Some recents pillows about ALITALIA

[Reading time: 2 minutes]

Alitalia prepares a public rescue. The request for help comes from Italian shareholders (Intesa, Unicredit and Poste) who would have to pay 200 million (another 200 will pay Etihad 49% shareholder) to allow the aircraft to fly. The problem is that the European Union doesn’t allow the Countries to help in these kind of situation: the Italian government is not insensitive to Alitalia’s problems. What to do? It is thought to make a fund (despite the many already existing): the money will be given by the banks, but guaranteed by the government. The only financial escamotage to circumvent constraints is an all-Italian method to face with corporate crises: privatize profits and publicize losses.

Despite so many problems, Alitalia has gone into the hands of extraordinary commissioners and has given them 200 million euros. This sum is to add to the 500 million debt of 2016. The balance on February 28 recorded 2.3 billion liabilities and only 920 million assets. The strategy is that of cutting costs (on derivative contracts on fuels and exchange rates).

There are eighteen Alitalia contenders who have been invited to the second stage of the sale procedure today (Monday 26 June). There are the low-cost competitors that now dominate European skies, Ryanair and Easyjet. There are the current partner Etihad, along with the traditional giants such as Lufthansa and Air France. At the first stage of the manifestations of interest, there were 33 operators.

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The company is for the second time in the hand of extraordinary administration and reveals some of its numbers and industrial processes to those who will be able to submit non-binding purchase proposals. To make them, those concerned will have time until July 21st. Along the end of July, the new industrial plan should arrive, while the schedule of commissioners is expected to arrive at the binding proposals in October.

Edited by: Tommaso Trufini

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