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IAG takeoff weighed down by debt dilemma

  • 📰 Reuters
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On Breakingviews: With net debt above its market value, British Airways-owner IAG could use a rights issue. But it’s also back in the black after a painful pandemic, and deals may yield cost savings, writes aimeedonnellan

 

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Breakingviews - IAG takeoff weighed down by debt dilemmaFlying a jumbo jet with a heavy load can make for a tricky take off. That’s the situation British Airways-owner IAG is in. Its $11 billion net debt pile, a legacy of an epic collapse in revenue during the pandemic, is tangibly more than its $9.4 billion market capitalisation. That leaves boss Luis Gallego with a dilemma – execute a quick and painful fix via a big rights issue, or take a gradual journey back to health.
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