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Philippines' Cebu Air defers plane capex, seeks govt support amid virus crisis

Published 05/18/2020, 08:49 AM
Updated 05/18/2020, 08:50 AM
© Reuters.

May 18 (Reuters) - The Philippines' Cebu Air Inc CEB.PS
said on Monday it would defer previously planned aircraft
capital expenditure and was in talks with the government for
fiscal support as the coronavirus pandemic decimates demand for
travel.
Last year, the country's largest budget carrier finalised
the purchase of about 30 Airbus SE AIR.PA aircraft worth $6.8
billion at list prices as it sought larger, fuel-efficient jets
to help it expand. However, those plans have been upended by the unprecedented
crisis brought on by the pandemic, as strict travel restrictions
imposed globally have left the airline industry largely
grounded.
Only last week, Singapore Airlines Ltd SIAL.SI reported
its first-ever annual loss, while Virgin Australia Holdings Ltd
VAH.AX entered voluntary administration in April. Cebu said it was reviewing its long-term fleet plan and had
begun discussion with suppliers "to establish flexibility to
adapt to current events".
Philippine carriers suspended all services in mid-March
after the government placed the country under stringent lockdown
to help stop the spread of the novel coronavirus. They later
wrote to the government seeking help in the form of emergency
credit lines and fee waivers. = 50.6500 Philippine pesos)

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Philippines' Cebu Air signs deal for $4.8 bln Airbus aircraft
Cebu Air orders 15 A320neo jets, pushing Airbus
toward sales milestone Airlines cuts capital spending estimate by at least
12% amid virus crisis Brookfield, InterGlobe & BGH among Virgin Australia
bidders - sources in Philippines seek govt support as coronavirus hammers
industry ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

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