Weather New York, NY +84°F


Alitalia seeks €50M additional loan from Italian lenders UniCredit, Intesa Sanpaolo

(Credit: Reuters) An Alitalia plane is parked on the tarmac at Fiumicino international airport in Rome December 10, 2013.
January 4
10:18 AM 2014

Italy's flag carrier Alitalia SpA has asked banks to extend an existing loan agreement by  €50 million ($68 million). Alitalia's latest move is said to be a sign the troubled airline may again be facing a liquidity crunch just weeks after a capital increase.   

Reuters, citing a report by Italian news daily Il Messaggero, said that Alitalia chief executive Gabriele Del Torchio had written a letter to Italian lenders UniCredit and Intesa Sanpaolo asking for additional financing.

The request comes on top of the €200 million in bank loans already agreed on in October as part of a €500 million government-engineered rescue package. The deal was meant to keep the loss-making carrier in the air as it seeks a new strategic partner that would invest and make it profitable again, the report said.

Alitalia raised €300 million in an emergency capital increase last month. It is currently in talks with Abu Dhabi-based Etihad Airways on a possible investment, Reuters said. 

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics