daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > Infrastructure and Mobility Forums > Airports and Aviation

Airports and Aviation » Airports | Photos and Videos



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old September 18th, 2008, 07:14 PM   #321
Alvar Lavague
European citizen
 
Join Date: Aug 2006
Location: Paris
Posts: 1,236
Likes (Received): 124

Times Online, September 18, 2008:
Quote:
Italian national airline Alitalia 'collapses'
Richard Owen in Rome

The bankrupt Italian airline, Alitalia, faces imminent collapse after a consortium of Italian industrialists this afternoon withdrew its offer to buy the carrier.

The takeover consortium, the CAI, had laid down a deadline of 3.50pm local time for the airline's nine unions to back it. As the deadline neared, Maurizio Sacconi, Italy's Labour Minister, admited that Alitalia's future was "hanging by a thread".

After the deadline passed, Italian media, quoting CAI sources, said the group of investors, led by Roberto Colaninno, chairman of the scooter manufacturer Piaggio, was withdrawing its bid. With no other offers on the table, Alitalia's administrator, Augusto Fantozzi, said this would mean the airline now faced liquidation proceedings.

Silvio Berlusconi, the Italian Prime Minister, has said the airline's 20,000 workers cannot expect generous redundancy packages in the case of liquidation. Mr Fantozzi said although previous deadlines had come and gone, this time Alitalia has no cash left to continue.

Alitalia needs 1.4 million Euros a day for fuel and loses a further two million Euros a day, adding to debts of 1.17 million Euros. The CAI consortium had offered to inject 1.5 billion Euros into Alitalia and merge it with Air One, Italy's second largest carrier..

Three of the four larger unions said they could accept the deal, but smaller ones, including those representing pilots and flight attendants, objected to the proposed loss of over 3,000 jobs and new contracts laying down longer hours for the same pay

However Fabio Berti, leader of ANPAC, the pilots' union, said his members were prepared to make "extraordinary sacrifices" to persuade CAI to change its mind and return to negotiations.

Despite the crisis, Alitalia's planes continued to take off and land normally today. Fifty flights were cancelled yesterday, but the airline said this was because of a one day strike by a small trades union.

Mr Berlusconi said he still hoped for a "positive outcome" and announced that he would hold a press conference later today.
link
__________________
"Every man has two countries, his own and France"
Thomas Jefferson
Alvar Lavague no está en línea   Reply With Quote

Sponsored Links
Old September 18th, 2008, 08:03 PM   #322
joga
Chronic neurotic
 
joga's Avatar
 
Join Date: Oct 2007
Location: Milano
Posts: 5,246
Likes (Received): 239

Say goodbye to Alitalia.

The death has arrived.

Thank you to the stupid employees and unions.

Alitalia's dead
__________________
Rex tremendae maiestatis, qui salvandos salvas gratis, salva me, fons pietatis.

http://youtu.be/_R9eTtKpzjU


Tutto questo avverrà te lo prometto. Tienti la tua paura. Io con sicura fede l'aspetto.
joga no está en línea   Reply With Quote
Old September 19th, 2008, 04:35 AM   #323
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

Seems like the unions were trying to hold out until the end thinking the government will force the buyers to accept less job cuts thinking Alitalia cannot fail.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old September 19th, 2008, 05:37 AM   #324
Shezan
BANNED
 
Join Date: Jun 2007
Location: The 80s
Posts: 16,216
Likes (Received): 593

...and they' re happy AZ is failed.
Shezan no está en línea   Reply With Quote
Old September 19th, 2008, 09:33 AM   #325
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

Facts about Alitalia, Italy's troubled airline
18 September 2008
Agence France Presse

Alitalia, Italy's virtually bankrupt flag carrier, has received five billion euros in government aid in the last 15 years to keep it flying.

One of the best-known names in global commercial aviation, and 49.9 percent government-owned, it has been in business since 1946-47.

Alitalia symbolised Italy's economic recovery after World War II, becoming the world's seventh largest airline in the 1970s before beginning a long descent which has grown steeper in recent years.

The government sank 4.58 billion euros (6.6 billion dollars) into the company between 1998 and 2005 but it continued to haemorrhage money, recording a loss of three million euros a day in the first half of 2008, with an expected total loss since the start of the year of 800 million euros.

