It’s taken time, but U.K. based easyJet has finally grounded all of its aircraft, blaming, obviously, the unprecedented decline in demand.
For an airline that clocks up nearly 4,000 flights a day at peak, the turnaround is a staggering portrait of its predicament.
Rather bizarrely it’s been caught in something of a financial ‘scandal’ of sorts. It declared its shareholder dividend some time ago, £164 million is to be paid to its owners (34% of that goes to Stelios Ioannu, it’s founder), yet it’s struggling financially now.
Legally it’s unable to stop payment and is obliged to payout the money. Asking government to partially bail you out seems more than a little embarrassing and easyJet is likely to be on the list of requesting airlines.