Wednesday, March 3, 2021

Rolls-Royce going cap in hand to Singapore’s GIC

Aero-engine maker suffering from pandemic slump in air travel.

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Britain’s Rolls-Royce desperately needs to raise cash. The aircraft-engine maker is suffering huge financial losses following air travel restrictions caused by the pandemic.

The company said on Saturday it was looking to raise up to £2.5 billion (US$3.2 billion) to strengthen its balance sheet.

The aviation giant said it was considering a variety of options, including a rights issue, as well as debt and equity issuances.

A Financial Times report said the company was in talks with sovereign wealth funds, including Singapore’s GIC, as part of its efforts to raise funds.

GIC did not immediately respond to a Reuters request for comment. Rolls-Royce declined to comment beyond its statement.

The normally solid Derby-based company laid off at least 9,000 workers in May, due to the slump in air travel.

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