US$233.68 million from a tax refund and the sale of shares in Air France-KLM will give Italy's beleaguered state-controlled airline Alitalia a much-needed boost in its liquidity.
The money-losing airline which is on the verge of financial collapse, will get said in a statement it would get a $108.94 million tax refund and reap $124.73 million from the sale of Air France-KLM shares.
Alitalia's cash reserves have been falling continuously and at the end of February it was down to $284.21 million, 36 percent lower than at the end of January.
Net debt rose to $2.21 billion in February, up seven percent from January.
On Friday, Alitalia's labour unions rejected Air France-KLM's sweetened takeover offer for the Italian carrier, but left the door open for further negotiations with the Franco-Dutch carrier.
Air France-KLM said it was open to negotiating the number of layoffs at the loss-making airline in an effort to win union backing for its plan.
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