What's new

Welcome to Metatrader MT4 and MT5 Gpl Authority

Join us now to get access to all our Codebase MT4 and MT5 Free Paid Download. MetaTrader is a free application for traders allowing to perform technical analysis and trading operations in the Forex and exchange markets.

Add Codebase

Add Codebase to Our Community

Answer

Answer Questions and Become an Expert on Your Topic

Contact Staff

Our Experts are Ready to Answer your Questions

British Airways Gets $2.7 Billion Loan; Parent IAG Restructures Board of Directors Per Brexit

N

News Feed

Moderator
Staff member
Joined
Aug 4, 2020
Messages
11,178
Reaction score
0
Points
0


Image: British Airways A350 approaching Toronto Pearson International Airport, Oct. 11, 2019. Source: British Airways

(Reuters) - Airline group IAG revamped its board to ensure a majority of independent non-executive directors are from the European Union and rolled out plans to comply with ownership rules of the economic bloc following Brexit, the company said on Thursday.

Its plan includes the implementation of a national ownership structure for Aer Lingus and changes to its long-standing ownership structure in Spain, IAG said.

“It is disappointing that it has become necessary to make these changes to the Board. However, we are pleased that the EU-UK Trade and Cooperation Agreement recognizes the potential benefits of further liberalization of airline ownership and control,” Chairman Antonio Vázquez said.

Britain agreed a trade deal on Dec. 24 and set out the terms of its new relationship with the EU following their divorce earlier this year.

The company also said British Airways has received two billion pounds ($2.73 billion) as a five-year term loan, partially guaranteed by UK Export Finance.

The deal commitment has some non-financial covenants, including restrictions on dividend payments by the airline to IAG, the company said.

($1 = 0.7334 pounds)

Reporting by Samantha Machado in Bengaluru; Editing by Sriraj Kalluvila and Arun Koyyur.

_____

Source:
You do not have permission to view link Log in or register now.
 
shape1
shape2
shape3
shape4
shape7
shape8
Top