March 15, 2020 / 11:07 PM / in 17 days

BRIEF-Icelandair Group Says During Recent Days It Has Adjusted Capacity Of Up To 30%

March 15 (Reuters) - Icelandair Group hf:

* COVID-19 AND TRAVEL RESTRICTIONS

* DURING RECENT DAYS COMPANY HAS ADJUSTED CAPACITY OF UP TO 30%.

* ICELANDAIR GROUP - LIKELY CAPACITY WILL BE REDUCED EVEN FURTHER WHILE EXTENSIVE TRAVEL RESTRICTIONS ARE IN EFFECT AND SITUATION MIGHT CHANGE QUICKLY

* ICELANDAIR GROUP- OUTLOOK FOR SUMMER SEASON IS UNCERTAIN BUT CURRENTLY CO ASSUMES THAT CAPACITY WILL BE AT LEAST 25% LESS THAN PREVIOUSLY ANNOUNCED

* FINANCIAL EFFECTS OF COVID-19 OUTBREAK FOR ICELANDAIR GROUP ARE STILL UNCERTAIN

* TOTAL LIQUIDITY OF COMPANY AMOUNTED TO USD 301.6 MILLION AT YEAR-END 2019 AND STILL REMAINS AT A SIMILAR LEVEL TODAY

* COVID-19 OUTBREAK WILL HAVE NEGATIVE EFFECTS ON CASH FLOW IN UPCOMING WEEKS

* ICELANDAIR GROUP- TO SEEK TO MITIGATE NEGATIVE EFFECTS ON CASH FLOW THROUGH VARIOUS MEASURES SUCH AS REDUCING NETWORK CAPACITY

* ICELANDAIR GROUP-TO MITIGATE NEGATIVE EFFECTS ON CASH FLOW THROUGH MEASURES SUCH AS WORKING WITH LABOR UNIONS TO REDUCE SALARY COST “SIGNIFICANTLY” Source text for Eikon: Further company coverage:

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