Airbus CEO Guillaume Faury gave a dramatic warning to employees that heralds potentially deeper production cuts than initially planned.
“The survival of Airbus is in question if we don’t act now,” he wrote in a letter to staff sent on April 24. Airbus was “bleeding cash at an unprecedented speed,” Faury said. “We must now act urgently to reduce our cash-out, restore our financial balance and, ultimately, to regain control of our destiny."
Airbus is also understood to be talking to its home country governments about potential financial support. It had recently expanded credit lines to around €30 billion ($32.5 billion), an exercise that has given it “time to adapt and resize.” Airbus, like Boeing, will publish its financial results for the first quarter on April 29.
-Aviation Week-
I especially liked, "talking to its home country governments" and "time to adapt and resize". Boy, does it ever sound familiar.
Gino Under
