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ITA Airways asks for loans from banks

Negotiations with five institutions to obtain financing and buy new planes

The national carrier ITA Airways has started negotiations with five large banks to obtain a 300 million euro loan needed to upgrade the company's aircraft fleet. It's a fundamental step, foreseen by the industrial plan, to grow the company. This, while waiting for the European Competition Commission to express an opinion on Lufthansa's offer which will privatize 41% of the airline. 

In detail, the Italian company is negotiating with the banks Unicredit, Bper, Mps, Santander and Agricole Italia for the opening of a credit line. The financing will be guaranteed 80% by Sace, a company owned by the Ministry of Economy and Finance (MEF), and will have a duration of six years. The money will most likely be disbursed in such a short timeframe, considering that the company has a very low level of debt. 

This will allow ITA to increase the fleet, which currently numbers 82 aircraft, bringing it to 95 aircraft by the end of 2024. These new seven aircraft will allow the fleet to be renewed: thanks to a mix of leased and owned aircraft, those of the older generation. This will lower operating costs generated by fuel consumption and maintenance. 

On the topic, see also the article published by AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency