Airlines, automakers at the forefront. And it has only just begun. EU waives rules banning state aid. Ryanair, which doesn’t need a bailout, is furious.
Airlines don’t expect a quick recovery back to “normal” either. Based on their decisions about aircraft in their fleets, they expect this to drag out for years.
YRC, one of the largest less-than-truckload carriers, wheezes under the strain.
Just can’t catch a break: Friday after hours, United disclosed it abandoned its junk-bond offering after investors balked. Shares fell.
Then there’s Air France-KLM, with two governments squabbling over bailouts and acting like they want a divorce.
It started in mid-February for jet fuel and in mid-March for gasoline.
Their megaships turned from a revenue-generating asset into an expensive-to-maintain nightmare.
“There has been a clear divide between winners and losers.”
“Only good news is that the number was still positive despite the high number of cancellations.”
“We are temporarily a company with no product and no revenue.”