Singapore Airlines is the latest major global carrier to restrict its schedules to a bare bones skeleton service.
SIA will cut 96% of its capacity until the end of April, the airline said.
It follows tighter border controls imposed by the Singapore government this week.
It amounts to ‘the greatest challenge that the SIA Group has faced in its existence,’ the airline says.
"It is unclear when the SIA Group can begin to resume normal services, given the uncertainty as to when the stringent border controls will be lifted. The resultant collapse in the demand for air travel has led to a significant decline in SIA’s passenger revenues."
The airline says it is in talks with banks for additional funding to stay liquid and plans to defer deliveries of new aircraft.
"The company is actively taking steps to build up its liquidity, and to reduce capital expenditure and operating costs," it added.
Like Hong Kong’s Cathay Pacific, SIA is in a perilous situation as small city state Singapore has no domestic market to fall back on.
"We continue to focus on getting as many of our passengers as possible back home safely and protecting the jobs of our people," said Group CEO Goh Choon Phong.
