Alitalia has raised €1.2 billion ($1.17 billion), less fees, in a rights and bond issue. The consortium of international banks underwriting the issue, led by Sanpaolo Imi, Merrill Lynch and Credit Suisse First Boston, exercised €309 million worth of options, and the Italian government exercised its entire award of €893 million. At the end of the recapitalisation, however, 20% of the €1.43 billion bonds remained unsold. In the past three months, the Italian government has bailed out Alitalia to the tune of €1.26 billion including an earlier €371 million investment.

Source: Flight International