Airline Code [AZA]
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Tags :Continental Europe, Alitalia
(XFN-ASIA) - Intesa Sanpaolo SpAs plan for ailing airline Alitalia SpA envisages placing the group into administration and creating a new Alitalia with a greater role for the banks, Saturdays Milano Finanza said, citing the report drawn up by Intesa Sanpaolo.
According to MF, Intesa Sanpaolos plan, known as 'Fenice', will consider the whole of Alitalia as a bad company to be placed into administration under the 'Marzano law' which was used to save Parmalat SpA.
The Marzano law will be specially modified by the government, it added.
The Alitalia bad company will take on the cost of the planned 5,000 job cuts and it will hold the recent EUR300 million bridge loan from the government and a EUR750 million convertible bond, for total financial debt of EUR1.1 billion, MF said.
The new Alitalia will inherit the airlines fleet and real estate assets, the rest of the 15,000 employees and debt worth EUR400 million to EUR00 million.
It will have cash of EUR800 million as well as assets from partner AirOne worth another EUR350 million for total assets of around EUR1.4 billion, MF said.
A consortium of businessmen including Roberto Colaninno, Gilberto Benetton and the De Agostini group will buy a minority stake in the new Alitalia. But it is likely that the banks will play a greater role, the paper said.
An unsourced report in Sundays La Repubblica said UniCredit SpA is part of Intesa Sanpaolos plans for Alitalia.
UniCredit CEO Alessandro Profumo declined to comment the report, La Repubblica said.
Intesa Sanpaolo has until 10-Aug to present its proposals for Alitalia, MF said.
Date posted:14-Jul-08 |
Intesa Sanpaolo plan for Alitalia, sees greater role for banks report 
