Fast-growing Etihad Airways took effective control of Italy's loss-making national carrier Alitalia on Friday, injecting 560 million euros ($750 million) in a deal that will see the Gulf airline gain access to one of Europe's major markets.
Etihad, which is buying a 49% stake in the Rome-based carrier, said Friday it will restructure Alitalia and even laid out the hope of returning it to profitability by 2017. The overall 1.76 billion-euro deal also involves 598 million euros of debt restructuring and 300 million euros from Alitalia's wide array of smaller shareholders.
See also: Know Before You Go: All the Airline Fees by Carrier Read more...
More about Travel, Airlines, Business, World, and Travel Leisure Reported by Mashable 1 hour ago.
Etihad, which is buying a 49% stake in the Rome-based carrier, said Friday it will restructure Alitalia and even laid out the hope of returning it to profitability by 2017. The overall 1.76 billion-euro deal also involves 598 million euros of debt restructuring and 300 million euros from Alitalia's wide array of smaller shareholders.
See also: Know Before You Go: All the Airline Fees by Carrier Read more...
More about Travel, Airlines, Business, World, and Travel Leisure Reported by Mashable 1 hour ago.