British Airways’ owner IAG on Thursday said it has secured £300 million from the Government’s coronavirus aid scheme, on top of Spanish state-backed loans.
The airlines giant, whose BA division plans to make thousands of workers redundant, has drawn the funding from the Coronavirus Corporate Finance Facility.
IAG recently secured around £900 million of loans backed by Spain to help its Iberia and Vueling airlines.
The firm now has €10 billion (£8.7 billion) in liquidity.
The company has faced severe disruption from travel restrictions. Most of its aircraft are grounded and it is planning for “a meaningful return to service in July”, subject to lockdowns easing.
IAG chief executive Willie Walsh said: "We will adapt our operating procedures to ensure our customers and our people are properly protected in this new environment. "
He added: "We are working with the various regulatory bodies and are confident that changes in regulations will enable a safe and organised return to service. The industry will adapt to new requirements in the same way that it has adapted to developments in security requirements in the past."
Walsh, who had been planning to step down in March, will now stay on until September. Iberia’s Luis Gallego will succeed him.
