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

8-Jul-2011 11:57 AM

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]