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Alitalia ‘has three months to avoid bankruptcy’
Alitalia has been given three months to organise a restructuring to avoid bankruptcy.
Italy’s prime minister Romano Prodi reportedly said the carrier – in which the government has a 49.9% stake – was facing the worst crisis in its history after a partial float had failed to prevent a downward spiral.
He was quoted as saying: “The situation is totally out of control and I don’t see any parachutes. We have until January to hammer out a solution to avoid banruptcy.”
Prodi dismissed calls for more state handouts, adding: “It is useless to talk about restructuring or fresh capital when no strategy exists,” according to the Daily Telegraph.
The airline has lost 72 million euros in the past three years, blaming increased low fares competition from no-frills airline rivals such as easyJet and Ryanair which have established hubs in Italy.
Report by Phil Davies
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