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Bloomberg
British Airways owner IAG tapped $1.1 billion in state-backed loans for its Spanish units Iberia and Vueling to help weather collapsing travel demand. The banks involved in the syndicated agreement will ask state-owned Instituto de Crédito Oficial to provide guarantees, and the financing is conditional on those being received, London-based IAG said.
The move comes as a surprise after IAG Chief Executive Officer Willie Walsh pushed back against state-supported financing for UK airlines and said his own company had sufficient liquidity to see it through the coronavirus pandemic.