Airbus boosted liquidity with an expanded credit facility of 15 billion euros (16 billion dollars) on Monday with the suspension of its forecast for 2020 in response to the virus crisis
(Photo by MANDEL NGAN / AFP via Getty Images)
Corona, which stopped the flight of a large number of aircraft fleets around the world.
The European aircraft maker joined US rival Boeing in canceling the 2019 dividend, totaling 1.4 billion euros.
“These measures are aimed at protecting the future of Airbus to ensure that we can resume normal or future activities as soon as the situation improves,” CEO Geum Fury told reporters.
Airbus has not withdrawn any credit lines and said it has sufficient liquidity to cope with the consequences of the Corona virus, with liquidity available at about 30 billion euros.
“We have a lot of room with these 30 billion,” said finance director Dominic Assam.
Airbus shares fell ten percent, compared to a decline of about 4 percent for the French market index CAC 40.
Fouri called for strong government support for airlines around the world who have been forced to stop flying fleets as well as struggling aviation suppliers.
Airbus said it had put in place operational measures to provide liquidity, with production partly resuming production in France and Spain, after being closed for four days.