Alitalia saved by the Government and reborn as ITA Airways
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Re: Alitalia near bankruptcy. Can it be saved?
Adria Airways filed a complaint against Alitalia with the EU over what it sees as €1 billion in illegal bridging loans provided by Italy to its national carrier, following Etihad exit as a minority shareholder.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Lufthansa boss Carsten Spohr made it clear it is still interested in Alitalia as long as certain conditions are met. The German carrier would also be willing to invest in Rome Fiumicino, which would be essential for Alitalia and act as a new hub for Lufthansa and its subsidiaries.
André
ex Sabena #26567
ex Sabena #26567
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Re: Alitalia near bankruptcy. Can it be saved?
... and create yet another sweat shop airline ?!
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia will return to being the country’s national carrier, said Transport Minister Danilo Toninelli, with 51% of the share capital in Italian hands and with a partner that will make it fly.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Lufthansa says it has still an eye of a restructured Alitalia. easyJet also says to still be interested. But Alitalia is not yet out of the problems: it reported a consolidated net loss of €300 million in 1H 2018, with EBITDA at negative €120 million.
Italy’s government is opposed to the sale of Alitalia and is studying public intervention, either by the conversion into shares of the credit for the state loan of €900 million or by the possible intervention of public stock companies. More meeting to take place in late August 2018.
European Commission has declared it is “neutral” on whether Italian carrier Alitalia emerges from administration as wholly private owned or partially in the hands of the state. The EC is investigating a €900 million loan from the Italian government which kept Alitalia flying. The loan is due to be repaid by 15 December 2018.
Alitalia Commissioner Luigi Gubitosi and Italy’s Minister of Transport Danilo Toninelli say the carrier may rise again if its business focuses on transatlantic traffic and has partners like Delta Air Lines and American Airlines.
Italy’s government is opposed to the sale of Alitalia and is studying public intervention, either by the conversion into shares of the credit for the state loan of €900 million or by the possible intervention of public stock companies. More meeting to take place in late August 2018.
European Commission has declared it is “neutral” on whether Italian carrier Alitalia emerges from administration as wholly private owned or partially in the hands of the state. The EC is investigating a €900 million loan from the Italian government which kept Alitalia flying. The loan is due to be repaid by 15 December 2018.
Alitalia Commissioner Luigi Gubitosi and Italy’s Minister of Transport Danilo Toninelli say the carrier may rise again if its business focuses on transatlantic traffic and has partners like Delta Air Lines and American Airlines.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia did not consider offers from investors 'appropriate'
The three offers that Alitalia received during a sales process kicked off by Italy's previous government were not appropriate for the Italian carrier, the state-appointed commissioners who have run the airline since last year said in a report on Friday.
Uncertainty now looms over Alitalia.
The commissioners' report did not say who had made the three offers but added that Alitalia did not enter exclusive negotiations with any of the potential buyers because they had all lacked commitment and essential elements such as bid bonds, contractual documents and industrial plans.
EasyJet, Lufthansa and Wizz Air all submitted expressions of interest.
Italy's new transport minister said last month that 51 percent of Alitalia was to be kept in Italian hands "but with a strong investor next to it," without giving further details on how the State would intervene and whether a sale would go ahead.
Full story from Reuters: http://www.euronews.com/2018/08/03/alit ... ate-report
The three offers that Alitalia received during a sales process kicked off by Italy's previous government were not appropriate for the Italian carrier, the state-appointed commissioners who have run the airline since last year said in a report on Friday.
Uncertainty now looms over Alitalia.
The commissioners' report did not say who had made the three offers but added that Alitalia did not enter exclusive negotiations with any of the potential buyers because they had all lacked commitment and essential elements such as bid bonds, contractual documents and industrial plans.
EasyJet, Lufthansa and Wizz Air all submitted expressions of interest.
Italy's new transport minister said last month that 51 percent of Alitalia was to be kept in Italian hands "but with a strong investor next to it," without giving further details on how the State would intervene and whether a sale would go ahead.
