BA owner IAG accesses £300m in Covid-19 funding and cuts plane orders by half
IAG has been hit by losses of 70% this year and does not expect passenger demand to recover to the level of 2019 before 2023 at the earliest
London — British Airways (BA) parent IAG tapped UK government-backed loans to boost liquidity, in a sign of the damage being wrought by the Covid-19 pandemic on even the industry’s strongest players.
IAG accessed £300m from the coronavirus corporate finance facility in the second week of April, it said on Thursday, taking state-supported borrowing to $1.45bn including Spanish funds. The group, which initially signaled it wasn’t seeking aid, said it’s essentially grounded until July...