At the end of July it had run up a debt of nearly 1.2 billion euros and shares at the Milan stock exchange have been suspended since June.

The government already bailed out Alitalia in 2004, arranging funding of one billion euros and ordering 3,700 layoffs, some of which were not carried out.

But Rome cannot give further state aid to Alitalia under EU regulations, which bar governments from propping up national companies more than once in a 10-year period.

Alitalia, a member of the Sky Team alliance along with Air France-KLM and 12 other airlines, carried 24.5 million passengers in 2007, or about one third of other major airlines, such as Air France-KLM which holds two percent of its capital, or Lufthansa.

The number of passengers was about the same in 1998.

Alitalia's fleet of 173 planes flies to 84 destinations, 25 in Italy and 59 abroad, 14 of these on other continents.

The company has practically given up its Milan-Malpensa hub despite its interest for business travelers from Italy's financial and fashion capital and is now mainly operating from Rome's Fiumicino airport.

On domestic flights Alitalia has been feeling the heat from Air One, with which it had been supposed to merge had the rescue deal been accepted by the unions.

The new Alitalia would then have held 56 percent of the Italian market.

The company now has about 11,100 employees, having in 2006 transferred 8,300 people to a new entity called Alitalia Servizi, a maintenance and services firm owned 51 percent by state holding company Fintecna.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old September 19th, 2008, 02:38 PM   #326
Magellan
Registered User
 
Magellan's Avatar
 
Join Date: Mar 2008
Location: London
Posts: 335
Likes (Received): 0

Hurrah.

All rather predictable, but also entertaining.

Belusconi is still suggesting that Lufthansa/*.* is going to jump in at the last moment. Nor is it officially dead yet, but who in their right mind would buy into it.

http://news.bbc.co.uk/1/hi/business/7622304.stm


However, there are still a few issues. In all the latest news, there was an announcement that Alitalia had lost it's appeal against a previous rulling on illegal state aid. This means that the E300 Million 'loan' will most likely now also be declared illegal. There is then the issue of the current proposal probably falling foul of EU Competition rules and would probably also have gone to court. The break-out of the unprofitable bits probably breaches several EU rules.

There is also the little unnoticed case of a well know Investment agency stating that the company hand cash in hand to last into next year, when in fact the company probably went bust in June judging by the amount of debt it has since run up. A few investors may be asking some pointed questions there, including members of the CAI group.

All rather expensive for the Italian public - the figure was over E2 Billion at the last count. After all the lay-offs and refincing etc, that might come in at over E3 Billion and for what?

So all the more business to be picked up by the good airlines in Europe.

Last edited by Magellan; September 19th, 2008 at 02:44 PM.
Magellan no está en línea   Reply With Quote
Old September 23rd, 2008, 01:16 AM   #327
nazrey
Registered User
 
nazrey's Avatar
 
Join Date: Sep 2003
Posts: 91,233
Likes (Received): 11226

Alitalia may lose licence in days
Published: 2008/09/23

ROME: Aviation authorities may withdraw Alitalia's licence in three to four days if the administrator making a last-ditch attempt to sell it off does not present emergency cost-cutting measures at a meeting yesterday.

After the withdrawal of an Italian rescue bid because of opposition by pilots and cabin crew, the government-appointed administrator made a last bid to attract offers for Alitalia, although previous attempts to find a foreign buyer have failed.

"Alitalia is flying with a provisional licence," the head of aviation body ENAC, Vito Riggio said. - Reuters
nazrey está en línea ahora   Reply With Quote
Old September 23rd, 2008, 04:31 AM   #328
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

Swiss firm says interested in 30 Alitalia planes

ROME, Sept 22 (Reuters) - Swiss investment company AMA Asset Management Advisor said on Monday it was interested in acquiring 30 planes from Alitalia to operate on routes between Italy and Eastern Europe.

The company said in a statement it had proposed buying at least half of Alitalia's fleet of 30 MD-82s and ATR-72s and renting the rest under a "wet lease" contract.

AMA said they would be used to operate passenger flights on at least 11 routes out of Milan's Malpensa airport and Rome's Fiumicino to destinations in the Balkans and Eastern Europe.

