US Treasury says, “Loan Deal Reached With 7 Airlines to Divert Crisis”

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$AAL $JBLU $UAL

Late Tuesday, the US Treasury announced it had reached a deal with 7 major US airlines including American (NYSE:AAL) and United (NYSE:UAL) to offer them loans in a bid to stave off job cuts and furloughs due to the China virus crisis.

Since March, airlines have been grounding planes and delaying jet deliveries to try to limit the cash-burn as the worldwide coronavirus pandemic effectively paralyzed travel for months.

As the US economy gradually reopens, airlines have struggled to convince passengers to travel the skies, and international routes have been drastically reduced because of various travel restrictions in effect.

Beyond American and United, the other airlines that signed loan agreements with the administration of President Trump are Alaska Airlines, Frontier Airlines, JetBlue (NASDAQ:JBLU), Hawaiian Airlines and SkyWest Airlines.

Delta (NYSE:DAL)and Southwest (NYSE:LUV) were not part of the agreements, earlier they said they would not participate.

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