May 11, 2020 / 10:04 AM / 16 days ago

BA-owner says he has exhausted every avenue to shore up liquidity

FILE PHOTO: Willie Walsh, CEO of International Airlines Group speaks during the closing press briefing at the 2016 International Air Transport Association (IATA) Annual General Meeting (AGM) and World Air Transport Summit in Dublin, Ireland June 3, 2016. REUTERS/Clodagh Kilcoyne

LONDON (Reuters) - British Airways owner IAG (ICAG.L) has exhausted every avenue to shore up liquidity and its cash is reducing at a significant rate, its chief executive said on Monday.

“The liquidity that we have is reducing because the cash that we have is reducing,” Willie Walsh told a parliamentary committee hearing.

“We’ve probably exhausted every avenue that I can think of at this stage to shore up our liquidity. The cash has been reducing significantly and that will be the case as we go through May, June and July.

“We’re not taking in any revenue.”

Reporting by Sarah Young and Kate Holton; editing by Michael Holden

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