Alitalia's government-appointed special administrator made a last attempt to attract offers for the airline or its assets on Monday, after an Italian rescue bid was withdrawn, by inviting offers of interest in all or part of the company by Sept. 30.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old September 23rd, 2008, 12:47 PM   #329
Magellan
Registered User
 
Magellan's Avatar
 
Join Date: Mar 2008
Location: London
Posts: 335
Likes (Received): 0

The operating licence will be withdrawn this week if no further offers to rescue the business are presented. The authority is looking at what is on the table now and will make the decision based on that in the absense of any new plan (there not having been one by the time of the meeting with the Administrators on Monday):

http://news.bbc.co.uk/1/hi/business/7628705.stm


The Administrator is now looking at offers for the assest of the company, with hints of a new start-up operation out of Milan:

http://www.bloomberg.com/apps/news?p...d=aOcRfhHKXU2I
Magellan no está en línea   Reply With Quote
Old September 23rd, 2008, 11:25 PM   #330
[email protected]
Global Citizen
 
R@ptor's Avatar
 
Join Date: Jan 2004
Location: Frankfurt
Posts: 4,302
Likes (Received): 6407

Quote:
Originally Posted by hkskyline View Post
The company said in a statement it had proposed buying at least half of Alitalia's fleet of 30 MD-82s and ATR-72s and renting the rest under a "wet lease" contract.
Why would any airline be interested in buying so many MD80s these days? For today's standards they use just too much kerosine per passenger, which is why all European carriers who still use them such as Iberia and SAS have plans to replace them with newer planes as soon as possible.


Anyway to get back on topic, Alitalia's end now seems to be near, but as I already said a few months ago this might be for the better. This way they have the chance to start completely new again. That also worked just fine for Swissair -> SWISS and Sabena -> Brussels Airlines in the past.
R@ptor no está en línea   Reply With Quote
Old September 24th, 2008, 07:45 AM   #331
Magellan
Registered User
 
Magellan's Avatar
 
Join Date: Mar 2008
Location: London
Posts: 335
Likes (Received): 0

La Vita Guasto

Quote:
Originally Posted by [email protected] View Post
Why would any airline be interested in buying so many MD80s these days? For today's standards they use just too much kerosine per passenger, which is why all European carriers who still use them such as Iberia and SAS have plans to replace them with newer planes as soon as possible.
That is correct. Possibly the only reasoning is that the aircraft will be going very cheap, being both out of date, and part of a fire-sale. There will also be a ready supply of pilots.

There are reports that there have been offers for the maintenance operations and possibly for some of the Airbus aircraft, but nothing for the airline as a going concern.


Quote:
Originally Posted by [email protected] View Post
Anyway to get back on topic, Alitalia's end now seems to be near, but as I already said a few months ago this might be for the better. This way they have the chance to start completely new again. That also worked just fine for Swissair -> SWISS and Sabena -> Brussels Airlines in the past.
I am not sure that that can happen in the case of Alitalia. Swissair was rescued and relaunched by the Swiss Government(s) and with the help of the Swiss Banks. I am not familiar with the details of the formation of Brussels Airlines, but it too was probably rescued from Sabena via refinancing.

In the case of Alitalia, there is now no rescue package and the airline will most likely be broken up for it's remaining assets as the above item seems to indicate. Someone might buy the name and launch a new airline of the same or similar name, but they would have to do all the work of starting from scratch while inheriting all of the bad will against the old airline. That is not good business sense.

It is against EU laws to re-nationalise the airline, but the UK has just recently effectively nationalised one of its banks to stop it from collapsing. That has to be sorted out now with the EU Commission. The collapse of the airline would leave a massive gap in the Italian air travel market. It may therefore just be the case that Berlusconi could resort to a similar measure (even though the Italian Government has made it clear that it will not do so) as a National Expediency, choosing to deal with the 'wrath' of the EU Commission at a later date.

