Alitalia’s board of directors has approved a 500 million euros (US$675.9 million) emergency rescue plan, according to a statement issued by the Rome-based airline.
The Italian government will participate in the rescue in the form of postal service Poste Italiane, which will guarantee 75 million euros aimed at helping to save the airline.
Italian oil firm ENI, which is owed 30 million euros by Alitalia, had threatened to stop supplies unless it is reassured by Alitalia’s management and the government
Shareholders, which include Air France KLM, are due to vote on their participation in the financing deal.
Alitalia was rescued from bankruptcy in 2009 by a consortium of investors. Under the deal Air France KLM took a 25% stake in the carrier.
The Alitalia board said in a statement that the rescue plan “provides a solid basis for the future of the company.”
However, the deal may also have to satisfy the European Union that the arrangement with the Italian postal service is not effectively state aid for the airline.
