easyJet: Airline secures £600M bailout after issuing dire warning – ‘Money will run out!’

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The airline is merely one of many who have been forced to make cuts amid the ceaseless coronavirus pandemic. EasyJet was forced to ground its entire fleet of aircraft in week after repatriating 45,000 Britons from around the out of sight due to the coronavirus.

Another request was rejected which saw Sir Stelios asking for a congress of shareholders to decide whether another director should be fired.

Sir Stelios translated that Mr Findlay should be fired because it would be ”the best way to prevent him writing billion-pound cheques-plus to Airbus every year”.

The founder has broke before that the airline would need loans from the Management if it terminates its contract with Airbus.

He also said he would not be allotting more of his own money in easyJet while a contract exists between them and Airbus.

In a communiqu issued before easyJet announced it had additional funding, Sir Stelios climaxed a dire warning about the future of the company.

He said: “If this £4.5billion exposure to Airbus is preserved – and not cancelled – by the easyJet board then, I regret to piece, easyJet will run out of money around August 2020, perhaps reciprocate earlier.”

He added: “If easyJet terminates the Airbus contract, then it does not indigence loans from the UK taxpayer and it has the best chance to survive and thrive in the subsequent with some injection of additional equity provided for by the markets.”

EasyJet also proclaimed it has reached an agreement with trade unions on furlough arrangements for its directs and crew.

The airline’s chief executive Johan Lundgren said: “We linger absolutely focused on ensuring the long-term future of the airline, reducing our bring ins and preserving jobs, to make sure easyJet is in the best position to carry on flying once the pandemic is over. We are pleased that we have now reached unity with both Unite and BALPA regarding furlough arrangements for UK-based easyJet aviators and crew.”

“Our current priority is to safeguard short term liquidity, so we induce borrowed from the CCFF and drawn down on our Revolving Credit Mastery in order to increase our liquidity in the event of a prolonged grounding of the fleet.

“The CCFF contributes businesses with access to funds at the commercial rates which were convenient before the coronavirus crisis and any UK company that had an investment grade rating already the crisis can apply for this funding.”

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