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(Sharecast News) - Low-cost airline Wizz Air said on Monday that the grounding of its entire fleet due to the coronavirus cannot be ruled out.
As of this week, it has grounded around 85% of its fleet but remains operational in Romania, Hungary and Bulgaria. However, the grounding of the entire fleet "remains a distinct possibility over the next period", it said, as potential additional travel restrictions and social distancing policies may make international flying for commercial purposes either "untenable or impossible".
For the avoidance of doubt, Wizz said it will resume all flights as soon as reduced travel restrictions and governmental policies allow commercial operations.
"Whilst difficult to predict the duration of the pandemic, given the significant balance sheet strength and liquidity, as well as the company's ultra-low cost business model, Wizz Air is confident in its ability to survive even a potential prolonged grounding substantially beyond the current estimates for the impact of Covid-19 in Europe."
In addition, the company said it has implemented further cost-reduction measures and put in place measures to secure its cash position "working with vendors, suppliers and authorities".
Wizz has rolled out a series of voluntary working hour reduction options and leave options with its employees, while the board and executive leadership team will be foregoing their salaries for five weeks including the month of April.
Chief executive J?zsef V?radi said: "This situation is posing a significant threat on the aviation industry and we call on governments to take non-discriminatory steps which will benefit all airlines."
At 1425 GMT, the shares were down 7.6% at 2,105p.
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