Manchester Airports Group (MAG) is seeking approval to waive any breach of covenants on the group’s £1.96bn bonds and rolling credit facility.
The plea is due to the continued impact the coronavirus pandemic has had on the aviation industry, and airports around the world, which have seen passenger volumes slump to almost zero due to border closures and travel restrictions since the pandemic took a grip in March 2020.
The group, which includes Manchester, Stansted and East Midlands Airports, is seeking waivers on £1.46bn of fixed rate bonds and its £500m revolving credit facility.
It believes, due to the pandemic restrictions, it could breach its financial covenants in September this year and next March.
So far, more than 58% of bondholders have signalled their approval.
The rest have until a June 2 deadline to make their decision. MAG needs 75% acceptance to avoid any penalties for breaching covenants.
A MAG spokesperson said: “The coronavirus pandemic has had an unprecedented impact on the aviation industry, and the economy as a whole.