Alitalia near bankruptcy. Can it be saved?

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convair
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Re: Alitalia near bankruptcy. Can it be saved?

Post by convair »

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!
Last edited by convair on 17 Jul 2019, 00:55, edited 1 time in total.

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lumumba
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Re: Alitalia near bankruptcy. Can it be saved?

Post by lumumba »

Passenger wrote:
16 Jul 2019, 23:08
sn26567 wrote:
16 Jul 2019, 22:07
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.
... with a cash injection of 1 billion € additional funds !!!

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.html
The two most relevant phrases from that article in The Local:
It said it would start on a business plan with the chosen partners "as soon as possible"...
and
No details were given on how the company will be shared...
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.
Hey Passenger
You will see the E.U will do nothing I take the bet with you?
Hasta la victoria siempre.

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sn26567
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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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
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Re: Alitalia near bankruptcy. Can it be saved?

Post by jan_olieslagers »

... 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?

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lumumba
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Re: Alitalia near bankruptcy. Can it be saved?

Post by lumumba »

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?
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.
But I'm going out of topic here....
Hasta la victoria siempre.

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Re: Alitalia near bankruptcy. Can it be saved?

Post by Passenger »

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
Well André, I'm not surprised:
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.
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...

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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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...
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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

sn26567 wrote:
02 Sep 2019, 23:08
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...
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
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Re: Alitalia near bankruptcy. Can it be saved?

Post by luchtzak »

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!!

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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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?
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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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?
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Re: Alitalia near bankruptcy. Can it be saved?

Post by nordikcam »

sn26567 wrote:
24 Sep 2019, 18:26
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?
...about 12500 employees ... a small 9%! Not too bad except for the 9% of course!

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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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?
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Passenger
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Re: Alitalia near bankruptcy. Can it be saved?

Post by Passenger »

sn26567 wrote:
27 Sep 2019, 16:08
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?
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)

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lumumba
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Re: Alitalia near bankruptcy. Can it be saved?

Post by lumumba »

Pity enough they changed there Government I'm not sure this one will stand against the EU dictatorship.
Hasta la victoria siempre.

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Re: Alitalia near bankruptcy. Can it be saved?

Post by luchtzak »

sn26567 wrote:
27 Sep 2019, 16:08
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?
Sure! More money in the pit 🙄

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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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.
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Re: Alitalia near bankruptcy. Can it be saved?

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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.
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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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.
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Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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.
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