Airline group IAG has raised €2.74 billion through the issuing of new shares to allow the company to “withstand a more prolonged downturn in air travel”.
IAG, which also owns Iberia, Aer Lingus, Vueling and Level, said the “capital increase” would allow the company to “strengthen its balance sheet and reduce leverage”.
The extra cash will allow IAG to cope with a potentially longer downturn in air travel demand and give it “operational and strategic flexibility” to respond to any post-Covid recovery in the market.
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