Air India to keep flying, thanks to $1.1 billion bailout
After losses of $875 million, the ailing Indian national carrier, Air India, will receive $1.1 billion in help from its government. As a part of the agreement, Air India will restructure its operations to cut costs by $650 million. Of course, that will mean job losses and wage cuts, which will inevitably set Air India on a collision course with the unions, which have so far been understanding of the company’s financial problems. Air India hopes that the signs of economic recovery will also lift its fortunes.