Alitalia near bankruptcy. Can it be saved?

Join this forum to discuss the latest news that happened in the world of commercial aviation.

Moderator: Latest news team

Post Reply
Passenger
Posts: 6779
Joined: 06 Dec 2010, 20:54

Re: Alitalia near bankruptcy. Can it be saved?

Post by Passenger »

sn26567 wrote:
16 Oct 2019, 11:52
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.
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.

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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.
André
ex Sabena #26567

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

sn26567 wrote:
09 Oct 2019, 23:28
Lufthansa has written to Italy’s industry ministry and Ferrovie dello Stato to say it is still interested in struggling airline Alitalia.
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

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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?
André
ex Sabena #26567

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

sn26567 wrote:
22 Oct 2019, 22:45
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.
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

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

sn26567 wrote:
17 Oct 2019, 20:38
Alitalia may now be rescued by Lufthansa, as the German carrier could take a stake.
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

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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.
André
ex Sabena #26567

Passenger
Posts: 6779
Joined: 06 Dec 2010, 20:54

Re: Alitalia near bankruptcy. Can it be saved?

Post by Passenger »

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...

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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/
Indeed.

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

Passenger
Posts: 6779
Joined: 06 Dec 2010, 20:54

Re: Alitalia near bankruptcy. Can it be saved?

Post by Passenger »

sn26567 wrote:
20 Nov 2019, 15:52
What now? (apart from the 13 December strike which reminds of the end of Sabena)
There will be at least a time out till next week, when the Pope is back from Thailand and Japan. I can't imagine that the Italian government will have him stranded there.

User avatar
luchtzak
Posts: 11458
Joined: 18 Sep 2002, 00:00
Location: Hofstade, Zemst - Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by luchtzak »

Passenger wrote:
20 Nov 2019, 16:12
sn26567 wrote:
20 Nov 2019, 15:52
What now? (apart from the 13 December strike which reminds of the end of Sabena)
There will be at least a time out till next week, when the Pope is back from Thailand and Japan. I can't imagine that the Italian government will have him stranded there.
No worries, I am 99% sure Alitalia will still be around next year!

jan_olieslagers
Posts: 3085
Joined: 24 Jun 2006, 08:34
Location: Vl.Brabant
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by jan_olieslagers »

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.

nordikcam
Posts: 1067
Joined: 24 Aug 2008, 10:22
Location: Uccle

Re: Alitalia near bankruptcy. Can it be saved?

Post by nordikcam »

luchtzak wrote:
20 Nov 2019, 18:31
Passenger wrote:
20 Nov 2019, 16:12
sn26567 wrote:
20 Nov 2019, 15:52
What now? (apart from the 13 December strike which reminds of the end of Sabena)
There will be at least a time out till next week, when the Pope is back from Thailand and Japan. I can't imagine that the Italian government will have him stranded there.
No worries, I am 99% sure Alitalia will still be around next year!
The Italian taxpayer is rich but not indefinitely ... what is the acceptable limit for the overall deficit? Or when do we take the plug?

User avatar
cathay belgium
Posts: 2272
Joined: 18 Aug 2008, 00:17
Location: Lommel-Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by cathay belgium »

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
New types flown 2020 : A321neo,B781
New types planned : E140

jan_olieslagers
Posts: 3085
Joined: 24 Jun 2006, 08:34
Location: Vl.Brabant
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by jan_olieslagers »

The Italian taxpayer is rich but not indefinitely
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:
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.

User avatar
luchtzak
Posts: 11458
Joined: 18 Sep 2002, 00:00
Location: Hofstade, Zemst - Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by luchtzak »

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

User avatar
lumumba
Posts: 1790
Joined: 04 Sep 2003, 00:00
Location: brussels Europe

Re: Alitalia near bankruptcy. Can it be saved?

Post by lumumba »

jan_olieslagers wrote:
20 Nov 2019, 20:36
The Italian taxpayer is rich but not indefinitely
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:
Barcelona <-> Madrid
Milano <-> Roma
Antwerp <-> Brussels

[[ added as an afterthought:
and, soon, perhaps, Edinburgh <-> London ? ]]
Antwerp-Brussels!!!! Brussels produces much more wealth than Antwerp!
Hasta la victoria siempre.

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

luchtzak wrote:
22 Nov 2019, 13:30
The government is readying 350 million euros in bridge financing to keep Alitalia flying in the meantime.
Alitalia to receive another government bailout of €400 million, thus challenging the EU’s state aid rules.
André
ex Sabena #26567

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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

User avatar
sn26567
Posts: 36836
Joined: 13 Feb 2003, 00:00
Location: Rosières/Rozieren, Belgium
Contact:

Re: Alitalia near bankruptcy. Can it be saved?

Post by sn26567 »

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?
André
ex Sabena #26567

Post Reply