LONDON (Reuters) – British Airways owner IAG plans to raise 2.75 billion euros ($3.27 billion) from shareholders to repair the coronavirus-sized hole in its finances and brace for a more chaotic future.
Chief Executive Willie Walsh said the plan, backed by biggest shareholder Qatar Airways, was needed to survive the most severe crisis in aviation history after the group lost more in one quarter than it has ever lost in a year.
“These are really extreme times,” Walsh told the BBC, adding IAG had hoped to be flying at about 50% capacity by July, but was instead at 20%.
“We’re seeing a much slower and more gradual build-up,” he added.
