British Airways boosted its cash reserves on Monday by delaying £450 million ($630m) in pension payments, as it looks to conserve funds amid the Covid-19 pandemic.
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The carrier’s owner IAG also said the airline will draw down a £2bn government-backed loan agreement with a syndicate of banks by the end of this month. The five-year facility, first unveiled in December, will be partially guaranteed by UK Export Finance.
“British Airways has reached agreement with the Trustee of New Airways Pension Scheme to defer £450m of pension deficit contributions due between October 2020 and September 2021,” BA said in a statement on Monday.
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