May 12, 2020 / 12:25 AM / 15 days ago

PRESS DIGEST- Financial Times - May 12

May 12 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

Virgin ramps up efforts to raise cash for struggling airlines on.ft.com/2YRuZ7o

ArcelorMittal seeks to raise $2 bln to boost balance sheet on.ft.com/2SWzUjF

Businesses face coronavirus debt burden up to 105 bln pounds, City executives warn on.ft.com/2SQCF6f

Overview

Virgin Group is stepping up efforts to raise cash for its grounded airlines, announcing it will sell a stake worth about $500 million in its space tourism business and launch meetings with potential private investors.

Steelmaker ArcelorMittal SA is seeking to raise $2 billion as the company attempts to fortify its balance sheet and cut debt levels, just days after posting more than $1 billion in first-quarter losses and suspending its dividend.

British companies trying to survive the coronavirus lockdown could be saddled with as much as 105 billion pounds ($129.48 billion) of unsustainable debt, top City executives have warned in a letter to Bank of England governor Andrew Bailey. ($1 = 0.8110 pounds) (Compiled by Bengaluru newsroom)

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