Manufacturing Industry
Alitalia loan to be provided by Dresdner Kleinwort Wasserstein
Airline Industry Information, August 9, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Alitalia's USD490m bridge loan backed by the Italian government will be solely provided by the Dresdner Kleinwort Wasserstein bank, the airline confirmed on 6 August 2004.
Alitalia must now negotiate a turnaround plan that must be agreed by the labour unions by 15 September 2004 before it can take out the loan which it hopes will secure the airline's future.
The state-owned carrier must pay back the loan within 12 months and the Italian government must reduce its stake in the airline in an agreement struck with the European Union which enabled the government to back the loan, reports The Associated Press.
((Comments on this story may be sent to aii.feedback@m2.com))
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