Delta Air Lines said Monday its looking to raise $6.5 billion by using its SkyMiles frequent flier program as collateral.
The move is just the latest step by the airline to offset the $27 million in cash it is burning through every day due to the historic downturn plaguing the entire travel industry.
Along with the new financing, which largely consists of new loans and bonds backed by its loyalty program, Delta has parked about 40 percent of its planes and slashed the number of flights this quarter by roughly 60 percent compared to a year ago.
Delta is hoping for another round of government aide to help make ends meet until more of the flying public returns, without it the airline warns it will have to furlough 2,000 pilots next month.
Delta shares traded higher on Monday but have slumped 44 percent so far this year.