U.S. passenger railroad service Amtrak said on Tuesday it needs a further $1.475 billion bailout and disclosed plans to cut its workforce by up to 20% in the coming budget year.
FILE PHOTO: An Amtrak passenger train sits in New York City's Pennsylvania Station, U.S. April 27, 2017. REUTERS/Mike SegarThe company, which has been devastated by the coronavirus pandemic, in April received $1 billion in emergency funding from Congress.
“It is clear we have no choice but to reduce our overhead structure to better align our costs with our revenues,” CEO Bill Flynn told employees Tuesday in a memo seen by Reuters. Without the additional emergency funding, Amtrak said it would need to suspend some long-distance routes, and that others would operate on a thinned-down schedule. It would also need to greatly reduce its high-speed Acela service.
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