Lufthansa Looking to Invest $233 in Alitalia Rescue

Lufthansa Looking to Invest $233 in Alitalia Rescue

German carrier Lufthansa is ready to invest up to 200 million euros ($223 million) in Italian airline Alitalia, which has been struggling for a while now and is running out of cash as it races to find new funds.

Italian media reports that Lufthansa had written to Italy’s industry ministry and rail company Ferrovie dello Stato, which has pledged to take a stake in the airline and which is leading the effort to find new investors. Lufthansa is ready to invest somewhere between 150 million euros and 200 million.

The industry ministry has extended to Nov. 21 a deadline for binding bids after an Oct. 15 deadline passed without an agreement among potential rescuers, which so far comprise state-owned Ferrovie, Delta Air Lines and infrastructure group Atlantia.

Alitalia has been struggling for years. They have failed to turn in a profit or compete with bigger rivals. Alitalia has been run by administrators since May 2017.

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