October 7, 2022

Wire Service Canada

Complete Canadian News World

ETA Airways, losses estimated at two million euros a day. President and a bonus of 400,000 euros if they sell the company

The 2021 short offer for ETA Airlines (the company has been in operation since last October 15th) ended with one Losing more than 1.9 million euros a day. Tough months for all companies, due to the re-emergence of pandemic, The carrier born from the ashes of Alitalia was presented with a red flag 148 million euros. The number is slightly better than expected at the beginning of January and was officially announced yesterday on the occasion ofApproval of the financial statements by the shareholders’ meeting. The same board also gave the green light to the CEO’s salaries Alfredo Altavilla and CEO Fabio Lazzerini. For both there is a fixed amount of 400 thousand euros total The year with the possibility of adding another 400,000 euros each in the event that some goals are achieved, especially if they manage to sell the company.

In fact, from today data room. This means that those interested in the company will be able to examine the accounting position of Ita in greater depth. There are two suitors in contention. The most realistic interest appears to be that of MSC, which is interested in acquiring a majority stake. Next to him will be the German Lufthansa, which, at least initially, will not enter the capital directly. Other hypotheses are those of the Certares fund with Air France and Delta and the Indigo fund. Interested parties now have until the end of May to formalize the offer.

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Today the President of Lufthansa Karsten Spur He said: “We are closely monitoring the renewable mergers taking place in the aviation industry. With the resumption of European air transport, the pressure for integration is growing exponentially. As Europe’s largest airline, we naturally continue to play an active role in this process. However, for us, a simple and at the same time a rule applies: oEvery transaction must create value.” Lufthansa’s valuation could be up to another 400 million euros the Italian government is preparing to pay in the Eta capital. The check, which comes after the initial payment, was expected by the end of March but the Treasury decided to postpone it. The hope is that the buyer will be responsible for the company’s capital needs.

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