Cimber Sterling announced has announced that it has in effect been sold off. The airline has secured an agreement with Mansvell Enterprises to inject DKK165 million ($32 million) in the Danish carrier in return for a 70% stake. Cimber will become part of a new Nordic regional airline to be created by Mansvell. This news comes after Cimber said it would not be able to operate on a standalone basis but needed new equity and cash resources to service its creditors. Mansvell Enterprises is Cyprus based and is 75%-owned by Ukrainian billionaire Igor Kolomoisky. Mansvell will now hold 110.5 million new shares with a nominal value of DKK1 each.
CIMBER STERLING GETS FUNDING
