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[loganair] 07/5/2020 16:22

IAG accessed 300 million pounds ($371 million) from the Coronavirus Corporate Finance Facility in the second week of April, it said Thursday, taking state-supported borrowing to $1.45 billion including Spanish funds. The group, which initially signaled it wasn’t seeking aid, said it’s essentially grounded until July.

IAG’s downsizing will see it take delivery of only 75 planes over the next three years instead of the planned 143. It will also assess an early retirement of inefficient four-engined Boeing Co. 747s and Airbus SE A340s, and could cut more planes with leases up for renewal in the next two years.

While the focus for the moment is on maximizing cash, much of what IAG has raised in recent months has been via short-term facilities and those will need to be refinanced, Chief Financial Officer Steve Gunning said on an analyst call.

IAG is progressing with plans to buy Spain’s Air Europa, though the deal has a price-adjustment mechanism that could be applied.

[arai] 07/5/2020 16:19

TUI have taken a right good kicking today, all news related ?

[applepieinthesky] 07/5/2020 16:15

It was revealed this morning, however, that IAG HAS accessed the UK Government's Coronavirus Corporate Finance Facility.  This provided a £300 million bailout in the form of a 'soft' loan, underwritten by the UK Government and taxpayers.

[962962] 07/5/2020 15:48

m1k.Precisely.It's not rocket science.Without doubt Monty,will come up with some viable answear.Along with his pet topic of vaccine,his theory would have end of the boarding line for a T5 747 from C gates,would be Wetherspoons bar by A gates.Bit of Insider/Tech terminology there.He won't have a clue as probably never been in T5.

[m1k3y1] 07/5/2020 15:21

962...the same maths applies to testing. I am surprised that no one has yet commented on how long it will take to test the population of the UK.

In addition, testing for the coronavirus seems pointless to me, unless the results say you have it.

To my reasoning, if you are tested negative on say Monday, then you could be tested positive on Tuesday or Wednesday etc . So, a negative result on one day serves no purpose. You have to keep getting tested, until you get a positive result.

So , the only tests that appear useful, are those that say you have had the virus. Even though immunity has not been identified, it provides you with some upside.

Of course, if you are a front line NHS worker, I guess you need to get tested every time you go to work.

[962962] 07/5/2020 14:32

And again monty.747/vacine.

[montyhedge] 07/5/2020 14:18

Of course 747 won't fly again, who in their right mind going to fly without a vaccine and 1 kilometre queue to get on one.

[fjgooner] 07/5/2020 14:16

Here it goes - listen for the buy button being pumped.

[montyhedge] 07/5/2020 14:15

165p next level boys.

[fjgooner] 07/5/2020 14:14

I'd bet that Montymuppet is about to buy back into IAG.

It always ups its negative yapping to a crescendo on a stock just before it buys and then does its usual two-faced switch around back to ramping.

[nallen1] 07/5/2020 13:19

He's obviously failed the interview

[bobbybullet] 07/5/2020 13:08

Monty....The pilots accepted that 11.5% pay rise over 3 years. Your either trying to twist facts or you don't know them.Why the sour grapes? Bit of the green eyed monster :)

[azalea] 07/5/2020 12:36

747 will not fly with pax again. Long before the virus outbreak,TV Programme on the birth of the 747 ended with that statement, but would continue to fly with freight.

[qantas] 07/5/2020 12:24

Rolls-Royce was sharply lower after the aerospace and defence giant signalled there are job cuts ahead as it said the commercial aerospace market could take several years to recover from the impact of Covid-19.

British Airways and Iberia owner IAG flew lower after saying it swung to a first-quarter operating loss of €535m. It also warned of a "significantly worse" second quarter due to the pandemic that has grounded most of its fleets.

Please do your own research as always.

[montyhedge] 07/5/2020 11:48

Any bull can you tell me an investment case. No growth, no dividend for 4 years my estimate.

[962962] 07/5/2020 11:34

m1k.Just ignore monty.its the same repetative rubbish over and over again.747's will probably never fly again."Won't fly untill a vaccine.It's a long time ago I got my A level Maths,and maybe a bit rusty,but lets say like testing we inoculate 100000 a day,very,very unlikey but still,that would equate to 1m in 10 days.As the population of the UK is 66m my rusty maths would suggest that would take nearly 2 years.So (for those left) cabin crew with no prospect of Monty 5 times a year for at least 2 years,will take a bit of the pain away.

[m1k3y1] 07/5/2020 11:29

It wasn't a bailout and was available to all UK airlines, which is why IAG took the 300m.

Interestingly Cruz said " There is no Government bailout standing by for BA", which is technically correct but morally splitting hairs.

It will be interesting to see what Walsh has to say to the Transport Select Committee on the 11th May.....if he turns up.

I see liquidity has increased to 10B according to the RNS.

[jailbird] 07/5/2020 11:18

Looks like IAG did take a loan from the government before 12k was announced Clever they can say even after that we need to cut costs

[applepieinthesky] 07/5/2020 10:43

https://www.headforpoints.com/2020/05/07/has-british-airways-taken-a-government-bailout/Has EL Gordo been telling porkies

[hamhamham1] 07/5/2020 10:42

Buywell. Sparks (are flying), leaving Marks behind them

[m1k3y1] 07/5/2020 10:40

Monty ......you are completely wrong....there is substantial pent up demand and flights will be packed as soon as the borders open.

[silkstag] 07/5/2020 10:36

BoE warns today that the deepest recession in UK history is on the cards.
IAG ugly RNS today with grim prospects.
WW extending stay as CEO until 24 Sept 2020 AGM to do more of the ugly stuff required. Good that he is doing it, bad that it is needed.
Writing on the wall for IAG shareholders with £29 bn short term and long term liabilities and £11 bn contracted liabilities to buy planes. Its £24 bn asset values are wilting, along with the £11 bn contracted planes.
Next stop 5p restructuring in July 2021. Maybe you should continue holding until then as you did not sell at 225p when it was obviously doomed so you must be masochists. Enjoy the relentless pain over the next 14 months until IAG ceases to be listed. You are about to pay a further 184p for that pain. Cheaper than a dominatrix if your stake is small enough, I guess?
All imho. DYOR

[montyhedge] 07/5/2020 10:32

Problem is no one in their right mind will fly until vaccine. One kilometre queue to get on a 747, having a laugh.