Delta Air Sees 2Q Revenue Down 90%, Burns $60m in Cash a Day (1)

Company is burning more than $60m in cash/day, CEO <-bsp-person state="{"_id":"00000171-41dc-d675-a77b-ebfccb580000","_type":"00000160-6f41-dae1-adf0-6ff519590003"}">Ed Bastian says in memo to employees, included in SEC filing.

• “We still haven’t seen the bottom,” Bastian says
• Continues to shrink network as demand falls; schedule this month will be at least 80% smaller than originally planned
• 30k employees have volunteered for unpaid leaves of absence; company needs more volunteers
• Government assistance funds are “welcome news” but “are not nearly enough”
• “Without the self-help actions we are taking to save costs and raise new financing, that money would be gone by June”
• <-bsp-bb-link state="{"bbHref":"bbg://securities/DAL%20US%20Equity/EEO","_id":"00000171-41dc-d675-a77b-ebfccb5a0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Estimate was for Delta 2Q rev. to be ...