Most other airlines seem to be of the opinion that Alitalia is not worth saving, and are probably ready to move into it's home market. We might expect to see a scramble by the surviving airlines to launch operations that move in on the Italian market and to fill the gaps before anything could be built from the ashes of Alitalia. Lufthansa/*.* has already announced that it will start operations on the Heathrow - Milan sector from Summer 2009. Lufthansa/*.* is also in a strong position with it's SWISS operation. However, I have not seen anything mentioned about new/expanded operations by anyone else into Rome yet.
Magellan no está en línea   Reply With Quote
Old September 25th, 2008, 11:06 AM   #332
Magellan
Registered User
 
Magellan's Avatar
 
Join Date: Mar 2008
Location: London
Posts: 335
Likes (Received): 0

Deadlines

Today is the deadline for the Administrator to come up with a rescue plan that satisfies the Italian Civil Aviation Authority:

http://news.bbc.co.uk/1/hi/business/7634981.stm


If the airline was to be grounded it would be difficult to recover lost business no matter what goes on until the Administrator's own deadline of the 30th September for new offers to be presented:

http://www.bloomberg.com/apps/news?p...d=a8l9ZgRzyWIw


However new offers involving other airlines are unlikely to materialise, the view of Willy Walsh perhaps reflecting the industry's opinion of Alitalia:

"In its current form, I don't think anyone will touch Alitalia,'' Walsh said. "It's a mess, and the scale of restructuring that is required is beyond the capacity of most management teams":

http://www.bloomberg.com/apps/news?p...d=aAqgEHGwcsTo


If that is the case, CAI would have a very large problem on its plate sorting the airline out, and that is without any airline experience amongst the members of the investment group.

That said, CAI seems to have made some concessions to the unions, so Berlusconi may be able to pull something out of the bag yet:

http://www.bloomberg.com/apps/news?p...d=a8l9ZgRzyWIw
Magellan no está en línea   Reply With Quote
Old September 25th, 2008, 02:14 PM   #333
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

Alitalia union set to back bailout, hopes revived

ROME, Sept 25 (Reuters) - Italy's biggest union looked set to back a sweetened investor rescue of Alitalia on Thursday, spurring hopes the bailout will be salvaged before the bankrupt airline loses its licence to fly.

Pilot and flight assistant unions that had bitterly opposed the deal also signalled a possible change in stance by convening a meeting of their members citing "new and interesting facts".

Unions gathered to hold talks at the prime minister's office on Thursday morning, hours before Alitalia's bankruptcy commissioner must present a rescue plan to aviation authorities or have its operating licence revoked.

The Cgil union -- Italy's biggest -- is set to back the sale of Alitalia assets to Italian investor group CAI after it agreed to concessions on salaries and jobs after a flurry of meetings on Wednesday, a source close to the talks and Italian media said.

CIGL boss Guglielmo Epifani also said Wednesday that the talks might be revived.

CAI withdrew its offer for Alitalia assets last week after Cgil and unions representing pilots and flight assistants cried foul over the deal. The investor group has not formally returned to the fray, but is expected to do so if unions get on board.

Hopes the pilot and flight staff unions could also be persuaded to change their mind rose after they held talks with Prime Minister Silvio Berlusconi's top aide late on Wednesday.

Top officials from two major pilot unions -- who were quick to attack CAI's rescue plan last week -- declined to comment after the late-night talks, calling it a "delicate moment".

Four unions representing pilots and flight staff have convened a meeting of their members for Thursday afternoon, the head of the Avia flight assistants union Antonio Divietri told reporters.

He said indications that an industrial partner will likely arrive soon "changed the situation", in an indirect reference to reports that Air France-KLM was in talks to join the CAI consortium with as much as a 25 percent stake.

Major Italian newspapers like Corriere della Sera and La Repubblica ran banner front-page headlines saying "Alitalia: the deal is near", with the former declaring that "a deal has never been closer".

However, the attempted sale of Alitalia, which has sputtered on for 19 months, has made a mockery of previous promises that a deal to settle the airline's fate is around the corner.

An initial auction to sell the carrier failed when all bidders pulled out, while a subsequent takeover by Air France-KLM fell apart due to union opposition.

