
KEY POINTS:
- In a letter penned on April 2nd, Delta’s SVP of Flight Operations John Laughter writes, “with essentially no passenger revenue, and even with all of the cash savings measures we’ve already taken, our spending over the next three months is almost $5 billion. That’s roughly the equivalent of the entire federal assistance we expect to receive… This one-time cash infusion from the Federal Government helps us in Q2, but in Q3 and beyond we are on our own. Click here to read his full letter to Delta pilots.
- Here’s the highlights from Scott Kirby’s United employee town hall briefing: United spends $1 billion a month on payroll. They expect to get a little north of $5 billion in grants. That gets the company through September/October. The goal in the October timeframe is to have a cash burn of zero (that does not mean profit). If demand is still down 50% then costs will have to obviously be reduced to compliment demand.
- Concerned bailout money may be misused, ALPA and Teamsters penned a letter to Steve Mnuchin, Secretary of the Treasury, on April 3rd. Wanting to ensure federal funds are quickly released, get to employees wallets, and are subject to oversight, union leaders plead their case to have the Secretary step in quickly and clarify certain CARES Act language. Click here to read the full letter including all of their requests. Read More