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A Finnair Airbus A320-200 aircraft prepares to take off from Manchester Airport on Sept. 4, 2018.

Phil Noble/Reuters

Finnair said on Friday it would raise around 512 million euros ($575 million) from an oversubscribed rights issue, aimed at strengthening its finances to cope with the coronavirus crisis.

Airlines across the world have been scrambling to raise cash and slash costs after lockdowns to contain the virus brought global air travel almost to a halt.

Finland’s flagship airline, which is 55.8-per-cent state-owned, has said it was losing about 2 million euros a day as 90 per cent of its flights were grounded, and has warned it could take two to three years for air traffic to recover to 2019 levels.

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“With this successful share issue, we strengthen our equity, which helps to reach our goal of sustainable, profitable growth,” CEO Top Manner said in a statement.

Finnair said it would receive 501 million euros in net proceeds from the issue, taking into account transaction costs in connection with the offering.

The airline, which has issued two profit warnings this year, has also received state and bank guarantees for a 600 million euro loan as it implements a funding plan that included drawing on available credit lines, as well as sales and leasebacks of planes.

Shares in Finnair were 6 per cent lower at 0.743 euros in late afternoon trading.

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