EasyJet grounds entire fleet as governments impose Covid-19 lockdowns

Mon, 30th Mar 2020

Budget carrier EasyJet said it had grounded its entire fleet of aircraft following the introduction by governments of tighter lockdowns to combat the spread of Covid-19. EasyJet said the last of a number of rescue flights to repatriate customers was operated on Sunday. It added, however, that it would 'continue to work with government bodies to operate additional rescue flights as requested'. The company said that there could be no certainty, at this stage, as to when it would restart commercial flights. 'We will continuously evaluate the situation based on regulations and demand, and will update the market when we have a view,' EasyJet said. 'We continue to take every action to remove cost and non-critical expenditure from the business at every level in order to help mitigate the impact from the coronavirus.' 'The grounding of aircraft removes significant cost.' EasyJet said it had a 'strong' balance sheet, with no debt re-financings due until 2022. 'We are in ongoing discussions with liquidity providers who recognise our strength of balance sheet and business model,' it added. Story provided by StockMarketWire.com

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