I understand that liquidity is a concern in the short-term, however companies which invest in times of a crisis will come back stronger afterwards. I understand that they cannot run the full refurbishment program now, however when we see demand coming back gradually, they should use the incoming cash-flow from operations for investments in the still grounded part of the fleet.
As
Goldorak stated this is Apocalypse Now.
What is very worrying is the future. A common guess is that this is not a blip, but will lead to structural changes in the airline industry and the way people travel. Leaner fleets are likely.