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* EasyJet asks for government help
* UK says in discussions on helping industry
* EasyJet could ground majority of fleet
* IAG to cut 75% of capacity
(Adds UK minister comment)
By Sarah Young
LONDON, March 16 (Reuters) - The owner of British Airways
and easyJet, Europe's no.3 and no.4 airlines, said they would
ground aircraft on an unprecedented scale in a battle to survive
the travel restrictions and European lockdowns now convulsing
the industry.
Britain's government said it would discuss how to protect
the industry from the coronavirus pandemic after easyJet on
Monday joined Virgin Atlantic in calling for government help as
people across the world stop travelling.
"European aviation faces a precarious future and it is clear
that coordinated government backing will be required to ensure
the industry survives and is able to continue to operate when
the crisis is over," easyJet's CEO Johan Lundgren said in a
statement.
BA-owner IAG stopped short of asking for government
backing, however. IAG's CEO Willie Walsh has long-opposed any
government help for airlines.
He was due to retire later this month, but it was announced
on Monday that he would defer his retirement for a few months to
provide stability during this challenging time.
IAG said it would cut its flying capacity by at least 75%
in April and May, while easyJet said it could ground the
majority of its fleet on a rolling basis. The airlines are the
no.3 and no.4 European carriers on a passenger number basis.
Both airlines said they had strong balance sheets, providing
details on their cash positions and credit facilities.
IAG, which also owns Iberia and Aer Lingus, said it had
total liquidity of 9.3 billion euros, while easyJet said it had
1.6 billion pounds of cash plus an undrawn $500 million
revolving credit facility.
Both airlines said they could not provide profit guidance
for their current financial years. IAG also detailed cost cuts
including a freeze on discretionary spending, working hours
reductions and a temporary suspension of employment contracts.
(Reporting by Sarah Young, editing by James Davey, Kate Holton)
