Adds particulars on board revamp, BA funding Dec 31 (Reuter
Adds particulars on board revamp, BA funding
Dec 31 (Reuters) – Airline group IAG ICAG.L revamped its board to make sure a majority of unbiased non-executive administrators are from the European Union and rolled out plans to adjust to possession guidelines of the financial bloc following Brexit, the corporate stated on Thursday.
Its plan consists of the implementation of a nationwide possession construction for Aer Lingus and adjustments to its long-standing possession construction in Spain, IAG stated.
“It’s disappointing that it has grow to be essential to make these adjustments to the Board. Nonetheless, we’re happy that the EU-UK Commerce and Cooperation Settlement recognises the potential advantages of additional liberalisation of airline possession and management,“ Chairman Antonio Vázquez stated.
Britain agreed a commerce deal on Dec. 24 and set out the phrases of its new relationship with the EU following their divorce earlier this yr.
The corporate additionally stated British Airways has obtained two billion kilos ($2.73 billion) as a five-year time period mortgage, partially assured by UK Export Finance.
The deal dedication has some non-financial covenants, together with restrictions on dividend funds by the airline to IAG, the corporate stated.
($1 = 0.7334 kilos)
(Reporting by Samantha Machado in Bengaluru; Enhancing by Sriraj Kalluvila and Arun Koyyur)
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