ANA secures USD3.8 billion in loans to bolster liquidity
Japanese airline ANA Holdings is to receive about $3.8 billion in bank loans to see it through the global travel slump caused by the Covid-19 pandemic.
Lenders include Sumitomo Mitsui Financial Group and the state-backed Development Bank of Japan which will lend 130 billion yen each, according to a report by Kyodo.
ANA posted a $1.51 billion loss in the last quarter.
As of the end of June, it had more than $4 billion in cash reserves.
The airline has been hard at work trying to reduce its daily cash burn.
Last week it said it will offer voluntary redundancies to some workers and allow others to take up to two years unpaid leave.
It is suspending winter bonuses and reducing base salaries.
This will result in company-wide salary cost reduction of about 30%.
It also plans to downsize its fleet and sell some aircraft, and some international routes will be scrapped indefinitely.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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