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Ryanair Taps U.K. Loan Program, Digs In for Slow Recovery

  • Carrier gets $726 million after criticizing payouts elsewhere
  • Vienna unit’s future in doubt amid expected Austrian price war
Bloomberg business news
WATCH: Ryanair CEO Michael O’Leary calls Germany and France’s state aid “illegal.”(Source: Bloomberg)
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Ryanair Holdings Plc boosted its liquidity with a 600 million-pound ($726 million) loan backed by the U.K. government and said the coronavirus crisis will reduce passenger numbers by half over the next year.

Europe’s biggest low-cost carrier is tapping Britain’s Covid Corporate Financing Facility as it digs in for a slow recovery that’s set to see a price war across a much diminished air-travel market, it said in a statement Monday. Group operations are under review and its Austrian arm could close.