Buried in International Airlines Group’s annual report is the news that the group has informed its lenders that is has failed to meet one of the financial covenant on a finance lease for one A340-600, which has now technically become repayable on demand. Iberia has three A340-600s on finance leases. The IAG annual report states: “The Group’s finance lease for one A340-600 is subject to financial covenants which are tested annually. The Group has informed its lenders that it had failed to meet one of the covenants for the year to December 31, 2012. As a result of this covenant
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