Losses

    • Delta eyes summer bookings as losses surge to $1.2bn

      Delta eyes summer bookings as losses surge to $1.2bn

      US carrier Delta Airlines announced bigger than expected loss in the first three months of this year, AP reported. The negative result went as high as 1.2 billion dollars, but the airline still expressed optimism over rising ticked bookings for late summer as Covid-19 restrictions start to ease in most industrial countries.

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    • EasyJet sees sales picking up from late May

      EasyJet sees sales picking up from late May

      The budget carrier EasyJet announced it expected to return to strong sales by end-May as Covid restrictions ease in most countries and vaccination rollout in Europe gains speed, Reuters reported. The carrier emphasized a jump in sales due to summer travel rebound is vital to offset losses caused by the pandemic grounding of EasyJet’s fleet. It elaborated that in its April to end of June quarter it would fly up to 20% of 2019 capacity levels.

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    • Credit Suisse unloads media stocks to cover Archegos losses

      Credit Suisse unloads media stocks to cover Archegos losses

      The leading Swiss bank Credit Suisse flooded the market with shares of the media conglomerate Discovery in a move to raise funds and target them to offsetting piling losses, Reuters reported. The large blocs of Discovery Inc and iQIYI Inc were put on the market after regular trading ended in Tuesday bourse session. The large share offering is linked to the meltdown of Archegos Capital which took a hit last month.

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    • Cineworld needs extra cash to cover $3bn 2020 loss

      Cineworld needs extra cash to cover $3bn 2020 loss

      Cineworld announced plans to request the approval from shareholders to raise its debt ceiling next month to fill the huge $3 billion loss for 2020, Reuters reported. The negative financial results were mainly due to restrictions which closed for long periods of time cinemas. Cineworld was forced by lockdowns to shut most of its almost 800 theatres in October and temporarily lay off about 45,000 staff. It sunk to its first pretax loss as a listed company last year, after a $212.3 million profit in 2019.

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    • Greensill eyes bankruptcy after Credit Suisse halts funding

      Greensill eyes bankruptcy after Credit Suisse halts funding

      The London-based Greensil is on the verge of bankruptcy after Credit Suisse announced it was shutting down its funding for the UK lender. The decision of the Swiss bank comes after a shift in investment priorities.  Since its primary source of funding has come to an abrupt halt, Greensill is preparing to file for bankruptcy and is also in talks to sell large parts of its business to private equity firm Apollo Global Management Inc, a source close to Greensill told Reuters.

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