Thread by @JournoDannyAero

IAG Q1 results & news:
- "IAG is planning a meaningful return to service in July w/a planning scenario that could see an overall reduction in passenger capacity of c.50% in 2020"
- cash &undrawn facilities of 10bn euros at April 30
- cash burn down to 200m euros a week from 440m

IAG to defer deliveries of 68 aircraft

IAG does not expect passenger demand to return before 2023

Recap Q1 results: IAG
Revenue: 4.58bn euro Vs. 5.29bn (2019 Q1)
Op result: -535m Vs. 135m

LUIS GALLEGO SUCCEEDS WILLIE WALSH AS IAG CEO ON SEPTEMBER 24

otp.tools.investis.com/clients/uk/int…

IAG cutting 1.2bn euro in gross capex in 2020 with 3bn euro already committed

(Slide from 2019 capital markets day)

IAG's British Airways also taps the UK's Coronavirus Corporate Finance Facility (CCFF) to the tune of £300m

While no change (yet) to the 200 Boeing 737 MAX orders, Air Europa deal to be renegotiated at a lower price

IAG's cash warchest is growing

Also: IAG to convert some "a couple" of 777s and rip out seats to carry more cargo @WandrMe @talkairlines

IAG also confirms restructuring across all its airline brands, inc. BA, Iberia, Vueling and Aer Linugs

Plus IAG is aiming for a 90% capacity reduction in Q2 2020

Interesting: all the flights IAG is operating with cargo using passenger aircraft "are cash positive"

Willie Walsh on corporate travel demand: "Zoom is crap".

IAG on raising further liquidity (one of the possible options).... pre-sale of Avios airmiles

IAG taking 27 fewer aircraft in 2021 and has scope to retire up to 42 aircraft. 2021 set to be a follow on to a tough 2020 for staff

IAG ponders fleet mix, fleet configuration with the possible fundamental change of business and leisure travel

"My crystal ball tells me the mix is going to be different": CEO Walsh

"I would like us to continue to see us having a presence at Gatwick. That is a personal opinion": CEO Walsh

440 of IAG planes are effectively grounded for the longer term

On the BA-AA-IB-AY joint business on the transatlantic and the regulatory review: "I'm aware of what the CMA might say but I can't disclose it": CEO Walsh

Ominous.

On the CMA review, "significant progress" has been made and it sounds more than likely an announcement is coming soon

IAG expects every seat will be made available for sale, ruling out social distancing, saying it is basically impossible