Alitalia faces 'last chance'
29.06.08
Alitalia faces the ‘last chance’ to find a rescue strategy, its chairman told shareholders yesterday, the ANSA news agency reports. Aristide Police told shareholders at the start of their general meeting ‘This is our last chance and we can't risk missing it.'
He added: ‘In a few days, we will know if the advising bank, Intesa Sanpaolo, is in a position to present an appropriate recovery and development strategy.' The bank was tasked with advising the airline on its privatisation.
The leading economic daily Il Sole-24 Ore reported that the bank has a plan to split the airline in two, creating a new entity for the company's non-profit-making activities that would be open to new investment.
Alitalia, in which the Italian Government has a 49.9% stake, is currently losing €3 million per day because of lower revenue and higher oil prices, according to the Rome daily Il Messaggero. If no rescue plan materialises, the airline will likely enter bankruptcy.
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