July 31, 2020 / 6:13 AM / 7 days ago

BA-owner IAG to raise 2.75 bln euros in capital increase

LONDON, July 31 (Reuters) - IAG, owner of British Airways, said it planned to raise 2.75 billion euros in a capital increase backed by its biggest shareholder Qatar Airways, to strengthen its finances after the pandemic wiped out the travel market.

The airline group, which also owns Iberia and Aer Lingus, reported an operating loss of 1.365 billion euros for the second quarter, broadly in line with a consensus forecast for a loss of 1.395 billion euros.

With international travel threatened by a new wave of the pandemic before a recovery from the three-month grounding of planes has got properly underway, the outlook for airlines is bleak. (Reporting by Sarah Young; editing by Kate Holton)

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