Finnair raises $575m in rights issue

Finnair said Friday it would raise around E512m from an oversubscribed rights issue, aimed at strengthening its finances to cope with the coronavirus crisis. Airlines across the world have been scrambling to raise cash and slash costs after lockdowns to contain the virus brought global air travel almost to a halt. Finland's flagship airline, which is 55.8% state-owned, has said it was losing about E2m a day as 90% of its flights were grounded, and has warned it could take two to three years for air traffic to recover to 2019 levels. "With this successful share issue, we strengthen our equity, which helps to reach our goal of sustainable, profitable growth," CEO Top Manner said. Finnair said it would receive E501m euros in net proceeds from the issue, taking into account transaction costs in connection with the offering.<br/>