Thursday, 25 June 2020

easyJet raises £419 million

Photo easyJet
The UK Budget carrier easyJet has raised abo1ut £419 million through a share placing to help bolster its finances after the Coronavirus COVID-19 pandemic has virtually wiped out the European travel industry.

This new equity is said to boost liquidity to about £3 billion according to the airline, which said the funds would help it survive for many more months even if planes are grounded again, and putting it in a strong position to cope with “protracted recovery scenarios”.

The airline has announced it would resume flights to Paris, Barcelona and Milan from the UK from 1st July, despite the UK's FCO still advising against all but essential travel to anywhere. easyJet hopes to ramp up its flying schedule as the year goes on, however, demand may be limited, especially if the FCO advice doesn't change and the 14-day self-quarantine for all arrivals into the UK isn't reduced or removed.

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