Airbus Warns Employees That Jet Maker Is 'Bleeding Cash'
April 27 2020 - 5:36AM
Dow Jones News
By Benjamin Katz
Airbus SE Chief Executive Guillaume Faury has warned staff that
the company's survival is at stake as it battles the collapse in
demand for its aircraft amid the new coronavirus pandemic.
The CEO has written to staff previously outlining talks with
unions and the government over cost and job cuts and furloughs. In
a letter to employees Friday, he painted a dire picture of the jet
maker's finances, and he also confirmed a number of deaths at the
company from the virus.
Airbus is "bleeding cash at an unprecedented rate," Mr. Faury
said in the letter to staff, adding that further measures beyond
its recent move to cut production by about a third may be needed to
ensure the company's survival.
"The survival of Airbus is in question if we don't act now," Mr.
Faury said.
Write to Benjamin Katz at Ben.Katz@wsj.com.
(END) Dow Jones Newswires
April 27, 2020 05:21 ET (09:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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