Alitalia raises less than two-thirds of cash call

Italian airline Alitalia received less than two thirds of the 300 million euros ($407 million) it was seeking in an emergency cash call and said it expects to raise the rest from the state-owned postal service and other investors. The cash, part of a bigger rescue package engineered by the government, is seen as a stopgap measure giving loss-making Alitalia a few months to find a strategic investor to help revamp the group and keep it flying. Alitalia said on Thursday that it had received 173 million euros by the deadline for existing shareholders to subscribe to its rights issue, including guarantee payments made by Italy's two largest banks Intesa Sanpaolo (ISP.MI) and UniCredit (UCG.MI). "Given the information received to date and taking into account subscription commitments already made, the company believes that the conditions exist for the capital increase to be fully covered," Alitalia said.

via Business News - Yahoo Finance http://finance.yahoo.com/news/alitalia-raises-less-two-thirds-163257328.html