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CORONAVIRUS - WIZZ AIR GROUNDS 85% OF FLEET

 

Hungarian low-cost carrier Wizz Air has grounded around 85% of its fleet due to travel restrictions introduced by governments to contain the spread of novel coronavirus, the airline said. “The company continues to operate 15% of its capacity and remains operational in Romania, Hungary and Bulgaria, but the grounding of the entire fleet remains a distinct possibility over the next period, as potential additional travel restrictions and social distancing policies issued by authorities may make international flying for commercial purposes either untenable or impossible,” Wizz Air said in an update for investors. “Given the significant balance sheet strength and liquidity, as well as the company’s ultra-low cost business model, Wizz Air is confident in its ability to survive even a potential prolonged grounding substantially beyond the current estimates for the impact of COVID-19 in Europe,” it added.