coronavirus financial relief

House Democrats try to claw back COVID aid from cargo airlines

White jets with blue tails, parked at airport, with stormy skies looming.

The third-ranking Democrat in the House of Representatives is asking four cargo airlines to return more than $630 million they received in emergency funding to keep workers from losing their jobs during the coronavirus pandemic, saying they aren’t entitled to the money because cargo business is roaring.

South Carolina Rep. James Clyburn, the majority whip and chairman of the Oversight and Reform select subcommittee on the coronavirus crisis, on Monday wrote Amerijet International, Atlas Air...

https://s29755.pcdn.co/news/house-democrats-try-to-claw-back-covid-aid-from-cargo-airlines

United Cargo spared brunt of airline’s job cuts

United Airlines workers place box of seafood on conveyor belt to load plane on sunny day. United announced big job cuts.

United Airlines’ cargo division will lose fewer than 50 positions as part of a major reduction in workforce aimed at creating a smaller airline that can better cope with the crippling loss of passenger business caused by the coronavirus pandemic.

Chicago-based United (NASDAQ: UAL) on Wednesday informed employees that it planned to eliminate 16,370 jobs beginning Oct. 1. The involuntary furloughs are 20,000 fewer than officials estimated in early July because so many workers took voluntary...

https://www.freightwaves.com/news/united

Lufthansa warns bailout in question, bankruptcy possible

A big white Lufthansa plane gets loaded with cargo through side door.

Duetsche Lufthansa AG warned Wednesday that shareholders may not approve a $9.8 billion financial rescue package that would see the German government take a 20% stake in the company and provide other loans and loan guarantees to help it withstand the downturn in business caused by the coronavirus pandemic.

Lufthansa, major provider of air cargo and passenger transport, said that without the government aid it may need to apply for court-administered bankruptcy protection while it continues to...

https://www.freightwaves.com/news/lufthansa-warns-bailout-in-question-bankruptcy-possible

Cathay Pacific, Austrian Airlines recapitalize with state help

A big white jet heading away lifts nose off runway

Cathay Pacific, a major Asian airline that also operates a large fleet of dedicated freight aircraft, and Austrian Airlines are recapitalizing with the assistance of home governments, the latest in a string of airlines receiving outside assistance to keep operating until travel demand rebounds.

Cathay Pacific (OTCUS: CPCAY) said Tuesday it will issue warrants giving the government of Hong Kong the right to purchase HK$19.5 billion ($2.5 billion) worth of stock and that it received a HK$7.8...

https://www.freightwaves.com/news/cathay-pacific-austrian-airlines-recapitalize-with-state-help

FMC urges Congress to aid distressed US box terminals

Steep reductions in containership sailings over the next several months due to the ongoing coronavirus pandemic have many U.S. marine terminal operators wondering how they are going to afford their annual lease payments to port authorities.

The country’s nearly 100 large and small container terminals are on some of the priciest industrial property. According to industry experts, terminal operators in the Port of New York and New Jersey annually spend about $90,000 per acre as port authority...

https://s29755.pcdn.co/news/fmc-urges-congress-to-aid-distressed-us-box-terminals

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