British Airways’ parent company said Thursday it will cut flights due to coronavirus travel restrictions and quarantine requirements and confirmed it is raising 2.7 billion euros ($3.2 billion) through the sale of new shares.
International Airlines Group, which also owns the Spanish national carrier Iberia among others, said it will use the money to cope with the economic shock of the coronavirus pandemic. Qatar Airways, which owns 25% of IAG, has undertaken to take its share of the cash call.
IAG also said that short-haul bookings have fallen slightly following the implementation of new quarantine requirements by the U.K. and other European governments for travellers returning from specific countries, including Spain.
