United Airlines said yesterday that it cut operating costs by 59 percent in the third quarter and had nearly $20 billion of liquidity to position it for an eventual recovery from the COVID-19 crisis that has hammered the travel industry, Reuters reported. Airline executives have signaled a slow but steady improvement in leisure demand but do not foresee a recovery to 2019 levels for at least two years, with business and international travel particularly slow to bounce back amid ongoing travel restrictions. When the rebound finally arrives, airlines want to have a cost structure and network in place. “We’re ready to turn the page on seven months that have been dedicated to developing and implementing extraordinary and often painful measures, like furloughing 13,000 team members, to survive the worst financial crisis in aviation history,” said United CEO Scott Kirby. He acknowledged, however, that the “negative impact of COVID-19 will persist in the near term.”
