Delta

Delta Posts Pre-Tax Loss of $6.9 Billion, Warns Demand ‘Remains Under Significant Pressure’

Delta Posts Pre-Tax Loss of $6.9 Billion, Warns Demand ‘Remains Under Significant Pressure’

Delta Air Lines announced financial results for third quarter of 2020.
The Atlanta-based carrier reported that revenue for the period fell by more than 75% from $12.56 billion a year ago to $3.06 billion in the three months ended September 30. Adjusted operating revenue in September was $2.76 billion, down 79% compared to the same period in 2019.
Delta’s president warned that it might be “two years or more” until the airline …

U.S. Airline Industry Set to Shrink Dramatically at Midnight If Funding Doesn’t Materialize

After years of growth, the airline industry is set shrink in size, an unprecedented move that dwarfs the cutbacks that followed the September 11, 2001 attacks.
Thousands of jobs will be cut starting at the stroke of midnight on Thursday when the protections put into place by the Cares Act, which funded the loans and grants, runs out, yet workers are hoping that some form of funding materializes before the clock …

U.S. Airline Booked Revenue Down 80% Amidst Coronavirus Pandemic

U.S. Airline Booked Revenue Down 80% Amidst Coronavirus Pandemic

When third-quarter results are tallied, airlines in the United States will report that net booked revenue is down by 80% year over year and that they are collectively burning over $5 billion per month, according to figures released by Airlines for America, an industry trade group representing major U.S. carriers.
While more people are flying today than at the height of the coronavirus pandemic, the recovery that had been anticipated in …

Delta to Retire Boeing 717 and 767-300 Fleets Earlier Than Expected

Delta to Retire Boeing 717 and 767-300 Fleets Earlier Than Expected

Delta Air Lines said in a regulatory filing that it will retire its Boeing 717 and 767-300ER fleets earlier than it had originally expected to amidst the coronavirus pandemic-induced downturn in travel.
The Atlanta-based carrier also plans to retire its Bombardier CRJ200 earlier than planned
The airline, which has 54 767-300ERs and 91 717-200s as well as said the move was part of its fleet simplification strategy.
“Delta has decided to retire the …

Delta Extends Lounge Memberships and Travel Certificate Expirations into 2021

Delta Extends Lounge Memberships and Travel Certificate Expirations into 2021

Delta Air Lines announced multiple changes regarding the expiration of lounge memberships and travel certificates.
The said it is airline is giving travelers more time to use benefits they have earned amidst the coronavirus pandemic-induced downturn in travel.
“Customers now have even more flexibility for upcoming trips and more time to enjoy benefits when they’re ready to travel again,” said the airline’s vice president of customer engagement, Sandeep Dube.
The Atlanta-based carrier said …

Delta Upgrades Its SkyMiles Financing Deal to $9 Billion

Delta Upgrades Its SkyMiles Financing Deal to $9 Billion

Delta Air Lines, which last week said it plans to issue a private-note offering to raise $6.5 billion backed by its SkyMiles frequent-flyer program, now says it will increase the total proceeds of the deal to $9 billion, an increase of $2.5 billion.
The Atlanta-based carrier said it expects to issue $2.5 billion in 4.5% senior secured notes that are due in 2025 and $3.5 billion in 4.75% senior secured notes …

Delta to Raise $6.5 Billion Backed by its SkyMiles Frequent-Flyer Program

Delta to Raise $6.5 Billion Backed by its SkyMiles Frequent-Flyer Program

Delta Air Lines said it plans to issue a private-note offering to raise $6.5 billion backed by its SkyMiles frequent-flyer program.
The move makes Delta the third carrier to leverage its frequent-flyer program to raise cash.
Airlines have been bleeding cash amidst the pandemic-induced downturn in travel and Delta is burning through $27 million a day, its chief financial officer, Paul Jacobson, said, last week.
The notes will be issued by Delta and …