International Airlines Group (which owns Level, British Airways, Iberia among others) says in its Q1 2020 results that it does not expect demand to return before 2023.
LEVEL Airbus A321 landing at Lisbon. Photo by Karam Sodhi | AeroNewsX
Furthermore, the group will defer deliveries of 68 aircraft, similarly to Air France which in the last couple of hours, confirmed that it would postpone the arrival of 3 Airbus A350s to 2021.
IAG says it has also managed to reduce cash burn from 440 million per week to 200 million.
The group’s CEO, Willie Walsh, has originally announced he would step down on 30 June. This has been postponed now till 24 September. Iberia CEO, Luis Gallego, will be his replacement.
Since late-March, capacity group-wide is down 94%. The remaining 6% which accounts for limited passenger, repatriation and cargo-only flights, will be operated by appropriately-sized and new-generation aircraft ‘where practical’.
Finally, IAG expects to record a deeper loss in its second quarter results. IAG reported an operating loss before exceptional items of 535 million for the first quarter.