Airbus Burns Through $8.7 Billion, Warns of ‘Gravest’ Crisis
- Hit from bribery case adds to trauma surrounding coronavirus
- Company says it fears for future of airline clients, suppliers
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Airbus SE spent a record 8 billion euros ($8.7 billion) of cash in the first quarter as Chief Executive Officer Guillaume Faury warned of the “gravest crisis the aerospace industry has ever known.”
While almost half of the cash hit came from a bribery settlement, the abrupt drop in deliveries seen in March will worsen this quarter, eating further into reserves. By June, Airbus will have a better view of how far it needs to scale back to get through the coronavirus pandemic, Faury said Wednesday on a conference call.