March 16, 2020 / 10:07 AM / 25 days ago

BRIEF-Ryanair To Ground Majority Of Aircraft Fleet Across Europe Over Next 7-10 Days

March 16 (Reuters) - Ryanair Holdings PLC:

* RYANAIR HOLDINGS PLC - RYANAIR TAKING URGENT ACTION TO RESPOND TO COVID19

* RYANAIR - RYANAIR EXPECTS RESULT OF THESE RESTRICTIONS WILL BE GROUNDING OF MAJORITY OF ITS AIRCRAFT FLEET ACROSS EUROPE OVER NEXT 7 TO 10 DAYS

* RYANAIR HOLDINGS PLC - SEEN A SUBSTANTIAL DECLINE IN BOOKINGS OVER LAST 2 WEEKS, AND WE EXPECT THIS WILL CONTINUE FOR FORESEEABLE FUTURE

* RYANAIR - OVER PAST WEEK, COVID-19 VIRUS, GOVERNMENT TRAVEL RESTRICTIONS SIGNIFICANT AND NEGATIVE IMPACT ON SCHEDULES OF ALL RYANAIR GROUP AIRLINES.

* RYANAIR - FOR APRIL AND MAY, RYANAIR NOW EXPECTS TO REDUCE ITS SEAT CAPACITY BY UP TO 80%, AND A FULL GROUNDING OF FLEET CANNOT BE RULED OUT

* RYANAIR HOLDINGS - HAS LIQUIDITY, WITH STRONG CASH AND CASH EQUIVALENTS OF OVER EUR 4BN AS AT 12 MARCH

* RYANAIR HOLDINGS - RYANAIR IS TAKING IMMEDIATE ACTION TO REDUCE OPERATING EXPENSES, AND IMPROVE CASH FLOWS

* RYANAIR - SEEN A SUBSTANTIAL DECLINE IN BOOKINGS OVER LAST 2 WEEKS, AND EXPECT THIS WILL CONTINUE FOR FORESEEABLE FUTURE

* RYANAIR - WILL CONTINUE TO MONITOR DEMAND, AS WELL AS GOVERNMENT FLIGHT RESTRICTIONS, WILL CONTINUE TO MAKE FURTHER CUTS TO SCHEDULES AS NECESSARY

* RYANAIR HOLDINGS PLC - WILL CONTINUE TO MONITOR DEMAND, AS WELL AS GOVERNMENT FLIGHT RESTRICTIONS

* RYANAIR - ACTIONS TO INVOLVE GROUNDING SURPLUS AIRCRAFT, DEFERRING ALL CAPEX AND SHARE BUYBACKS, FREEZING RECRUITMENT AND DISCRETIONARY SPENDING

* RYANAIR - ACTIONS TO INVOLVE IMPLEMENTING VOLUNTARY LEAVE OPTIONS, TEMPORARILY SUSPENDING EMPLOYMENT CONTRACTS, CUTS TO WORKING HOURS, PAYMENTS Source text for Eikon: Further company coverage:

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