Finnair launches €500 million rights issue

Finnair has launched a €500 million rights issue a month after securing a €600 million state-backed loan. The Finnish carrier’s Asia focussed long haul business model has left it exposed during the COVID-19 pandemic and last month it posted a €91.1 million Q1 loss, off the back of two profit warnings. Despite engaging in cost cutting measures including redundancies and sale and leaseback of aircraft it has been forced into a rights issue. In a release to the Finnish stock exchange, Nasdaq Helsinki, Finnair today said  the company plans to use the proceeds from the rights issue to strengthen its