Airlines group IAG to receive regulatory approvals for no-deal Brexit

Airlines group IAG to receive regulatory approvals for no-deal Brexit

On Tuesday, the International Consolidated Airlines Group (IAG) reported that it had obtained the necessary regulatory approvals to continue flying their planes if no free-trade deal would be agreed between the United Kingdom and the European Union.

“In compliance with the European Union connectivity regulation last year, our airlines submitted their plans on ownership and control to the respective national regulators in Spain and Ireland,” IAG’s Chairman Antonio Vazquez said in the group’s annual general meeting in Madrid.

“We’re delighted to announce that regulators confirmed that these plans in case of a hard Brexit do comply with European Union connectivity regulations,” he added.

IAG also said that it would raise 2.75 billion Euros ($3.25 billion) from its shareholders.

“Major shareholders are satisfied that IAG’s equity raise will be enough to weather the crisis… or at least that’s their hope,” one banking source told Reuters.

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