Alitalia files for bankruptcy

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Old Aug 29, 08, 12:25 pm
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Exclamation Alitalia files for bankruptcy

It's a fact now ...

Originally Posted by AP
Italy's national airline Alitalia says it has filed for bankruptcy protection, taking the first step in reshaping what has been a failing company.

Alitalia said in a statement Friday that its board had asked the government to appoint an administrator and had declared insolvency to a Rome court.
Now we wait to see what happens next ...
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Old Aug 29, 08, 12:42 pm
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Thumbs down

The interesting point is that Berlusconi changed yesterday the law governing bankruptcy to allow Alitalia to be "saved" :

- the profitable activities of Alitalia (and planes, landing rights etc.) will be transferred to a newly created company

- what remains (and the debt) will be kept by the empty shell of Alitalia
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Old Aug 29, 08, 1:04 pm
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Notably cuts are much deeper than those proposed in the AF+KL plan that was rejected by the unions and Berlusconi. Except that now MXP will be the hub rather than FCO, quite by coincidence I'm sure!
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Old Aug 29, 08, 1:26 pm
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Originally Posted by tomh009 View Post
Now we wait to see what happens next ...
So, I guess we just keep listening about potential flight schedule changes, right?
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Old Aug 29, 08, 1:50 pm
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I have a flight on the 23rd (of September) ... but some of the news reports indicate that it'll take them four weeks to sort things out with the investors and the unions. I suspect that in the meantime it'll be reasonably close to business as usual.
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Old Aug 29, 08, 1:51 pm
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Awesome!!
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Old Aug 29, 08, 2:07 pm
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Nothing of strange, everybody knew that there would have been the "commissariamento" of AZ.

The real problem will be next Monday, the meeting with the unions.

A small OT: the commissioner of AZ, Augusto Fantozzi, has the same surname of an Italian character of comics film:

http://www.wlaciccia.it/famosi/images/fantozzi0.jpg

and his beautiful daughter:

http://www.federicomancosu.com/forfu...o_Fernando.jpg
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Old Aug 29, 08, 2:52 pm
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Is this bankruptcy the planned one where the attractive assets are put into a new entity to be purchased/rescued by the investors Berlusconi has been talking about with the taxpayers being stuck with the junk no one wants?
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Old Aug 29, 08, 3:04 pm
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Exactly.
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Old Aug 29, 08, 5:21 pm
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Badco and newco. And in the newco there will be also place for a minority stake for foreign investitors... like AF-KL. Just place the money and let us manage it. "We know how it takes".
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Old Aug 29, 08, 7:59 pm
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Originally Posted by janmnastami View Post
Nothing of strange, everybody knew that there would have been the "commissariamento" of AZ.

The real problem will be next Monday, the meeting with the unions.

A small OT: the commissioner of AZ, Augusto Fantozzi, has the same surname of an Italian character of comics film:

http://www.wlaciccia.it/famosi/images/fantozzi0.jpg

and his beautiful daughter:

http://www.federicomancosu.com/forfu...o_Fernando.jpg
I laughed my head off when I saw the last name of the commissioner. If he has anything to do with the movie character, we're in for a blast
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Old Aug 29, 08, 8:24 pm
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The mind boggles at what Italian taxpayers are willing to put up with.

I suspect the unions will scuttle this thing and if not, hopefully the EU will.
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Old Aug 29, 08, 9:46 pm
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Interline acceptance of AZ documents

Does anyone know whether other carriers are still accepting AZ documents? IOW, if a YY flight is ticketed on AZ paper, are passengers still being transported?
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Old Aug 30, 08, 2:30 am
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Originally Posted by Volvic View Post
Badco and newco. And in the newco there will be also place for a minority stake for foreign investitors... like AF-KL. Just place the money and let us manage it. "We know how it takes".
AF has a 2% stake in the "badco".
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Old Aug 31, 08, 7:13 am
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was about time for Alitalia to go down, but I am sure the folks in Rome will invent some more creative rules to 'save' their airline ... now where is the thread where we predicted when they would go bye-bye
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