Simple Flying - Joanna Bailey
As the pandemic bit, British Airways looked to raise capital in any way it could. The Chief Executive at the time, Alex Cruz, noted that he sold everything he could, leasing back what he still needed and waving goodbye to many assets on a permanent basis. While it ensured the airline’s survival in the short term, undoing these actions will be a long and difficult task.
Speaking at CAPA Live this week, former British Airways CEO Alex Cruz reflected on what had to be done during the pandemic to ensure the survival of the airline. He said,
“What happened, particularly to the traditional carriers, is that they sold. In my case, I sold everything I could sell that I was not going to use. Buildings, art, everything that I could. And again, I sold a few things and leased them back, including buildings and aircraft.”