Name: Pandemic pushes BA-owner IAG to $9 billion loss
Uploaded: 2021-02-27T18:30:18.000Z
Duration: 1 min 36 s
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British Airways owner Egg plunged to a record $9 billion loss last year as travel paralysis saw it burned through cash.

It warned on Friday it could not say when normal flying conditions would return.

Tighter restrictions brought in by countries over the last two months have threatened to ruin Europe's critical summer season.

That left some airlines in need of another round of funding support.

AEG CEO said it's calling for international common testing standards and the introduction of digital health passes to reopen the skies safely.

For now, the firm is focusing on cutting costs to reduce cash burn.

Focused airlines were buoyed earlier this week when Britain laid out plans for travel markets to possibly reopen from mid May.

That prompted a flood of bookings, but it's unclear whether that might include I eggs long haul routes.

Shares in the group were up around 4% in morning trading.

They've jumped 13% over the last five days after Britain's announcement, but over the last 12 months they've halved in value.

The group, which also owns Air Lingus, Iberia and Vueling, has been trying to boost its finances as the crisis drags on.

Be a recently secured an extra $3.4 billion through a UK government backed loan and from deferring pension contributions.

 And in October, I G secured shareholder backing for a $3.3 billion capital hike, adding to savings made from around 13,000 planned job cuts. 