Posted at: 10/15/2013 8:35 AM
Alitalia shareholders approve capital increase
(AP) MILAN - Shareholders in the Alitalia airline have agreed to a 300 million-euro ($400 million) capital increase to save Italy’s flagship carrier from bankruptcy.
It is still unclear which shareholders will contribute. The airline said in a statement Tuesday that the 21 Italian shareholders and Air France-KLM, the largest stakeholder, have 30 days to decide whether to exercise their options to contribute money and increase their stakes.
The capital increase can already count on 75 million euros from Italy’s postal service and a 100-million-euro bridge loan.
The postal service’s participation has elicited accusations of protectionism, which Finance Minister Fabrizio Saccomanni dismissed as `’hasty." He said Alitalia will look for international partners.
The current board, which approved the rescue plan last week, has offered to resign to reflect changes in ownership.
(Copyright 2013 by The Associated Press. All Rights Reserved.)