After reading the (very interesting) "full story", I have the strong impression that the fascinating Alitalia saga is far from over!
This thread goes back to 2012 and it was already then an old Dallas-like story!
Alitalia saved by the Government and reborn as ITA Airways
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Re: Alitalia near bankruptcy. Can it be saved?
Last edited by convair on 17 Jul 2019, 00:55, edited 1 time in total.
Re: Alitalia near bankruptcy. Can it be saved?
Hey PassengerPassenger wrote: ↑16 Jul 2019, 23:08The two most relevant phrases from that article in The Local:sn26567 wrote: ↑16 Jul 2019, 22:07... with a cash injection of 1 billion € additional funds !!!Boeing767copilot wrote: ↑16 Jul 2019, 21:07 Ferrovie dello Stato, the state railway running Alitalia, chose the Atlantia group of the Benetton empire as the final partner to work with the railway, the Italian treasury and Delta Air Lines on trying once again to relaunch the struggling flagship carrier.
The full story: https://www.thelocal.it/20190716/italy- ... e-lift-off
The (short) Ferrovie dello Stato press release: https://www.fsitaliane.it/content/fsita ... talia.htmlandIt said it would start on a business plan with the chosen partners "as soon as possible"...They're going to make a business plan now, which then has to be signed. And only when that business plan is signed, the investment is sure. Making that business plan will last for months, as no new money will be injected by no one (except by state-owned Ferrovie dello Stato) untill the European Union has decided if Alitalia has to refund the 900M € loan from the Italian State.No details were given on how the company will be shared...
You will see the E.U will do nothing I take the bet with you?
Hasta la victoria siempre.
Re: Alitalia near bankruptcy. Can it be saved?
And here we go again: take a deep breath!
The Italian government has set a new September 15 deadline for a consortium led by railways group Ferrovie dello Stato to present a binding offer for troubled carrier Alitalia.
https://www.reuters.com/article/us-alit ... SKCN1UC158
The Italian government has set a new September 15 deadline for a consortium led by railways group Ferrovie dello Stato to present a binding offer for troubled carrier Alitalia.
https://www.reuters.com/article/us-alit ... SKCN1UC158
André
ex Sabena #26567
ex Sabena #26567
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Re: Alitalia near bankruptcy. Can it be saved?
... and they could and can and will go on till eternity. As long as they're allowed to. Where is Mr. Europe? If the European rules can really be flouted so lightly, for so many years, then why do we have this "Europe" at all? Where is the "level playing ground" that was promised?
Re: Alitalia near bankruptcy. Can it be saved?
Anyway the E.U has to change it become a business agreement nothing more we need a political and military E.U that care for the people not for the business.jan_olieslagers wrote: ↑18 Jul 2019, 17:05 ... and they could and can and will go on till eternity. As long as they're allowed to. Where is Mr. Europe? If the European rules can really be flouted so lightly, for so many years, then why do we have this "Europe" at all? Where is the "level playing ground" that was promised?
But I'm going out of topic here....
Hasta la victoria siempre.
Re: Alitalia near bankruptcy. Can it be saved?
Well André, I'm not surprised:sn26567 wrote: ↑18 Jul 2019, 16:59 And here we go again: take a deep breath! The Italian government has set a new September 15 deadline for a consortium led by railways group Ferrovie dello Stato to present a binding offer for troubled carrier Alitalia.
https://www.reuters.com/article/us-alit ... SKCN1UC158
If the EU hasn't ruled by then 15th Sept, no one will sign a binding then. When the EU decides that the 900M € is state aid, Alitalia must refund it: 900 + intrests = 1 billion! No one can make a decent business plan with such Swoard of Damocles above their heads. Hence the "binding offer" will include the condition that the EU accepts the 900M as a loan. Hence the Italian government will then has to conclude that it received no binding offer by 15th Sept, leaving Italy c.q. Ferrovie dello Stato no other option then to "invest" another bunch of taxpayers money...Passenger wrote: ↑16 Jul 2019, 23:08 They're going to make a business plan now, which then has to be signed. And only when that business plan is signed, the investment is sure. Making that business plan will last for months, and no new money will be injected by no one (except by state-owned Ferrovie dello Stato) untill the European Union has decided if Alitalia has to refund the 900M € loan from the Italian State.
