21st Apr 2020 11:25
(Alliance News) - Wizz Air Holdings PLC on Tuesday said it has received confirmation that it is eligible to apply for the UK government's Covid Corporate Financing Facility.
The Covid Corporate Financing Facility is designed to help larger firms to maintain liquidity amid disruption caused by the Covid-19 outbreak, through the purchase of short-term debt in the form of commercial paper.
The central and eastern Europe-focused low-cost airline stated that it remains focused on strengthening its balance sheet and liquidity, adding that it had EUR1.5 billion of cash as at the end of March.
Earlier in April, Wizz air said it will slash 1,000 jobs - or 19% of its workforce - and cut salaries of remaining staff, including the chief executive and members of the board, as part of an effort to mitigate the financial impact of Covid-19-related travel restrictions. At the time, it said it was operating just 3% of its pre-Covid-19 capacity with its March traffic falling by 34% year-on-year due to the virus outbreak.
Shares in the FTSE 250-listed airline were trading 0.7% lower at 2,692.00 pence each on Tuesday morning in London. Six months ago, the stock was trading at 3,862.00p each.
By Ife Taiwo; [email protected]
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