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The amendment also requires the company to maintain a minimum liquidity of $2 billion.
The amended facility includes a $1.33 billion three-year facility, $1.25 billion of which has been extended for an additional year to April 2022, and a new $216 million standby letter of credit facility, which matures in April 2022.
The airline industry was especially hard hit as the COVID-19 pandemic led to countries around the world imposing travel restrictions, resulting in airlines slimming down their workforce and bolstering their balance sheet.
Last month, Delta Air Lines forecast a 90% plunge in second-quarter revenue and warned it would need to renegotiate its debt agreements to avoid a default next year.
The company now has the option of pledging aircraft, among other assets, as additional collateral, Delta Air Lines said in a filing. (https://
