Air Europa has hired PJT Partners to raise capital and raise debt, El Confidential reported on Reuters.

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

Air Europa’s management is looking to raise 240 million euros ($248.6 million) in new equity and 235 million euros in debt to repay unpaid loans granted by the government during the pandemic, the news website said.

The airline, which is 20% owned by British Airways owner IAG Group, may raise equity by selling up to 20% of new shares, he added.

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

($1 = 0.9654 EUR)