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Aer Lingus owner raising billions to deal with Covid shock

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Aer Lingus jets parked up on the runway of Dublin airport (Niall Carson/PA)

Aer Lingus jets parked up on the runway of Dublin airport (Niall Carson/PA)

Aer Lingus jets parked up on the runway of Dublin airport (Niall Carson/PA)

Aer Lingus owner IAG plans to raise €2.75bn from shareholders to cope with the fall out from Covid 19, and says it could be 2023 before there is a return to travel normality.

"We strongly believe that now is the time to look to the future and strengthen IAG's financial and strategic position," CEO Willie Walsh said in a statement on Friday.

Mr Walsh has delayed his own retirement plans to help cope with the impact of the crisis, but says he will stand down in September.

"I will be retiring on the eighth of September at the AGM when Luis (Gallego) will take over from me. That is firm. We're not going to change that," Walsh told reporters on a call on Friday.

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