That's a quote from Delta Airlines CEO Bastian in the Wall Street Journal. Passenger revenue collapsed by 94% year-over-year. Its highly profitable business cabin and other premium sales (usually over 1/3 of total revenues): -95%. Revenues, domestic flights -93%; Atlantic -97%; Latin America -98%; Pacific -95%. And Uncle Sam (read us taxpayers) just gave them $5.4 BILLION to burn why they try to put some wind under the golden parachutes. Efforts to cut spending have cut its cash-burn rate to $27 million a day.
Folks, Delta's in better shape than a lot of other airlines. Plan all you want, but there's a really good chance there isn't going to be any international air travel for a long time, as these airlines are going to flat out die. And I'm betting fares, if you can find a seat, are going to be 3-4 times what we're used to paying.
1 October is going to be very interesting, as that's the day the Fed stops bankrolling unemployment and the major industries can actually start layoffs.