International Business
From Times Staff and Wire Reports
Iberia May Sell Assets to Avert Bankruptcy: Spain’s ailing national airline will contact several international investment banks this week to begin selling assets in an effort to avert bankruptcy, said officials at Teneo, the government holding company that controls 99% of Iberia. The implementation of this so-called “Plan B” means Iberia management is dropping its original plan to seek authorization from the European Union for a $1-billion government bailout to save the airline from collapse. Iberia now hopes to raise the money through cutting a fifth of its work force and selling assets, including its Latin American holdings, certain domestic routes and its lucrative handling operations.
