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Tag: Reject

Italian Government Asks Delta To Do The Right Thing

The Italian government is begging U.S. major Delta Air Lines, Inc. (NYSE: DAL) to up the proposed acquisition of a 10% stake in Alitalia for $100 million to at least 15%, according to a report in Italian media.

Loss-making Alitalia has been seeking new investors for more than two years after going into administration in May 2017 after workers rejected a plan to cut jobs and salaries. Successive Italian governments have had to balance the carrier’s massive losses with the need to placate a heavily unionized workforce.

Click the link for the full story! https://finance.yahoo.com/news/italian-government-asks-delta-thing-205301072.html

Jet Airways to Suspend Operations After Banks Reject Funding

MUMBAI/NEW DELHI, April 17 (Reuters) – India’s embattled Jet Airways Ltd is set to temporarily halt operations from Wednesday onward after its lenders rejected the airline’s plea for emergency funds, three sources from inside the company said on Wednesday.

The airline, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.

Separately, two sources at state-run banks told Reuters on Wednesday that the lenders had rejected the 4 billion rupees ($58 million) that Jet had sought to keep itself temporarily afloat, while its lenders attempted to identify an investor willing to acquire a majority stake in the airline and attempt to turn it around.

“Bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back for more interim funding,” said one of the bank sources directly involved in Jet’s debt resolution process.

All five sources declined to be named as they have not been authorized to discuss the matter with media.

Jet and its lead lender State Bank of India (SBI) did not immediately respond to requests for comment.

($1 = 69.4120 Indian rupees)

(Reporting by Tanvi Mehta and Promit Mukherjee in Mumbai and Aftab Ahmed and Aditi Shah in New Delhi; Writing by Euan Rocha; Editing by Susan Fenton)