By Maria Armental
Delta Air Lines Inc. is preparing for a 90% projected revenue drop in the second quarter, following a quarter "unlike any in Delta's history," Chief Executive Ed Bastian said Friday in a memo to company workers.
Delta, which Friday applied for government aid to help stem the losses from the coronavirus pandemic, is burning through more than $60 million a day and "we know we still haven't seen the bottom," Mr. Bastian said.
Some 115,000 flights have been cancelled, cutting the company's schedule by more than 80%, he said. "But the reality is we simply don't know how long it will take before the virus is contained and customers are ready to fly again."
The chief executive said some 30,000 Delta workers had taken unpaid leaves to help stanch the cash bleed but more would have to take unpaid leaves of up to a year.
The company has offered free flights for medical workers and cargo shipments of medical supplies as part the response to the pandemic.
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(END) Dow Jones Newswires
April 03, 2020 17:33 ET (21:33 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.