Full story from Reuters: http://www.euronews.com/2018/08/03/alit ... ate-report
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Italy’s plan to relaunch Alitalia is taking shape as an “all-Italian” solution – not 51% ownership, as initially envisaged -, thus the tendering process will now be withdrawn.
The two majority political parties agreed to immediately start working on the carrier by creating a “newco” with the participation of public companies.
Another bottomless hole? I'm sure the European Commission will highly appreciate...
The two majority political parties agreed to immediately start working on the carrier by creating a “newco” with the participation of public companies.
Another bottomless hole? I'm sure the European Commission will highly appreciate...
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
sn26567 wrote: ↑08 Aug 2018, 17:11 Italy’s plan to relaunch Alitalia is taking shape as an “all-Italian” solution – not 51% ownership, as initially envisaged -, thus the tendering process will now be withdrawn. The two majority political parties agreed to immediately start working on the carrier by creating a “newco” with the participation of public companies.
Another bottomless hole? I'm sure the European Commission will highly appreciate...
On 23th April 2018, the European Commission has opened an in-dept investigation into the funding. Such investigation takes some time: questions, answers, new questions, new answers, conclusions, comments on the conclusions, new conclusion, decision...
On 20th July 2018, the Official Journal has published first findings, and third parties are now invited to comment within one month. This is the link to this announcement:
in NL:
https://eur-lex.europa.eu/legal-content ... LL&from=EN
in FR:
https://eur-lex.europa.eu/legal-content ... LL&from=EN
in EN:
https://eur-lex.europa.eu/legal-content ... LL&from=EN
Re: Alitalia near bankruptcy. Can it be saved?
ALITALIA is very close to be safe now and the EU wil not move.....or they can fear a Italexit.
Hasta la victoria siempre.
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Re: Alitalia near bankruptcy. Can it be saved?
Sorry to get into politics again... but EU needs to humour Roma very much, with all these ... trying to cross the Mare Nostrum. So yes, Brussels might be prepared to wink an eye here and/or there. Politics is all about compromise.
Re: Alitalia near bankruptcy. Can it be saved?
No way. It's not politicians who will answer the question "...is it State Aid?..." Eurocrats will do so. Civil servants, looking at the facts only. People who have proven before they are quite immune for whatever political pressure.jan_olieslagers wrote: ↑08 Aug 2018, 21:21 Sorry to get into politics again... but EU needs to humour Roma very much, with all these ... trying to cross the Mare Nostrum. So yes, Brussels might be prepared to wink an eye here and/or there. Politics is all about compromise.
Re: Alitalia near bankruptcy. Can it be saved?
Not always. I still remember Air France getting a last cash infusion to prevent bankruptcy, some decades ago.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Like I sais before time will tell...Passenger wrote: ↑09 Aug 2018, 10:44No way. It's not politicians who will answer the question "...is it State Aid?..." Eurocrats will do so. Civil servants, looking at the facts only. People who have proven before they are quite immune for whatever political pressure.jan_olieslagers wrote: ↑08 Aug 2018, 21:21 Sorry to get into politics again... but EU needs to humour Roma very much, with all these ... trying to cross the Mare Nostrum. So yes, Brussels might be prepared to wink an eye here and/or there. Politics is all about compromise.
In my opinion the EU will do nothing or it will broke apart the anti EU votes are growing....if they continue like that the EU will disappear!
Hasta la victoria siempre.
Re: Alitalia near bankruptcy. Can it be saved?
Italy to start talks with China regarding possible strategic investment in the remaining 49% of Alitalia.
Are the Italian "responsible" ministers out of their mind? China preferable to Lufthansa, easyJet and other European airlines?
Are the Italian "responsible" ministers out of their mind? China preferable to Lufthansa, easyJet and other European airlines?
André
ex Sabena #26567
ex Sabena #26567
- cathay belgium
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Re: Alitalia near bankruptcy. Can it be saved?
