British Airways owner IAG to raise $3.27 billion amid aviation crisis

Airlines around the world have been brought to their knees by the halt to flights, forcing tens of thousands of job cuts

British Airways owner IAG plans to raise 2.75 billion euros ($3.27 billion) from shareholders to repair the coronavirus-sized hole in its finances and brace for a more chaotic future.

Chief Executive Willie Walsh said the plan, backed by biggest shareholder Qatar Airways, was needed to survive the most severe crisis in aviation history after the group lost more in one quarter than it has ever lost in a year.

"These are really extreme times," Walsh told the BBC, adding IAG had hoped to be flying at about 50 per cent capacity by July, but was instead at 20 per cent.

"We're seeing a