Southwest Airlines(NYSE:LUV)entered 2020 with one of the biggest cash cushions of any U.S. airline and the strongest balance sheet in the industry, by far. In the first two months after the COVID-19 pandemic crushed U.S. air travel demand, the low-fare airline giant moved aggressively toboost its cash balance even furtherthrough a combination of new debt, short-term loans, an equity offering, and the issuance of convertible notes.

As a result, by mid-May, Southwest Airlines had $13 billion of cash on its balance sheet. It said that was enough to cover 20 months of cash burn, assuming no improvement in business trends.

Even with a fortress balance sheet like that, Southwest Airlines hasn't rested over the past month. In early June, the airline refinanced some of its debt, boosting cash and investments to $13.9 billion while also increasing the amount of unencumbered collateral available to support future borrowings.

https://www.fool.com/investing/2020/06/20/southwest-airlines-strengthens-fortress-balance.aspx

What are the strategic issues and what would you do to resolve them?