Delta Air Suspends Dividend, Buybacks With Cash Burn Worsening
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Delta Air Lines Inc. is suspending its dividend and share repurchase program as U.S. carriers seek a $58 billion government bailout.
The airline also entered into a $2.6 billion secured credit facility, enhancing liquidity amid a daily cash burn of $50 million as travel demand collapses because of the coronavirus pandemic. The company is also drawing $3 billion under its existing revolving credit facilities.