The coronavirus pandemic poses a serios threat to most airlines around the world as they could become bankrupt by early summer time if governments and industry do not take coordinated action to avoid such a situation, an advisory firm in Australia warned on Monday, according to Bloomberg.
Many airline operators have already gone into technical bankruptcy or breached their payment terms for certain debts, reported the CAPA Aviation Center, one of the largest consulting firms in the industry.
The airlines are rapidly consuming their cash reserves and get no revenue because most of their aircraft are stuck on the ground while the planes that operate scheduled flights are flying half empty.
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The firm expects the largest airlines in the United States, China and the Middle East to survive the crisis, most likely due to support from national governments or efforts made by their owners.
Airline industry was among the worst-hit sectors due to the spread of the novel coronavirus (COVID-19) which effectively brought the air traffic to a halt. Operators on all continents have reduced their capacity and some companies have begun to lay off their employees. The industry could lose $113 billion in revenue this year, according to a projection made by the International Air Transport Association.
