Share Search
Visit the Share Search
EasyJet cuts capacity on new lockdowns; Raises £130m in new lease deal
6th Nov 2020 07:35
(Sharecast News) - Budget airline easyJet said it would fly no more than 20% of capacity for the rest of the year after new coronavirus lockdowns in England, Germany, and France.
The company also announced it had raised £131m from the sale and leaseback of a further 11 aircraft in two transactions. EasyJet now owns 141 planes, or 41% of its fleet.
"We remain focused on cash generative flying over the winter season in order to minimise losses during the first half and retain the flexibility to ramp capacity back up quickly when we see demand return," easyJet said.
Airlines around the world are trying to reduce cash burn as the pandemic forced a majority of fleets to be grounded amid a collapse in passenger travel.
"EasyJet will continue to review its liquidity position on a regular basis and will continue to assess further funding options, including those that exist in the robust sale and leaseback market," the company said.
The company also announced it had raised £131m from the sale and leaseback of a further 11 aircraft in two transactions. EasyJet now owns 141 planes, or 41% of its fleet.
"We remain focused on cash generative flying over the winter season in order to minimise losses during the first half and retain the flexibility to ramp capacity back up quickly when we see demand return," easyJet said.
Airlines around the world are trying to reduce cash burn as the pandemic forced a majority of fleets to be grounded amid a collapse in passenger travel.
"EasyJet will continue to review its liquidity position on a regular basis and will continue to assess further funding options, including those that exist in the robust sale and leaseback market," the company said.