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British Airways Gets BailoutJuly 20, 2009 By: Jena Tesse Fox
British Airways has been given a lift after the trustees of its pension fund agreed to forgo over $544 million in guarantees. The bailout comes on top of last week’s agreement by institutional investors to raise $577 through a convertible bond.
This raises the airline’s cash balance to $3.3 billion, which would allow it to operate till the end of 2010 under current market conditions. It would also give BA a financial cushion should its 14,000-cabin crew take strike action this summer.
BA is understood to have given guarantees to the pension trustees that they will receive alternative securities later this year, which will help to reduce the fund’s growing deficit. The pension fund is estimated to be $4.9 billion in deficit, but the trustees have deemed that their interests are better served by strengthening BA now rather than holding on to funding promises.
Under the terms of a 2006 agreement, BA transferred credit lines worth $544 million to the fund—money that would become available in the event of BA’s bankruptcy. The credit is secured against some of BA’s older aircraft. By relinquishing its rights, the fund has allowed BA to make use of this credit if it needs the extra cash.
BA said yesterday that it had lost about $164.9 million in the three months to the end of June. It lost $661 million last year.