March 26, 2020 / 12:26 AM / 5 days ago

BRIEF-Alaska Airlines Announces Schedule Reductions And Other Changes To Conserve Cash

March 25 (Reuters) - Alaska Air Group Inc:

* ALASKA AIRLINES ANNOUNCES SCHEDULE REDUCTIONS AND OTHER CHANGES TO CONSERVE CASH

* SUSPENDED ANNUAL PAY INCREASES, PLAN TO REDUCE HOURS FOR MANAGEMENT EMPLOYEES

* ALASKA AIR GROUP - ANNOUNCING SUSPENSION OF CASH DIVIDEND

* TO REDUCE ITS FLIGHT SCHEDULE FOR APRIL AND MAY BY APPROXIMATELY 70% FOLLOWING FALLOFF IN DEMAND DUE TO COVID-19

* HAVE DRAWN DOWN $400 MILLION ON LINE OF CREDIT AND CLOSED AN ADDITIONAL SECURED LOAN FOR $425 MILLION ON WEDNESDAY

* 100% PAY REDUCTION FOR BOTH CEO AND PRESIDENT OF ALASKA AIRLINES

* ALASKA AIR GROUP - FLIGHT SCHEDULES FOR JUNE AND BEYOND WILL BE BASED ON DEMAND

* PLAN TO REDUCE HOURS FOR MANAGEMENT EMPLOYEES, AND WILL RELEASE CONTRACTORS AND TEMPORARY WORKERS

* BOARD OF DIRECTORS HAVE VOTED TO TAKE THEIR OWN CASH RETAINERS TO ZERO THROUGH SEPT 30

* ALASKA AIR- HAVE WORKED ACTIVELY WITH WHITE HOUSE, TREASURY DEPARTMENT, CONGRESS ON AID PACKAGE THAT COULD TOTAL $50 BILLION FOR PASSENGER AIRLINES IF PASSED

* ALASKA IS SEEING DEMAND REDUCTIONS OF MORE THAN 80% Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below