Air Europa hires PJT Partners to raise capital, raise debt, says El Confidencial

MADRID (Reuters) – Spanish airline Air Europa has hired adviser PJT Partners (NYSE: ) to raise about 475 million euros ($492 million) in debt equity, Spanish news website El Confidencial reported on Tuesday, citing anonymous industry sources.

Air Europa’s management wants to raise 240 million euros ($248.6 million) in new equity and raise 235 million euros in debt to repay government loans during the crisis, the news website said.

The airline, owned 20% by British Airways owner IAG Group, could raise equity by selling new shares equal to a stake of up to 20%, it added.

Air Europa and PJT Partners did not immediately respond to requests for comment.

($1 = 0.9654 euros)