EU GRANTS LIFESAVING LOAN TO AIR MALTA

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By TESTCustomwebLP TESTCustomwebLP November 16, 2010 09:13

EU GRANTS LIFESAVING LOAN TO AIR MALTA

The European Commission has relented and agreed to give Air Malta temporary financial assistance to keep it flying while a rescue and restructuring plan is agreed. The has authorised a €52 million loan facility to Air Malta but this is only temporary until it is able to take a position on the restructuring plan to be submitted by the Maltese government within a maximum of six months.

European Finance Minister Tonio Fenech said the rescue plan has to be presented to the European Commission by January 2; once agreed within six months, the financial assistance is planned to be converted into capital.

Fenech said Air Malta was very important for the island economy and the problems at the airline warranted serious attention.

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By TESTCustomwebLP TESTCustomwebLP November 16, 2010 09:13
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