International Airlines Group has reported an operating loss of €967 million for the second quarter. The figure is an improvement on the loss of €2.2 billion seen in the same period last year.
IAG said the cash would be used to strengthen its balance sheet, while also offering increased “operational and strategic flexibility” to take advantage of a recovery in demand.
International Airlines Group has reported a loss of €1 billon for the first quarter of 2021 as airlines struggle against government restrictions on travel.
International Airlines Group has become the first European airline group to commit to powering ten per cent of its flights with sustainable aviation fuel by 2030.
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.