Hotels Seek $150 Billion in Aid as Travel Plummets – March 2020
Travel industry is seeking a government bailout during the coronavirus crisis, the Wall Street Journal reports. Energy Institute Faculty Director, Severin Borenstein, believes that bailout funds would most likely go to the industry shareholders rather than its workers.
“Bankruptcy does not mean you stop flying. It does not mean you cease to exist as an airline. it does mean your creditors take a hit…Even a government bailout won’t prevent airlines and hotels from downsizing if demand remains depressed. If the government wants to provide more support for workers, it could do that directly.”
Photo: Bridget Bennett and Agence France-Press, gettyimages.com