"The passage of the CARES Act, which provides emergency relief for airline employees nationwide, was welcome news. We submitted our application this morning to Treasury Secretary Steven Mnuchin for our share of the worker-protection grants", Bastian said in the memo on Friday.
The memo painted a dismal picture of the months ahead.
Delta memo to employees: “.. on Saturday we had about 38,000 customers flying, versus our normal late-March Saturday of 600,000. Unfortunately, even as Delta is burning more than $60 million in cash every day, we know we still haven’t seen the bottom.”
— Carl Quintanilla (@carlquintanilla) April 3, 2020
(via @MarketCurrents) $DAL pic.twitter.com/bWFjbq8Nuw
Last Saturday, Delta flew about 38,000 customers compared with about 600,000 passengers who fly on a normal Saturday in late March. In addition, the company continues to burn through more than $60 million in cash every day, with no end in sight, Bastian said.
"We are expecting our revenue in the second quarter to be down 90 percent", Bastian added.
Bastian also thanked 30,000 employees who have volunteered for unpaid leaves of absence while asking for more employees to volunteer for leaves lasting six, nine and 12 months.
The CARES Act includes about $29 billion in grants to subsidize airline employee wages, provided the companies do force any workers to accept furloughs and that airlines continue to fly, according to media reports.
As a result, US airlines continue to operate, albeit with scheduled flights drastically reduced and nearly empty planes continuing to fly.
