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Qantas secures another A$550 million in debt funding
Qantas has bagged another A$550 million in debt funding by using another three Boeing 787-9 Dreamliners as collateral.
It has now secured more than A$1.5 billion in loans on 10 of its 11 Dreamliners which were bought for cash.
The airline says it currently has at least A$2.7 billion in unencumbered aircraft assets which it can use to raise funds if needed.
However the carrier says it is happy with its liquidity and has enough cash to see it through more than a year of near-zero travel demand.
"The group has sufficient liquidity to respond to a range of recovery scenarios, including one where the current trading conditions persist until at least December 2021," Qantas said.
Group CEO Alan Joyce said: "Our cash balance shows that we’re in a very strong position, which under the circumstances we absolutely have to be. We don’t know how long domestic and international travel restrictions will last or what demand will look like as they’re gradually lifted."
"Our ability to withstand this crisis and its aftermath is only possible because we’re tapping into a balance sheet that has taken years to build."
Qantas also revealed it has postponed its ‘Project Sunrise’ order for ultra-long haul A350 aircraft which it hoped to use on London and New York nonstop routes.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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