EasyJet has confirmed that its been given a £600m credit line by the U.K. Government, in conjunction with using its so far unused £500m overdraft.
Even so Sir Stelios is insisting that if it sticks with buying the A320neo’s it’s committed to, it will run out of money before years end.
Just to add spice to his rabble rousing he’s also threatening to sue individual directors if they spend even a penny on a new aircraft.
The airline’s only response so far is to deflect the demands for emergency board meetings, saying they would be “unhelpful” and their focus was on more urgent matters.
One good thing that is suggested from this government loan, is that Virgin Atlantic who are currently negotiating for similar support are likely to get it. Heathrow, Rolls Royce and Airbus all urged the government to support the airline. Richard Branson has pledged £250m of his own money to support it though the current period.