Jet2 plc, parent to Jet2.com and Jet2holidays, has raised a further £422 million to combat the ongoing effects of the coronavirus crisis.
Executive chairman Philip Meeson confirmed the fresh cash injection, sourced from existing shareholders and new investors, in a note to the stock exchange on Friday (12 February).
It comes days after Jet2.com and Jet2holidays confirmed it was suspending all flights and holidays due to depart up to and on 14 April, and Iceland trips to 26 April.
Jet2.com and Jet2holidays had previously cancelled its entire winter schedule through to 25 March.
The latest announcement will see the launch of its new Bristol base, its 10th, delayed. Flights had been due to get under way from 1 April.
The airline and operator on Friday confirmed it had raised an additional £422 million through a new share issue, which it said was "significantly oversubscribed".
"The board is grateful to both existing shareholders and new investors for their significant support of this equity issue," said Meeson.
"The board believes the proceeds will provide sufficient liquidity on an extended and likely unpredictable shutdown basis to deal with this continually challenging trading environment."
Meeson said the extra cash would allow Jet2 to take "longer-term strategic decisions" to support sustainable, long-term profit growth, and ensure the business emerges from the pandemic in a stable commercial position allowing it to "capitalise on the upturn opportunity" post-Covid.