British Airways is scrapping all its Boeing 747 jumbo jets.
It’s cutting capacity to prepare for years of weak demand for air travel.
Now Reuters sources say owner IAG has a plan to get its finances in good order too.
They say the company will probably sell shares at the end of the summer, in a bid to raise almost 2.9 billion dollars.
Though other options for raising the money are being considered.
The cash would be used to keep group airlines in business, and avoid a government bailout.
That’s in contrast with European rivals.
Air France has secured a 7 billion euro package from the French government.
Germany’s Lufthansa agreed a 9 billion euro rescue deal.
IAG has avoided any such agreement, hoping to limit state involvement in how it’s run.
It has though taken state-backed loans in the UK and Spain, where it owns Iberia.
The sources say the airline is working with banks including Goldman Sachs and Morgan Stanley on the new plan.
It’s thought an announcement could coincide with financial results due at the end of the month.
Neither the airline nor the banks would comment on the reports.
IAG shares have lost about 66% of their value this year.
On Friday (July 24) afternoon they were in the red again, down over 5%.
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https://finance.yahoo.com/video/ba-aims-sell-shares-dodge-154041288.html
