Cimber Sterling needs more capital, expects losses in next two years

Cimber Sterling confirmed (07-Jul-2011) the troubled carrier is in need of a capital injection and expects to announce a binding subscription agreement with Mansvell on an equity capital injection of DKK165 million shortly. Cimber will use a substantial part of the proceeds from the issuance of new shares to service the carrier's existing, overdue creditors. The carrier also issued the following guidance for FY2011:

• FY2011:
  • EBIT (loss): (DKK190 to DKK200 million);
• FY2012:
  • Revenue: DKK2100 million;
  • EBIT (loss): (DKK20million to DKK60 million). [more]