RIO DE JANEIRO, BRAZIL - (Bloomberg) The coronavirus pandemic will bankrupt most airlines worldwide by the end of May unless governments and the industry take coordinated steps to avoid such a situation, an aviation consultant warned.

Many airlines have probably been driven into technical bankruptcy or substantially breached debt covenants already, Sydney-based consultancy CAPA Centre for Aviation warned in a statement Monday.

Carriers are depleting cash reserves quickly because their planes are grounded and those that aren’t are flying more than half empty, it said.

“Coordinated government and industry action is needed — now — if catastrophe is to be avoided . . .

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