Alitalia files for bankruptcy
Aug 29, 2008, 11:25 am
#1
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Alitalia files for bankruptcy
It's a fact now ...
Now we wait to see what happens next ...
Originally Posted by AP
Italy's national airline Alitalia says it has filed for bankruptcy protection, taking the first step in reshaping what has been a failing company.
Alitalia said in a statement Friday that its board had asked the government to appoint an administrator and had declared insolvency to a Rome court.
Alitalia said in a statement Friday that its board had asked the government to appoint an administrator and had declared insolvency to a Rome court.
Aug 29, 2008, 11:42 am
#2
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The interesting point is that Berlusconi changed yesterday the law governing bankruptcy to allow Alitalia to be "saved" :
- the profitable activities of Alitalia (and planes, landing rights etc.) will be transferred to a newly created company
- what remains (and the debt) will be kept by the empty shell of Alitalia
- the profitable activities of Alitalia (and planes, landing rights etc.) will be transferred to a newly created company
- what remains (and the debt) will be kept by the empty shell of Alitalia
Aug 29, 2008, 12:04 pm
#3
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Notably cuts are much deeper than those proposed in the AF+KL plan that was rejected by the unions and Berlusconi. Except that now MXP will be the hub rather than FCO, quite by coincidence I'm sure!
Aug 29, 2008, 12:26 pm
#4
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Aug 29, 2008, 12:50 pm
#5
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I have a flight on the 23rd (of September) ... but some of the news reports indicate that it'll take them four weeks to sort things out with the investors and the unions. I suspect that in the meantime it'll be reasonably close to business as usual.
Aug 29, 2008, 1:07 pm
#7
Join Date: Aug 2008
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Nothing of strange, everybody knew that there would have been the "commissariamento" of AZ.
The real problem will be next Monday, the meeting with the unions.
A small OT: the commissioner of AZ, Augusto Fantozzi, has the same surname of an Italian character of comics film:
http://www.wlaciccia.it/famosi/images/fantozzi0.jpg
and his beautiful daughter:
http://www.federicomancosu.com/forfu...o_Fernando.jpg
The real problem will be next Monday, the meeting with the unions.
A small OT: the commissioner of AZ, Augusto Fantozzi, has the same surname of an Italian character of comics film:
http://www.wlaciccia.it/famosi/images/fantozzi0.jpg
and his beautiful daughter:
http://www.federicomancosu.com/forfu...o_Fernando.jpg
Aug 29, 2008, 1:52 pm
#8
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Is this bankruptcy the planned one where the attractive assets are put into a new entity to be purchased/rescued by the investors Berlusconi has been talking about with the taxpayers being stuck with the junk no one wants?
Aug 29, 2008, 4:21 pm
#10
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Badco and newco. And in the newco there will be also place for a minority stake for foreign investitors... like AF-KL. Just place the money and let us manage it. "We know how it takes".
Aug 29, 2008, 6:59 pm
#11
Join Date: Jul 2005
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Nothing of strange, everybody knew that there would have been the "commissariamento" of AZ.
The real problem will be next Monday, the meeting with the unions.
A small OT: the commissioner of AZ, Augusto Fantozzi, has the same surname of an Italian character of comics film:
http://www.wlaciccia.it/famosi/images/fantozzi0.jpg
and his beautiful daughter:
http://www.federicomancosu.com/forfu...o_Fernando.jpg
The real problem will be next Monday, the meeting with the unions.
A small OT: the commissioner of AZ, Augusto Fantozzi, has the same surname of an Italian character of comics film:
http://www.wlaciccia.it/famosi/images/fantozzi0.jpg
and his beautiful daughter:
http://www.federicomancosu.com/forfu...o_Fernando.jpg
Aug 30, 2008, 1:30 am
#14
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Aug 31, 2008, 6:13 am
#15
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was about time for Alitalia to go down, but I am sure the folks in Rome will invent some more creative rules to 'save' their airline ... now where is the thread where we predicted when they would go bye-bye 