EasyJet today launched a bid to raise an extra £450 million towards its £2 billion covid survival chest in the face of the travel shutdown.
The group launched a rights issue this evening of up to 15% of the company's shares.
The fundraiser is so large that it will have to go to a shareholder vote, which raises the prospect of rebel shareholder founder Stelios Haji-Iaonnou potentially voting against it.
If it gets the go ahead, easyJet will have raised a total of £1.7 billion including the revolving credit facility, government and private loans and sale and leasebacks of planes.
The company also rushed out half-year financial results to the end of March showing underlying bookings were ahead of expectations. Revenues were up 1.6% to £2.4 billion and losses were £193 million against £275 million the previous year.
Capacity was expected to build through the summer, the company said, although the holiday quarter of July to September only running at 30% of the pre-covid plan.
The company said the travel industry conditions were still too unclear to give a financial forecast.
Chief executive Johan Lundgren said: "We will gradually ramp up our flying to around 75% of our routes in August, albeit with lower frequencies, so our customers can go on summer holidays."
"As Europe emerges from the covid-19 crisis, easyJet is well placed to strengthen its leading position as a trusted brand offering valye for money with an industry-leading network of primary airports."
