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Thursday, 4 May 2017

Etihad Faces Tough Air Berlin Call After Alitalia Bankruptcy - Bloomberg

Etihad Faces Tough Air Berlin Call After Alitalia Bankruptcy - Bloomberg:

"While Etihad Airways PJSC let Alitalia SpA slide into bankruptcy after workers spurned a restructuring plan, the Persian Gulf carrier is showing more patience with its other ailing European asset.

Hidden on page 154 of Air Berlin Plc’s annual report, published hours after Alitalia’s insolvency filing, was the revelation that Abu Dhabi-based Etihad had agreed to provide the German company with financial support for at least another 18 months, including 350 million euros ($382 million) of new funds.

That extra injection takes Etihad’s total exposure to Air Berlin close to 2 billion euros and suggests the Mideast company is not yet ready to abandon a partner which sits at the heart of a so-called Equity Alliance strategy that saw it build up minority holdings in carriers spanning Ireland to Australia."



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