Alitalia files for bankruptcy protection

[FrugalFlyerv2.0]

ROME – Alitalia said today it has sought bankruptcy protection, taking the first step in a plan to reshape Italy's unprofitable and debt-laden national carrier.

Story here

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I guess the AZ carcass will be up for grabs between AF-KL, LH, and AirOne. Any guesses as to which will be the "lucky" winner?

 

[whatkindoffreshhell]

AZ has been on life support for years from the Italian government. AF/KLM will cherry-pick the foreign stuff they want and the AZ junk will be spun into a new company that still receives life-support from the Italians.

This airline, like a few here in this country, should have died a few years ago.

 

[FrugalFlyerv2.0]

AZ Can't Guarentee Flights After Sunday

 

[Art at ISP]

Does anyone have any news on the Alitalia situation?? I have relatives scheduled to fly on them on the 25th, but they are backed up on DL.

 

[1AA]

Does anyone have any news on the Alitalia situation?? I have relatives scheduled to fly on them on the 25th, but they are backed up on DL.

The latest is that the buyers are giving the unions that have not agreed yet until Thursday 18th of September 15:50 local time to accept or AZ will be liquidated. AZ has enough money to operate until then and it will be over.

Latest news here:
http://it.notizie.yahoo.com/rtrs/20080917/...no-ca02f96.html

It's in Italian but if you use google translater you can read it.

 

[FrugalFlyerv2.0]

It looks like the end is near.
BBC Story:
A consortium of investors proposing to rescue airline Alitalia has withdrawn its takeover offer, raising fears the carrier may go into liquidation.

While four of Alitalia's unions had supported the deal, five had objected because of plans to cut 3,000 jobs.

Italy's flag-carrier has already warned that it is running out of funds to buy all the aviation fuel it needs.

 

[FrugalFlyerv2.0]

Things are getting interesting.

1) AZ may lose operating certificate
Italy's civil aviation authority ENAC says it will withdraw Alitalia's operating licence this week unless it presents a cost-cutting rescue plan. The country's debt-laiden flag-carrier is currently flying with a provisional licence, according to ENAC's president Vito Riggio. "If the financial plan doesn't arrive in three to four days the licence will be suspended," he said.


2) Aserca may bid on AZ
Venezuelan airline Aserca is "intending" to make an offer for "all or part of" distressed Italian national flag carrier Alitalia, the ANSA news agency said Tuesday.
"With the aid of (Venezuela's) socialist government, we are certain that we can resolve a large part of the problems which have beset Alitalia and its employees," the Italian news agency cited Aserca director-general Hugo Santoro as saying in a statement.

 

[1AA]

AZ will be around for a while longer. Their operating license was extended until May of 2009. Only a few smaller unions have not signed on to the reorganization agreement but AZ is moving forward as planned. November will be the start of a long and painful reorganization process. AZ will probably be around for a long time but in what presence and form remains to be seen for now. With the merger of Italy's second largest airline AirOne AZ will be competitive in the European market. On a more global level it depends if they keep their present fleet of 777 and 767 aircraft.

 

[signals]

AF wanted to cut some 3000 jobs to help AZ. The employees said vaffanculo and AF said die!

AZ sucks anyway!

 

[signals]

ROME – Alitalia said today it has sought bankruptcy protection, taking the first step in a plan to reshape Italy's unprofitable and debt-laden national carrier.

Story here

______________

I guess the AZ carcass will be up for grabs between AF-KL, LH, and AirOne. Any guesses as to which will be the "lucky" winner?

LH??? LH is too smart and astute to even touch that trainwreck known as AZ! Golfitaliano is as close as LH will get to the boot!

 

[FrugalFlyerv2.0]

24-hr work stoppage (BBC Story)

Negotiations to keep the loss-making airline operating have been going on for the past month between Alitalia's management, the government - which owns a half share - and an investment group, the Cai, which wants to create a new national airline.

The main trade unions have agreed to go along with the rescue plan for a slimmed down carrier.

However, some Alitalia pilots and staff refuse to accept the potential loss of thousands of jobs

 

[jimntx]

24-hr work stoppage (BBC Story)
The main trade unions have agreed to go along with the rescue plan for a slimmed down carrier.

However, some Alitalia pilots and staff refuse to accept the potential loss of thousands of jobs

I love Italy. It's my favorite foreign country. However, the unions that take the "we'd rather lose every job than 10 jobs" are rampant in that country. It's the only country I know of that even has a Managers Union--if that isn't a oxymoron, there ain't one.

Alitalia should be allowed to die. It hasn't been a good representative of a beautiful country for a long time. With the European Open Skies agreement, the other European airlines would have no difficulty taking up the slack.

 

[FrugalFlyerv2.0]

EU orders AZ to pay back 300 million EUR

The Commission also approved the proposed sale of Alitalia assets to the Cai investor group.

EU Transport Commissioner Antonio Tajani said the rescue loan had to be paid back to the government "by the airline itself", not by Cai.

He said the government loan to Alitalia amounted to illegal state aid. As a result, it will have to be repaid out of the proceeds from the airline's liquidation.

 

[signals]

Riposa In Pace Alitalia!

 

[FrugalFlyerv2.0]

Bloomberg
November 20, 2008

Alitalia-Linee Aeree Italiane SpA won government approval for the airline's bankruptcy administrator to sell the carrier's main assets to Italian investor group CAI SpA, paving the way for the entry of Air France-KLM Group or Deutsche Lufthansa AG. Industry Minister Claudio Scajola authorized the sale of assets yesterday, the minister's office said. CAI raised its offer to €1.052-billion ($1.65-billion) from €1-billion after government advisers valued the assets at more than the original bid. The approval will now allow CAI "to identify a foreign partner that will strengthen the presence of Alitalia in its international markets," the ministry said.