Report: Delta Raises $1 Billion Through Aircraft Sales
Delta Air Lines (NYSE: DAL) has reportedly raised a fresh $1 billion in added liquidity via sales of aircraft it will then lease back from the buyers.
The airline is scrambling to boost its balance sheet as travel demand has dried up due to the COVID-19 pandemic. Delta warned earlier this month it is bleeding through $60 million a day and expects second-quarter revenue to fall 90% year over year.
But the company does have billions in unencumbered assets and is apparently looking to tap some of those assets for cash. Citing unnamed sources, Bloomberg reported Tuesday that Delta will raise about $750 million in proceeds from selling jets to BBAM Aircraft Leasing & Management, and another $250 million from Altavair AirFinance.
Source Fool.com
