Lufthansa announced to cut 20% in leadership positions and the reduction of 1,000 administrative jobs because of the coronavirus pandemic.

According to the details, the German Airline would also cut the investment volume for new aircraft in half, with its financial plan allowing for up to 80 new aircraft for the airline’s fleet up to 2023.

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The shareholders of Lufthansa backed $10.15 billion government bailout last month, securing the future of Germany’s flagship airline after it was brought to the brink of failure by the travel slump due to the coronavirus.

The company also already decided in early April to reduce its fleet by 100 aircraft and not to resume the processes of budget unit Germanwings.

The airline wants to reduce government loans and equity stakes as quickly as possible to avoid an increase in interest charges.

It is to be noted that Lufthansa, which employs around 138,000 people, reiterated that it has a personnel surplus of 22,000 full-time positions.

Earlier, the world’s second oldest and Latin America’s second-largest airline, filed for bankruptcy, after failing to meet a bond payment deadline, while its pleas for coronavirus aid from Colombia’s government have so far been unsuccessful.

Media reports said that if it fails to come out of bankruptcy, Bogota-based Avianca would be one of the first major carriers worldwide to go under as a result of the pandemic, which has effected  world travel. Avianca has not flown a regularly scheduled passenger flight since late March and most of its 20,000 employees have gone without pay through the crisis.