Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

BA-owner IAG not planning to tap investors for funds - Sunday Times

Stock MarketsSep 19, 2021 11:01
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Tail fins of British Airways Embraer 190 aircraft are pictured at London City Airport, Britain, April 29, 2021. REUTERS/John Sibley/File Photo

(Reuters) - British Airways owner IAG (LON:ICAG) is not planning to raise billions of euros from shareholders to get the company through the extended COVID-19 crisis, its chief executive Luis Gallego told The Sunday Times.

"We do not see the necessity to do a rights issue and are not considering it," Gallego told the newspaper https:// adding that the company was talking through "different options" with banks.

The comments come after media speculation about the company's plans to shore up its finances.

In May, IAG announced plans to raise 825 million euros ($967 million) from a convertible bond to bolster its balance sheet.

Last year, the group launched a 2.75 billion euros ($3.22 billion) capital raising.

Gallego noted that the group had high debts but also had strong liquidity of 10.2 billion euros, Times reported.

"We have revolving credit facilities, we are analysing other ways of financing the group so we have alternatives before we [consider] another rights issue," he told the newspaper adding that repaying debts will be group's priority.

Earlier this month, British airline easyJet (LON:EZJ) Plc opted to raise $1.7 billion from shareholders to recover from the pandemic and declined a takeover approach from Wizz Air.

Asked if he had discussed a merger with executives at easyJet, Gallego said: "We talk to all airlines that can be interesting to us," according to the newspaper.

($1 = 0.8529 euros)

BA-owner IAG not planning to tap investors for funds - Sunday Times
 

Related Articles

Illinois Tool Works Earnings, Revenue beat in Q3
Illinois Tool Works Earnings, Revenue beat in Q3 By Investing.com - Oct 28, 2021

Investing.com - Illinois Tool Works (NYSE:ITW) reported on Thursday third quarter earnings that beat analysts' forecasts and revenue that topped expectations. Illinois Tool Works...

Mastercard Earnings, Revenue beat in Q3
Mastercard Earnings, Revenue beat in Q3 By Investing.com - Oct 28, 2021

Investing.com - Mastercard (NYSE:MA) reported on Thursday third quarter earnings that beat analysts' forecasts and revenue that topped expectations. Mastercard announced earnings...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email