It's a clash between Alitalia and Air France-Klm. The board of directors of the Italian company approved yesterday a capital increase of no less than 100 million euros. A decision made with the French vote against, the main shareholders of the company with 25% of the capital. Alitalia has also invited its shareholders to subscribe to the 55 million euro convertible loan that has not yet been subscribed, according to a note.
As for the numbers for the first semester, the period closes with a net loss of 294 million (from 201 million in the same period of 2012), also affected by 50 million in extraordinary provisions for a tax dispute relating to "Irish companies of the former AirOne group". At the end of June liquidity had reduced to 128 million. Revenue fell 4% year over year to $1,621 billion.
Air France-KLM is therefore against a new capital increase while the Italian shareholders have not yet completed the payment of the loan approved in the spring and subscribed for only two thirds of a total of 150 million. Having addressed the past pending issues, even if not resolved, the board decided to "submit to the shareholders and the banking system the maneuver aimed at finding the needs indicated by the business plan at a total of 350 million".
The definition of the final details of the operation was postponed to the next Board of Directors, convened for 3 October. At that time, Air France-Klm will probably let you know how it intends to move: perhaps it will leave the burden of the first refinancing to the banks and the Italians, reserving the right to honor its commitments later.
