CIMBER STERLING GETS FUNDING

Dino D'Amore
By Dino D'Amore July 11, 2011 19:44

CIMBER STERLING GETS FUNDING

Cimber Sterling announced has announced that it has in effect been sold off. The airline has secured an agreement with Mansvell Enterprises to inject DKK165 million ($32 million) in the Danish carrier in return for a 70% stake. Cimber will become part of a new Nordic regional airline to be created by Mansvell. This news comes after Cimber said it would not be able to operate on a standalone basis but needed new equity and cash resources to service its creditors. Mansvell Enterprises is Cyprus based and is 75%-owned by Ukrainian billionaire Igor Kolomoisky. Mansvell will now hold 110.5 million new shares with a nominal value of DKK1 each.

Dino D'Amore
By Dino D'Amore July 11, 2011 19:44
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Only <a href="http://www.aviationnews-online.com/wp-login.php?redirect_to=http%3A%2F%2Fwww.aviationnews-online.com%2Fairline%2Fcimber-sterling-gets-funding%2F"> registered </a> users can comment.