EasyJet boosts cash after fresh pressure from Sir Stelios

EasyJet became one of the first big companies to reveal it had tapped the government’s emergency loan scheme as it moved to shore up its rapidly eroding cash resources after coming under fresh pressure from its founder, Stelios Haji-Ioannou. The airline said it had taken GBP600m from the Covid Corporate Financing Facility and also drawn down the full $500m from its revolving credit facility. It expected to have cash reserves of GBP2.3b by April 9. The funding boost should help to relieve pressure from Sir Stelios, who warned earlier on Monday that easyJet would run out of money by August if a GBP4.5b order for new aircraft from manufacturer Airbus went ahead. He called on easyJet to oust its chief financial officer. Sir Stelios’ family is the largest shareholder in the airline, with a 34% stake. EasyJet, which grounded its entire fleet last week, has lost nearly two-thirds of its value since the start of the year.<br/>