BA-owner IAG raises $3.4 bln to keep flying

Many British Airways planes have been parked for months.

That means they're costing money, not earning money, for parent firm IAG.

On Monday (February 22) the group said it had secured another 3.4 billion dollars to tide it through the tough times.

It's raising the money through a loan and deferred pension contributions.

Like all airlines, IAG has been burning through cash after almost a year with minimal revenues.

It scrapped its dividend last April, and raised billions in October to help it survive.

Countries around the world have tightened travel restrictions in recent months, and it remains unclear when demand will revive.

IAG also owns airlines including Spain's Iberia and Ireland's Aer Lingus.

In a statement the firm said it was looking at other debt initiatives to boost its finances.

IAG shares rose around 2% in early trade Monday.