American Airlines CEO: ‘It certainly feels like we’re at bottom’ as revenue tumbles 90%
Doug Parker, CEO of American Airlines
Adam Jeffery | CNBC
The record drop in air travel demand because of the coronavirus pandemic appears to be as bad as it’s going to get, American Airlines CEO Doug Parker said Wednesday.
“It certainly feels like we’re at the bottom,” Parker told CNBC in an interview. “Our revenues are down 90% on a year-over-year basis and they’ve been that way now for a few weeks. The real question is how long you stay at the bottom and when do we begin to recover. I don’t think I know that better than anybody else.”
American and other large U.S. airlines, including Delta, Southwest and JetBlue on Tuesday announced agreements with the Treasury Department on the terms for their share of $25 billion in government grants and low-interest loans.
American said the Treasury Department approved $5.8 billion in …continued .
[Source: CNBC News]