The Italian airline Alitalia has confirmed that it has yet to raise the €300 million that it has required which has now heaped on more pressure on the struggling airline to find an investor to keep its planes in the air.

The airline confirmed last week that it did receive €173 million by a deadline for current shareholder s to pay into its emergency fund through pledges and bank guarantees and expected to raise the rest of the funds from other investors.

The company’s top shareholder, Air France-KLM has refused to contribute maintaining that the company’s new business plan to reduce debt would not be enough to salvage the Italian airline. The airline expects to sell remaining unsubscribed shares in a second phase of the cash call that ends on December 10th.

However the company is currently losing €700,000 each day and currently has a net debt of €800 million which means that they could soon have to ground their planes for good.