Brazil Rescue Aid for Airlines to Reach $680 Million

(Bloomberg) — The rescue package to airlines in Brazil will total about 4 billion reais ($680 million), according to people familiar to the matter.

The package, which was presented to airlines on Wednesday, includes credit from development lender BNDES, which will provide 60%, or no more than 2.4 billion reais, the people said, asking not to be named because the discussions are private. Other banks will provide another 10%, or no more than 400 million reais, they said, adding that the companies will have to seek at least the remaining 30%, or 1.2 billion reais, from investment funds via capital markets.

By Cristiane Lucchesi, Felipe Marques and Vinícius Andrade via Yahoo Finance

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