Europe’s second-biggest low-cost airline, EasyJet, has raised £600 million from selling off and leasing back part of its fleet. The airline said a £203 million deal for five Airbus A321neo aircraft had completed its sale and leaseback process.
The airline has now raised more than £2.4 billion since the start of the coronavirus pandemic, including £600 million from the UK government’s COVID Corporate Financing Facility and just over £400 million from a share placement.
EasyJet fell to a pre-tax loss of £325 million in the second quarter despite aggressive cost-cutting measures, after generating just £7 million in revenue over the three months ending June. Its fleet was grounded from 30th March 2020.
Costs for the three months were £332.1 million, 79% lower than in the same period in 2019.
It plans up to 4,500 job cuts and the restructuring includes closing bases at Stansted, Southend and Newcastle airports.
The airline restarted flying in June and carried over two million passengers in July, even as S&P Global projects global air travel to fall by as much as 70% this year.
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