Mexican airline Aeromexico, which is already financially broken due to current pandemic has asked the bankruptcy court to sack 1,830 more employees to cut the costs.
The airline can save $44 million annually by laying off 855 unionized workers and 975 ununionized workers. But first, the company would have to pay the redundancy and other benefits to those employees and that bill can reach up to $31 million, which is one-time cost only.
Aeromexico sought approval from the court to carry out the layoffs by the end of the month, according to the court filings. The company did not specify which positions would be eliminated.
The company wants to get rid of extra employees by the end of the current month but did not mention which positions will be eliminated. Back in June, Aeromexico filed bankruptcy protection according to chapter 11 and has received $1 billion to cope with its financial hardships.
The Airline has already terminated 2000 positions in the 2nd quarter and sacked 96 more in the third quarter. The company suffered a net loss of $130 million in the third quarter due to less air travel. Aeromexico shares dropped 3.82% on Wednesday.
Amazon has sold more shares this week, according to filings, $3 billion shares have been sold this week which bring Jeff Bezos total cash out to more than $ 10 billion in 2020 so far.
The Amazon Boos increased his stock sale in the last year. In August he sold $3.1 billion of Amazon shares. Back in February, he sold $4.1 billion of shares. Still, Bezos owns more than 53 million shares which have a current value of $170 billion, and he is the richest person in the world.
Bezos said that he sells about $1 billion of Amazon stock
each year to invest in his Blue Origin. The Amazon boss also launched Earth
fund of $10 billion to reduce the impact of climate change and to issue grants
to scientists and organizations. Bezos hasn’t yet announced the recipients of
the fund but it is expected that he is going to give $100 million each to the
Nature Conservancy, the Environmental Defense Fund, the Natural Resources
Defense Council and the World Wildlife Fund.