May 7, 2020
British Airways parent IAG warns of further revamp to survive pandemic hit
British Airways parent IAG has warned that further action will be needed to survive the blow inflicted by the coronavirus pandemic as it predicted it would take three years before passenger demand returned to normal. The airline group, which last week announced BA would be cutting 12,000 jobs, said that the slow return to normality meant further restructuring across the group would be "Essential". "We do not expect passenger demand to recover to the level of 2019 before 2023 at the earliest," said IAG chief executive Willie Walsh. IAG - which owns Ireland's Aer Lingus and Spain's Iberia as well as the UK flag carrier - hopes for a "Meaningful" return to the skies from July and expects passenger capacity to be down by about half for the year as a whole. Given the amount of time it expects it to take until the industry recovers, IAG said it would defer deliveries of 68 aircraft, marking a further blow to manufacturers.
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