Re: Alitalia near bankruptcy. Can it be saved?
You thought the story would be over soon? You will be disappointed: Alitalia has delayed its binding agreement with Delta and Atlantia until 30 September 2019, due to changes within the Italian government.
Until the next postponement...
Until the next postponement...
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Companies hoping to rescue Italian carrier Alitalia will ask for a deadline for presenting their plan to be extended as they are still negotiating key aspects, two sources familiar with the matter said.
Italian railway group Ferrovie dello Stato, which is leading an effort to take control of Alitalia, is expected to ask administrators running the carrier for a "substantial" delay to the Sept. 15 deadline, one of the sources said.
It would be the sixth delay since Ferrovie expressed its interest in investing in the carrier at the end of last year.
https://finance.yahoo.com/news/alitalia ... 15158.html
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
A deadline for would-be investors in Alitalia to present their business plan for the relaunch of the bankrupt Italian flag carrier has been pushed back once again, this time to Oct. 15, a union source confirmed to ATW.
https://atwonline.com/airlines/alitalia ... ain-oct-15
Mama mia!!
https://atwonline.com/airlines/alitalia ... ain-oct-15
Mama mia!!
Re: Alitalia near bankruptcy. Can it be saved?
Delta Air Lines should consider increasing its planned investment in the rescue of Alitalia, Italian Prime Minister Giuseppe Conte said as talks over the relaunch of the Italian flagship carrier drag on.
What? Pressure on a foreign airline? What else to rescue a failing flag carrier?
What? Pressure on a foreign airline? What else to rescue a failing flag carrier?
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia and trade unions reached an agreement on layoffs, agreeing to 1,075 jobs being lost. A first step to help the sale of the airline?
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia reportedly plans to request a EUR200 million bridging loan to bolster its financial position over winter 2019/2020 (Corriere della Sera). Will the EU allow that additional State Aid?
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Most probably not. But the last (public) move from the European Union dates 20/07/2018, when they officially announced they were investigating the previous loans:
http://eur-lex.europa.eu/JOHtml.do?uri= ... OM:EN:HTML
(select language at choice)
Re: Alitalia near bankruptcy. Can it be saved?
Pity enough they changed there Government I'm not sure this one will stand against the EU dictatorship.
Hasta la victoria siempre.
Re: Alitalia near bankruptcy. Can it be saved?
Sure! More money in the pit
Re: Alitalia near bankruptcy. Can it be saved?
Atlantia has asked the country’s industry ministry to radically revise the rescue plan for Alitalia if negotiations to salvage the ailing carrier are to go on. Delta has agreed to increase its investment in Alitalia to US$131 million, giving the US airline a stake of 12%.
But management continues, unperturbed by the bankruptcy threats: Alitalia will launch a new seasonal route between Rome and San Francisco on 01 June 2020 with B777-200ER, after a 19-year hiatus.
But management continues, unperturbed by the bankruptcy threats: Alitalia will launch a new seasonal route between Rome and San Francisco on 01 June 2020 with B777-200ER, after a 19-year hiatus.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
The show goes on. In the absence of decisions, Alitalia investor Atlantia is threatening to leave the rescue consortium over multiple delays and unclear terms.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Hello, I'm back!
Lufthansa has written to Italy’s industry ministry and Ferrovie dello Stato to say it is still interested in struggling airline Alitalia.
Lufthansa has written to Italy’s industry ministry and Ferrovie dello Stato to say it is still interested in struggling airline Alitalia.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia is set to win a temporary lifeline, when its latest rescue deadline expires on 15 October 2019, with Atlantia expected to give a conditional green light to hundreds of millions of euros of investment.
André
ex Sabena #26567
ex Sabena #26567