Global airlines raised more than $17 billion from banks in weeks
|Toronto Star 29 Mar 2020 at 14:37|
U.S. carriers were the most active, borrowing $12.5 billion U.S., according to data compiled by Bloomberg. Delta Air Lines Inc. is the top borrower this month, obtaining $5.6 billion, followed by Singapore Airlines, which secured a S$4 billion ($2.8 billion) bridge loan, and United Airlines Holdings Inc., which raised $2.5 billion.
The airlines have borrowed new loans or drawn down on existing credit lines that they typically didn’t use before the health crisis. Companies in all industries globally have raised more than $230 billion from commercial banks since early March in response to the virus.
Eleven other airlines, including British Airways Plc and Etihad Airways PJSC, have about $8 billion in combined revolving facilities that they may not yet have drawn, the data show.
The aviation industry is asking individual governments for state aid, including carriers based in Germany, Thailand, and the U.S.