Airbus signs credit facility for 15 billion euros, withdraws 2020 guidance

PARIS (Reuters) – Planemaker Airbus announced new steps on Monday to bolster its financial position as a coronavirus pandemic cripples the travel industry, including the signing of a credit facility for 15 billion euros ($16.1 billion).

The European planemaker added it was withdrawing its 2020 financial guidance, dropping a proposed 2019 dividend that had a cash value of 1.4 billion euros and suspending funding to top up staff pension schemes.

“We have withdrawn our 2020 guidance due to the volatility of the situation,” Chief Executive Guillaume Faury said in a statement.

“At the same time, we are committed to securing the liquidity of the company at all times through a prudent balance sheet policy. I am convinced that Airbus and the broader aerospace sector will overcome this critical period.”

(Reporting by Sudip Kar-Gupta and Laura Marchioro; Editing by Clarence Fernandez)