US Treasury Says Loan Deal Reached With Seven Airlines Amid Crisis

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The US Treasury on Tuesday announced it had reached a deal with seven major US airlines including American and United to offer them loans in a bid to stave off job cuts amid the coronavirus crisis.

But the Treasury statement does not say if these agreements are going to be enough to allow those two airlines to cancel recently announced plans to proceed with job cuts.

Since March, airlines have been grounding planes and delaying jet deliveries to try to limit the cash-burn as the worldwide coronavirus pandemic effectively paralyzed travel for months.

As the US economy gradually reopens, airlines have struggled to convince wary passengers to return to the skies, and international routes have been drastically reduced because of various travel restrictions in effect.

Read more at NEWSMAX

{Matzav.com}

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