Alitalia finally nets $412 million in cash call: source

Italy’s struggling airline Alitalia has finally succeeded in netting the 300 million euros ($412 million) it needs to keep flying over Christmas after a long drawn-out capital raising, a source with knowledge of the operation said on Tuesday. The cash call is part of a government-engineered rescue package seen as a stop-gap measure to keep Alitalia in the air until it can find a new partner willing to invest in revamping its operations and making it more profitable. An Alitalia spokeswoman said the company would comment on the outcome of the capital increase in due course. The successful rights issue, which includes pledges from new investors such as Italian businessman Antonio Percassi, will likely allow Alitalia to keep flying throughout the key Christmas holiday season.


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