PwC report says airlines need to shrink…

PwC report says airlines need to shrink their fleets and restructure their businesses, post-Covid
2021-01-18 11:55:00
PwC report says drastic cuts are needed to airline fleets, and also business restructuring.  PWC’s 2021 Aviation Industry Outlook says the disruption caused by the Covid-19 pandemic has permanently realigned the finances of airlines and many will go under.  It also says investors are ready to pick up bargains in distressed aviation deals.  “In order to survive and thrive in the post-Covid world, airlines will have to fundamentally re-think their fleets, their business models and their finances. For most, a return to business as usual is not going to be a viable option.” Airlines will not just be able to pick up where they left off last March, as many markets may have become uneconomic to serve. There are too many aircraft for the likely demand, which will not return for ages to the 2019 level of around 4.5 billion passenger trips.  About 30% of the global passenger airliner fleet – over 8,500 aircraft – are inactive. The massive debt of airlines will need “root and branch restructuring” in order to return to profitability.  IATA predicts the global airline industry will lose €98bn in 2020 and a further €32bn in 2021. Airlines have had at least €149bn

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