(Bloomberg) — British Airways parent IAG SA tapped U.K. government-backed loans to boost liquidity, in a sign of the damage wrought by the coronavirus on even the industry’s strongest players.IAG accessed 300 million pounds ($371 million) from the Coronavirus Corporate Finance Facility in the second week of April, it said Thursday, taking state-supported funding to $1.45 billion including Spanish backing. The group, which initially signaled it wasn’t seeking aid, said it’s essentially grounded until July, when it’ll start restoring flights.Chief Executive Officer Willie Walsh said London-based IAG needs to restructure in all areas as it slims down for a tougher …read more
Source:: Yahoo Finance
