Aircraft have weight restrictions and so, too, do corporate balance sheets. International Consolidated Airlines Group has been on a fundraising spree over the past 12 months, trying to bolster its reserves as travel restrictions have caused severe falls in passenger numbers. Its net debt has spiralled from €7.6 billion at the end of 2019 to €12.1 billion.
It has little choice but to bear that burden. Despite slashing operating costs, tumbling passenger numbers meant that over the first six months of this year it reported a €2.3 billion pre-tax loss and a €1.1 billion cash outflow from its operations. British Airways, the most prominent of IAG’s stable of airlines, accounted for the worst of the losses, hampered by travel restrictions and, in particular, limits
