Posts: 1373
Joined: Tue Feb 10, 2004 4:54 pm

AZ Mulling $485M US Bank Loan

Sat Oct 15, 2005 5:17 am

Forbes is reporting that AZ has revised its business plan and is mulling over a $485 loan from an unidentified US bank which would use their aircraft as collateral.

The loan is to be used to cover higher than expected fuel costs. The original plan submitted by AZ in April estimated fuel at $36BBL....the new one revises that figure to $60BBL.

AZ is trying to raise $1.44B in new equity, but their main banks, Deutsche & Banca Intesa, have yet to agree to underwrite the capital increase.

Government ministers are not amused!

Labor Minister Roberto Maroni said he was "sincerely disconcerted" by Alitalia's decision to possibly back the loan from the U.S. bank with its airplanes, according to the ANSA news agency.

"A company that sells off the family jewels frankly seems in very bad shape," Maroni was quoted as saying by the ANSA and Apcom news agencies. He reportedly said he would talk to Premier Silvio Berlusconi and Economy Minister Roberto Maroni to "ask them if they were aware of this and if we can intervene in some way."
Posts: 2174
Joined: Wed Apr 20, 2005 12:34 am

RE: AZ Mulling $485M US Bank Loan

Sat Oct 15, 2005 5:28 am

I would like to know what USA bank would be this stupid? Sounds like a good opportunity to sell some banking shares short.

Popular Searches On

Top Photos of Last:   24 Hours  •  48 Hours  •  7 Days  •  30 Days  •  180 Days  •  365 Days  •  All Time

Military Aircraft Every type from fighters to helicopters from air forces around the globe

Classic Airliners Props and jets from the good old days

Flight Decks Views from inside the cockpit

Aircraft Cabins Passenger cabin shots showing seat arrangements as well as cargo aircraft interior

Cargo Aircraft Pictures of great freighter aircraft

Government Aircraft Aircraft flying government officials

Helicopters Our large helicopter section. Both military and civil versions

Blimps / Airships Everything from the Goodyear blimp to the Zeppelin

Night Photos Beautiful shots taken while the sun is below the horizon

Accidents Accident, incident and crash related photos

Air to Air Photos taken by airborne photographers of airborne aircraft

Special Paint Schemes Aircraft painted in beautiful and original liveries

Airport Overviews Airport overviews from the air or ground

Tails and Winglets Tail and Winglet closeups with beautiful airline logos