International Airlines Group has signed a revolving credit facility with a syndicate of banks as the Covid-19 pandemic enters a second year in Europe.
Proceeds from the bond funding are earmarked for ‘general corporate purposes’ including the strengthening of the balance sheet and financial support for “a more prolonged downturn in air travel”.
The group – which includes Iberia, British Airways, Aer Lingus and others – saw revenue fall 69 per cent to €7.8 billion for the year to December as Covid-19 halted travel around the world.
International Airlines Group has appointed Lynne Embleton to the role of chief executive of Irish flag-carrier Aer Lingus. She will start her new role on April 6th.
Having initially signed to pay €1 billion for the carrier in November 2019, the European aviation giant has now approved a deal valued at €500 million.
International Airlines Group has confirmed that Antonio Vazquez has retired as a director of the company and chairman of the board. As previously announced, Javier Ferran has succeeded him as chairman.
International Consolidated Airlines Group has implemented plans it says will ensure that its EU licensed airlines continue to comply with current ownership and control rules following Brexit.
IAG Cargo has announced a return of its direct service from the United Kingdom to South Korea. The route was paused earlier this year due to the Covid-19 pandemic.
International Airlines Group has reported an operating loss of €1.3 million for the third quarter, down from a profit of €1.4 million for the same three months last year.
International Airlines Group has reported a loss of €1.3 billion for the third quarter and confirmed it will make further capacity cuts for the rest of the year.
Alex Cruz, chairman and chief executive British Airways, is to step down from the roles with immediate effect. He will remain with the airline as non-executive chairman.