Sep 10, 2020
British Airways' owner to cut more flights
British Airways' owner IAG is cutting more flights over the next three months as it adjusts to the continuing collapse in demand for air travel. IAG, which also runs Aer Lingus and Iberia, said quarantine restrictions meant capacity this autumn would be 60% below 2019 levels. Previously IAG had forecast a 46% reduction in flights between October and December compared with the same period last year. Under IAG's fundraising shareholders will buy new shares at a deeply discounted price - 36% below the closing price on Wednesday. Details of the rights issues, which was announced in July, comes two days after new chief executive Luis Gallego took over from long-time boss Willie Walsh.
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