ITA Airways: alarm on the economic account
The Executive postponed the capital increase to the end of the year
The Ministry of Economy and Finance (Mef), sole shareholder of the flag carrier ITA Airways, received a report on the company's income statements from the airline's management in the past few hours. The document states that in December the cash level could fall below the safety threshold of 100 million euros, becoming "unsustainable".
However, the Executive postponed the 400 million euros capital increase to the end of the year. The shareholders' meeting that was to be held this September 13 and 15 would have served to deliberate the provision of the funds, but the ministry is calm and continues to negotiate the sale of ITA with the US investment fund Certares (together with the airlines Air France and Delta Air Lines).
The next six months will also suffer a significant loss. The picture could also worsen in the event of a surge in infections from Covid-19, which will limit travel and if the price of fuel increases by another 20%. For this it is necessary that the exclusive negotiation with Certares continues smoothly.
On the subject see also the article published by AVIONEWS .
AVIONEWS - World Aeronautical Press Agency