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AVH - Avianca Holdings SA News Story

$0.88 0.0  0.0%

Last Trade - 08/05/20

Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £2.56bn
Position in Universe th / 6850

UPDATE 1-United Airlines sees first-quarter $2.1 bln pre-tax loss on coronavirus impact

Mon 20th April, 2020 1:59pm
(Adds details and background)
    April 20 (Reuters) - United Airlines  UAL.O  said on Monday
it expects to report a pre-tax loss of about $2.1 billion for
the first quarter, hurt by a precipitous drop in travel demand
from the coronavirus pandemic.
    The U.S. carrier said it expects to borrow up to about $4.5
billion from the U.S. Treasury Department for a term of up to
five years. (
    That money would come on top of $5 billion that United is
set to receive from a separate government aid package
specifically for its employee payroll.
    The pre-tax loss reflects $63 million of special charges,
including a $50 million impairment for its routes in China,
where the coronavirus first started to affect travel in January.
    United also wrote down the value of its investments in
Brazilian carrier Azul Linhas Aereas Brasileiras and allowed for
a $697 million expected credit loss related to its investment in
Avianca Holdings  AVT_p.CN  in Latin America.
    Chicago-based United said it only plans to fly about 10% of
its normal schedule in May and June.

 (Reporting by Tracy Rucinski, David Shepardson and Ankit
Ajmera; Editing by Bernard Orr)
 ((; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 2596;))
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