British Airways, facing slumping demand due to coronavirus, has secured a £2.0-billion ($2.7-billion, 2.2-billion euros) loan, parent group IAG said Thursday as it also unveiled a Brexit-propelled overhaul.
BA, which is slashing thousands of jobs as it battles to survive fallout from the deadly Covid-19 pandemic, also currently faces industrial action in a pay dispute with cargo workers at London’s Heathrow airport.
“International Airlines Group (IAG) announces that British Airways has received commitments for a five-year term-loan Export Development Guarantee Facility of £2.0 billion underwritten by a syndicate of banks, partially guaranteed by UK Export Finance (UKEF),” the aviation giant said in a statement.
