Delta Air Lines Inc. (DAL) warned in an 8K filing on Friday that second-quarter revenue will plunge 80%, or $10 billion, from the year-ago quarter as it burns through $50 million in cash per day because of coronavirus. The largest airline also said it was suspending stock buybacks and its dividend, and has secured a $2.6 billion line of credit. The company "To put this in context, despite all the self-help measures we are taking, we are currently burning roughly $50 million in cash each day," Delta Chief Executive Ed Bastian said in a message to employees.
-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 20, 2020 16:58 ET (20:58 GMT)
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