Just wondering when Atlantia will announce that their conditions haven't been met. When debts surpass the assetts by far (including an estimated value of the brand name), it's better to let it go and negociate a deal with the bankruptcy liquidator.
Alitalia saved by the Government and reborn as ITA Airways
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Re: Alitalia near bankruptcy. Can it be saved?
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia returned two A321s to the owners in September 2019 and a further decrease in other aeroplanes is planned in 4Q 2019.
Alitalia won a commitment from toll highway operator Atlantia and railways operator Ferrovie dello Stato to come to its rescue provided a number of conditions were met.
Alitalia won a commitment from toll highway operator Atlantia and railways operator Ferrovie dello Stato to come to its rescue provided a number of conditions were met.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia may now be rescued by Lufthansa, as the German carrier could take a stake.
Meanwhile, Rome agrees to another €350 million bridging loan. Lost money?
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Italy’s government would seem willing to endorse the extension request made by Ferrovie dello Stato and Atlantia for the presentation of the binding offer on Alitalia, but only until 01 December 2019.
And on 30 November they will probably grant another extension until a date somewhere in 2020?
And on 30 November they will probably grant another extension until a date somewhere in 2020?
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Done, as expected! Alitalia administrators have been granted another extension to save the carrier from bankruptcy. The new deadline is 21 November 2019.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
German carrier Lufthansa is ready to invest up to 200 million euros in struggling Italian airline Alitalia ...
https://www.reuters.com/article/us-alit ... SKBN1XA0T8
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Lufthansa in, Delta out?
Delta Air Lines Inc. may pull out of bidding for Alitalia SpA, complicating efforts to rescue the bankrupt Italian carrier, Corriere della Sera reported.
Delta Air Lines Inc. may pull out of bidding for Alitalia SpA, complicating efforts to rescue the bankrupt Italian carrier, Corriere della Sera reported.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
With another deadline expiring tomorrow, both Lufthansa and Atlantia don't agree to "invest" yet:
https://www.repubblica.it/economia/2019 ... 241404902/
Reply from the trade unions: let's strike on Friday 13 December for 24 hours...
https://www.repubblica.it/economia/2019 ... 241404902/
Reply from the trade unions: let's strike on Friday 13 December for 24 hours...
Re: Alitalia near bankruptcy. Can it be saved?
Indeed.Passenger wrote: ↑20 Nov 2019, 14:06 With another deadline expiring tomorrow, both Lufthansa and Atlantia don't agree to "invest" yet:
https://www.repubblica.it/economia/2019 ... 241404902/
After months of negotiations, the Alitalia rescue deal has been thrown into doubt by infrastructure group Atlantia declaring on November 19 that it was not prepared to join the consortium. The move comes almost immediately before an already much-delayed November 21 deadline for the delivery of a binding offer for the loss-making carrier.
https://www.ch-aviation.com/portal/news ... -pulls-out
What now? (apart from the 13 December strike which reminds of the end of Sabena)
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
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Re: Alitalia near bankruptcy. Can it be saved?
Indeed. The Pope is on a state visit (not to say "on a trip" ), or there's an earthquake somewhere, or the funghi are late on season, or the prime minister's dog is having a litter... Always an explanation.
Re: Alitalia near bankruptcy. Can it be saved?
The Italian taxpayer is rich but not indefinitely ... what is the acceptable limit for the overall deficit? Or when do we take the plug?luchtzak wrote: ↑20 Nov 2019, 18:31No worries, I am 99% sure Alitalia will still be around next year!
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Re: Alitalia near bankruptcy. Can it be saved?
Hi,
Alitalia always brings the pope but he returns mostly with the home carrier if possible, Thai and ANA Will have the honours I guess, it he rejects Pad Thai and Sashimi on board
No holy spirits this week available, but the Italian government has more tricks then any other holy spirits...
CXB
Alitalia always brings the pope but he returns mostly with the home carrier if possible, Thai and ANA Will have the honours I guess, it he rejects Pad Thai and Sashimi on board
No holy spirits this week available, but the Italian government has more tricks then any other holy spirits...
CXB
New types flown 2022.. A339
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Re: Alitalia near bankruptcy. Can it be saved?
That touches on politics, sadly but unavoidably. In Italy like in certain other countries, there is a marked separation between richer areas, that bring in the majority of tax money (and, hence, have their own ideas about how and where tax money should be spent) and the poorer regions, where people tend to count on "the state" to pay for everything, including national prestige. Take a bit of time and think of the similarities:The Italian taxpayer is rich but not indefinitely
Barcelona <-> Madrid
Milano <-> Roma
Antwerp <-> Brussels
[[ added as an afterthought:
and, soon, perhaps, Edinburgh <-> London ? ]]
Last edited by jan_olieslagers on 22 Nov 2019, 13:33, edited 1 time in total.
Re: Alitalia near bankruptcy. Can it be saved?
Italy Stuck With Bankrupt Carrier as Lufthansa, Atlantia Balk, Bloomberg reports.
The prospect of a failed agreement comes just ahead of a Thursday deadline for a binding investment plan. The Rome-based government set the timetable in a bid to resolve a decade-long headache and save jobs at the carrier, which has been estimated to lose about 700,000 euros ($789,000) a day and hasn’t posted a profit for at least 15 years.
The Rome-based company is also burning through a 900 million-euro state loan while seeking to compete in a market where fares are falling and consolidation has left it dwarfed by rivals. The government is readying 350 million euros in bridge financing to keep Alitalia flying in the meantime.
https://www.bloomberg.com/news/articles ... ther-delay
The prospect of a failed agreement comes just ahead of a Thursday deadline for a binding investment plan. The Rome-based government set the timetable in a bid to resolve a decade-long headache and save jobs at the carrier, which has been estimated to lose about 700,000 euros ($789,000) a day and hasn’t posted a profit for at least 15 years.
The Rome-based company is also burning through a 900 million-euro state loan while seeking to compete in a market where fares are falling and consolidation has left it dwarfed by rivals. The government is readying 350 million euros in bridge financing to keep Alitalia flying in the meantime.
https://www.bloomberg.com/news/articles ... ther-delay
Re: Alitalia near bankruptcy. Can it be saved?
Antwerp-Brussels!!!! Brussels produces much more wealth than Antwerp!jan_olieslagers wrote: ↑20 Nov 2019, 20:36That touches on politics, sadly but unavoidably. In Italy like in certain other countries, there is a marked separation between richer areas, that bring in the majority of tax money (and, hence, have their own ideas about how and where tax money should be spent) and the poorer regions, where people tend to count on "the state" to pay for everything, including national prestige. Take a bit of time and think of the similarities:The Italian taxpayer is rich but not indefinitely
Barcelona <-> Madrid
Milano <-> Roma
Antwerp <-> Brussels
[[ added as an afterthought:
and, soon, perhaps, Edinburgh <-> London ? ]]
Hasta la victoria siempre.
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia to receive another government bailout of €400 million, thus challenging the EU’s state aid rules.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia is not expected to get a new deadline extension for the submission of an investors’ rescue plan. The government is considering the next steps.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia near bankruptcy. Can it be saved?
Alitalia trade unions are urging the government to put forward a nationalisation plan for the carrier to end uncertainty over its future.
... and pump more taxpayer money into the airline?
... and pump more taxpayer money into the airline?
André
ex Sabena #26567
ex Sabena #26567