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FLYING LOW

Airbus warns 135,000 workers to prepare for job cuts as it’s ‘bleeding cash’ due to coronavirus

AIRBUS has told its employees that it may not survive the coronavirus lockdown unless it cuts more jobs and accesses more financial help.

In a letter to its 135,000 staff, chief executive Guillaume Faury said the company, which makes planes for major airlines, was “bleeding cash at an unprecedented speed”.

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 Airbus has warned it may need to take action to save the business
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Airbus has warned it may need to take action to save the businessCredit: AP:Associated Press

The letter said Airbus was considering options to help save the business, according to Reuters news agency.

The company has about 13,500 staff in the UK, most of whom help make wings for planes at sites in Broughton, north Wales, and Filton, Bristol.

Around 3,200 production and production-support employees at Broughton will be placed on the UK's furlough scheme over the next three weeks.

Airbus says it will top-up gross salaries by anything from 85 per cent to 90 per cent depending on your wage.

A further 500 temporary contractors at Broughton, who were employed by Guidant, have also been furloughed.

Elsewhere, Airbus has accessed a furlough scheme in France which will help pay the wages of around 3,000 workers.

It has also convinced banks to lend it more money, giving it time to “adapt and resize”.

But Mr Faury warned that the plane supplier may need to plan for “more far-reaching measures” to stay afloat.

This could include further job cuts or more drastic financial measures.

“The survival of Airbus is in question if we don’t act now,” he wrote.

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Earlier this month, Airbus said it would cut the number of planes it builds by a third as travel restrictions dramatically reduce the demand for new aircraft.

A number of airlines, including EasyJet and British Airways, have grounded all or some of their fleet.

“In just a couple of weeks we have lost roughly one-third of our business. And, frankly, that’s not even the worst case scenario we could face,” Mr Faury said.

Airbus is scheduled to release its latest financial results on Wednesday, when commentators suggest it could also unveil job cuts.

The Sun has contacted Airbus for comment.

The coronavirus lockdown has proved difficult for businesses across the UK - last week, fashion store Animal said it would shut all 21 of its UK stores putting 500 jobs at risk.

And other retailers, including Debenhams, have felt the pinch.

But there are options if you've lost your job - we have more than 45,000 key worker jobs on offer.

Health Secretary Matt Hancock says he is 'comfortable' with some businesses reopening if they have measures to maintain coronavirus social distancing rules
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