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(Bloomberg) — EasyJet Plc will raise as much as 450 million pounds ($560 million) in a share sale, padding its cash coffers as the carrier gears up for a European aviation restart.

The stock offering, equal to almost 15% of its existing share base, will strengthen the balance sheet and increase liquidity, the Luton, London-based company said Wednesday in a filing. After the share sale and an up to 350 million-pound sale-and-leaseback transaction for its aircraft, EasyJet said it will have more than 3 billion pounds of cash.

The costly task of emerging from hibernation is just the latest challenge for EasyJet and its peers that have been hunkered down for months because of the coronavirus lockdown.

Britain’s biggest discount airline became one of the first European carriers to begin building up services again, and it said Wednesday that its cash burn was slightly better than it expected because more customers are opting to take vouchers instead of asking for refunds. EasyJet is restarting with mainly internal flights in the U.K. and France.

Its bid to counter the impact of the virus has been further complicated by feuding with EasyJet’s founder and largest shareholder, Stelios Haji-Ioannou, who has used the crisis to press a long-held demand for the airline to cancel a large aircraft order with Airbus SE. Last month, EasyJet fended off an effort by Haji-Ioannou to oust top management.

About one-third of the new placement will be subject to another shareholder vote, EasyJet said. It plans to hold the meeting around July 14.

Haji-Ioannou couldn’t immediately be reached for comment on the share sale. He had previously called on the company to raise 600 million pounds in equity through a rights issue to existing shareholders, although he said that he would only consider participating if the jet order was canceled.

EasyJet shares fell 6% at the close of trade in London. The stock is down 48% this year.

Travel Restart

With Covid-19 infection levels on the decline in most of Europe, governments have been easing travel restrictions. Holiday spots including Greece, Spain and Portugal are seeking to win back passengers. Airlines are likewise trying to salvage the tail end of the summer season when tens of millions of people generally take their vacation.

The U.K. may also relax its controversial quarantine requirements for incoming passengers as early as next week, with the adoption of so-called air bridges.

EasyJet said revenue increased a 1.6% in the first half, while reporting a pretax loss of 353 million pounds, including a 160 million pound charge for fuel hedges. The carrier said it wasn’t possible to provide guidance for the remainder of the financial year, due to the coronavirus pandemic.

BNP Paribas and Credit Suisse are joint global coordinators for the share sale, which will begin immediately, the carrier said.

(Updates with holder vote, share prices in sixth paragraph.)

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