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Alitalia adviser studying putting airline into administration - report

19-Jun-2008
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Alitalia adviser studying putting airline into administration - report

Tags :Continental Europe, Alitalia

(XFN Asia) Alitalia SpA's advisor, Intesa Sanpaolo SpA, is reportedly studying putting the company into administration to solve the crisis of the ailing airline, which the government wants to privatise.

 

Administration procedures for large companies, the Marzano law, would allow separating Alitalia's core business from its debt and creating a new company to restructure.

Alitalia's creditors would see their investment returned at a discount either in cash or in shares of the new Alitalia company.

After the deal with Air France-KLM collapsed in Apr-08, the situation of the state-owned company has worsened and in the last few weeks it has been reportedly losing about EUR3 million per day.

Date posted: 19-Jun-08
 

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