Australian flagship airline Qantas is cutting at least 6,000 jobs as part of drastic measures to respond to the global pandemic and the huge drop in demand for travel.
That figure amounts to 20% of its workforce.
The company says it also plans to raise up to $1.3 billion U.S. dollars in equity.
Qantas says its grounding a hundred aircraft for up to a year and some for longer and will retire its fleet of six Boeing 747 jets imemdiately.
Chief Executive Alan Joyce said it was part of a plan for quote 'several years when revenue will be much lower'.
QANTAS CHIEF EXECUTIVE OFFICER, ALAN JOYCE, SAYING:
"We have to position ourselves for several years where revenue will be much lower and that means becoming a smaller airline in the short-term."
Another 15,000 staff will remain on stand-down until more flying returns. Many of them are associated with international travel.
Airlines around the globe are struggleing with little demand for flights.
Australia and other countries' borders remain largely closed as they try to contain the coronavirus.