Georgia's Delta Air sees $10 billion hit in Q2 revenue, fleshes up credit line


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Georgia's Delta Air sees $10 billion hit in Q2 revenue, fleshes up credit line

On Friday, the 20th of March 2020, the Atlanta, Georgia-based one of the major airlines in the United States, Delta Air Lines Inc., often contemplated as a legacy carrier employing more than 85,000 workers across the globe, said in a statement that the airline’s second quarter revenue could witness a slump of up to $30 billion, marking up a 80 per cent plunge compared to the same time a year earlier, as a catastrophic outbreak of coronavirus pandemic had been inflicting deeper wounds in to the aviation and tourism industries amid worldwide border lockdown to slow down the spread of the Covid-19.

Aside from that, the Atlanta-based American multinational aviation industry giant had also added in its Friday’s (March 20th) statement that the airline had already secured a $2.6 billion credit lines and had been in discussions to bring in another $3 billion under its existing credit facilities to see through the coronavirus-driven crisis-era.

Meanwhile, adding that the legacy airline had been burning nearly $50 million in fresh capital each day to stay operational, Delta Air Lines Inc. Chief Executive, Ed Bastian said in a memo to its employees on Friday (March 20th), “Given the underlying damage the virus has created to the overall economy, that demand recovery will take an extended period once the virus is contained. ”