The Gulf airline, which holds a 25% stake, has subscribe for its pro-rata entitlement, with the rest of the capital increase fully underwritten, IAG said Friday.
Mould said, 'There is a big question mark over how much flying this market will need to do, given how this year we've become accustomed to talking to people around the world by video calls'.
"This is worse by any measure, by many times", said Walsh when asked to compare the current state of play with 9/11 or the global financial crisis.
Shares of IAG, which also owns the Iberia and Aer Lingus brands, traded 3% lower as of 8.05am in London and has lost 72% of its value this year.More news: Hyperscape Console Release Date Confirmed by Ubisoft
The International Air Transport Association had warned earlier this week that global air traffic will not return to levels seen before the coronavirus pandemic until at least 2024, adding that new United Kingdom restrictions on travel with Spain had created a lot of uncertainty.
The long-haul flights they rely on for profit are expected to be among the last to recover from the pandemic, while in short-haul, they're competing against more-efficient discounters like Ryanair Holdings Plc and EasyJet Plc.
The capital increase, which is fully underwritten, is conditional upon shareholder approval on September 8, which Walsh said would be his last day in the job after the postponement of his retirement to steer IAG through the pandemic. Walsh said of the new appointments: "I don't think it signals anything other than Qatar's support for our business". Luis Gallego is due to succeed him.
Walsh told Irish radio he believed shareholders would be supportive of the capital increase, which will be launched as soon as possible after approval at the meeting.More news: England had Europe's highest extra deaths in pandemic
Spanish media have reported that IAG is seeking a reduced price of 500-600 million euros.
Thousands of pilots have voted over the past week on a deal negotiated between the UK's flag carrier and the British Airline Pilots' Association (BALPA) over the past three months.
Network carriers like IAG and rival Air France-KLM, which reported its biggest loss ever and plans to cut 5,000 jobs at its Dutch arm, are bracing for months of pain.
The airline conglomerate has been ravaged this year by Covid-19, which grounded planes worldwide.More news: Trevor Reed, former Marine, sentenced to nine years for assaulting Russian police
British Airways is only flying around 15 per cent of its normal schedule and demand for its two biggest markets U.S. and India is weak due to ongoing United Kingdom quarantine rules.