Iberia to continue with previously planned 15% capacity reduction; aims for break-even by 2H2013

International Airlines Group confirmed (01-Feb-2013) no agreement was reached between Iberia and unions over the carrier's restructuring plan, and that Iberia will "press ahead with the previously announced capacity reduction of 15% for 2013." IAG said, "IAG will also move forward on alternative plans to return Iberia to break-even, in terms of operating cash flow, by the second half of this year and restore Iberia to an acceptable level of profitability by 2015." IAG CEO Willie Walsh said, "We're disappointed that no agreement has been reached. Iberia is ready and willing to negotiate with trade unions. We are determined and united to implement the necessary changes to secure the future survival and viability of Iberia." [more - original PR]