Hi,
VLM,Air Belgium... Enough Said lol
LH behaviour with SN, LH Italy, ....
CXB
VLM,Air Belgium... Enough Said lol
LH behaviour with SN, LH Italy, ....
CXB
New types flown 2022.. A339
Re: Alitalia near bankruptcy. Can it be saved?
Time is running out for Alitalia. By 30/09/2018 they must repay the 600m loan to the Italian state. And by 31/12/2018, there is another 300m to be repaid (twice + costs). And maybe those date will shift to a bit earlier - depends on the speed that the eurocrats need to decide if those loans were state aid or not.
Just a reminder from the European investigation into possible state aid:
...A EUR 600 million bridge loan to Alitalia was provided for in Decree Law No 55 of 2 May 2017. This loan, granted by the State, with an interest rate equal to the 6-month Euribor rate published on the working day preceding the payment, plus 1 000 basis points, was to be repaid within six months as from the first disbursement of the loan, i.e. by 5 November 2017, with priority over the repayment of any other debt owned by Alitalia in the extraordinary administration procedure...In May 2017, an attempt to sell Alitalia’s assets via a tendering procedure started, whose original deadline for the selection of the winning bidder was postponed by Decree Law No 148 of 16 October 2017 from November 2017 to 30 April 2018... In view of the prolongation of the tendering process, Decree Law No 148/2017 as converted into law by Law No 172 of 4 December 2017 also extended the repayment of the EUR 600 million State loan until 30 September 2018 and increased the loan by an additional EUR 300 million, to be repaid by 31 December 2018, bringing the total loan amount to EUR 900 million (‘the initial loan’ and ‘the loan extension’ will jointly be referred to as ‘the measures’).
Just a reminder from the European investigation into possible state aid:
...A EUR 600 million bridge loan to Alitalia was provided for in Decree Law No 55 of 2 May 2017. This loan, granted by the State, with an interest rate equal to the 6-month Euribor rate published on the working day preceding the payment, plus 1 000 basis points, was to be repaid within six months as from the first disbursement of the loan, i.e. by 5 November 2017, with priority over the repayment of any other debt owned by Alitalia in the extraordinary administration procedure...In May 2017, an attempt to sell Alitalia’s assets via a tendering procedure started, whose original deadline for the selection of the winning bidder was postponed by Decree Law No 148 of 16 October 2017 from November 2017 to 30 April 2018... In view of the prolongation of the tendering process, Decree Law No 148/2017 as converted into law by Law No 172 of 4 December 2017 also extended the repayment of the EUR 600 million State loan until 30 September 2018 and increased the loan by an additional EUR 300 million, to be repaid by 31 December 2018, bringing the total loan amount to EUR 900 million (‘the initial loan’ and ‘the loan extension’ will jointly be referred to as ‘the measures’).
Re: Alitalia near bankruptcy. Can it be saved?
Hey Passenger.
You don't get it they don't care about the EU if necessary they will get out the Italians are tired of the EU liberal rules and believe me they mean it.
ALITALIA will survive anyway and the EU will make noise but will not move.
You don't get it they don't care about the EU if necessary they will get out the Italians are tired of the EU liberal rules and believe me they mean it.
ALITALIA will survive anyway and the EU will make noise but will not move.
Hasta la victoria siempre.
Re: Alitalia near bankruptcy. Can it be saved?
You still don't get it.
1. The decision about state aid it not taken by politicians, but by eurocrats: well paid public servants and their chiefs, with a 100 times better "rules knowledge" then politicians. If they conclude to their rules that it's state aid, the (political) EU-Commissioner will follow that decision.
2. The Italians won't leave the EU. All EU member states have seen what damage the brexit has caused. Not one single EU country will exit.
3. Alitalia is loosing money just by flying and they have trumendous debts. Their only assets: the name "Alitalia" and perhaps some slots. The only reason why the Italian government is supporting them, is because they bring tourist to Italy. But sooner or later, the Finance minister will conclude that the return on investment is negative.