This time, Alitalia risks having its flights grounded next week if it is unable to present a rescue plan or declare it has enough funds for the next three months -- which the bankruptcy commissioner has already said is a luxury it does not have.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old September 27th, 2008, 09:44 PM   #334
Brice
Registered User
 
Join Date: Sep 2002
Location: NYC
Posts: 2,642
Likes (Received): 168

What a waste of time and money!
Brice no está en línea   Reply With Quote
Old October 17th, 2008, 03:40 PM   #335
Go Ahead Eagles
Registered User
 
Go Ahead Eagles's Avatar
 
Join Date: Nov 2007
Location: Deventer
Posts: 4,070
Likes (Received): 1172

Alitalia prefers German partner

THE long-running saga over the future of Alitalia looks like finally reaching a resolution, with an Italian 16-strong consortium, named CAI and led by Roberto Colaninno, poised to take over. The final piece in the jigsaw will be the selection of a foreign minority shareholder partner.

The Italian carrier was placed into receivership last month, and has been allowed to carry on operating, despite breaking EU financial rules on both government aid and cash reserves.

Italy’s prime minister, Silvio Berlusconi, had killed off a take-over by Air France-KLM in May, insisting on an ‘Italian solution’ to the problems.

The takeover by CAI was finally approved in late September by the airline’s nine unions, although the E1 billion plan encompasses some 3,000 redundancies. The CAI takeover is due to be completed by late October.

Under the agreement, CAI will purchase the Italian government’s 49.9 per cent stake, before merging the profitable parts of the business with Italy’s second largest airline, Air One – thus creating a new airline entity. The unprofitable parts of Alitalia will be liquidated and Alitalia Cargo will be sold.

Meanwhile, Lufthansa appears to have taken the lead in the race to become the airline’s foreign partner. Italian trade unions and politicians, including Berlusconi, have indicated that they favour a deal that would give the German carrier a minority stake in the airline.

Rival for the partnership role, Air France-KLM, has expressed a preference for a major hub in Rome by moving many of the operations away from Milan. But this plan has angered unions and politicians, who prefer the Lufthansa model of smaller dispersed hubs.

While Lufthansa remain favourites and AF-KLM remain a viable option, British Airways have also expressed an interest in becoming the airline’s partner – although would not take a stake in the airline.

BA’s chief executive, Willie Walsh (pictured), said that “a partnership with Alitalia is certainly possible, if the CAI investor group restructuring really succeeds”.

Walsh is however, also actively pursuing a stake in bmi, the second largest operator at its London Heathrow base.

The major attraction for all three airlines in a purchase of Alitalia, is access to the lucrative market especially in the north of the country and the value of Alitalia’s slots at Europe’s major airports. Since the introduction of the EU-US ‘open skies’ agreement, the value of slots at many major hubs has soared. Alitalia’s 10 slot pairs at London Heathrow alone are now estimated to be worth E300 million.
__________________
“It is better to be hated for what you are than to be loved for what you are not.”
CRK,318,319,320,321,332,333,388,732,734,737,738,739,77E,763,773, 77W, 744.
Go Ahead Eagles no está en línea   Reply With Quote
Old October 20th, 2008, 06:21 PM   #336
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

BA discusses Alitalia link
U.K. airline explores possible partnership with Italian group

20 October 2008
The Wall Street Journal Europe

LONDON -- British Airways PLC is discussing a potential commercial partnership with the airline being created from Italy's insolvent Alitalia SpA but won't take an equity stake, BA Chief Executive Willie Walsh said in an interview.

Europe's fragmented airline industry appears to be accelerating its consolidation efforts as carriers come under financial pressure because of high oil prices and the threat of recession.

BA, which so far has remained financially sound despite declining traffic, wants to participate in this consolidation -- but not at any price.

"There's absolutely no shortage of airlines out there that we could pursue and acquire, but why would you want to do it?" Mr. Walsh said. "Most of these airlines are available because they're in a mess."

Italian investors grouped into a company called Compagnia Aerea Italiana, or CAI, plan to buy Alitalia's newer planes and airport slots and merge them with smaller local rival AirOne SpA to create a new airline. Alitalia was placed under bankruptcy protection in August.

Because CAI's managers are new to the airline industry, however, they want one of Europe's top carriers involved in the restructuring process. Germany's Deutsche Lufthansa AG and Air France-KLM SA are also looking into the possibility of partnerships with CAI.

Mr. Walsh said he met on Wednesday with Rocco Sabelli, the executive who would run the new Italian airline. "If successful, it would definitely be worthwhile . . . having a relationship with them, but we're not looking to invest," Mr. Walsh said.

Lufthansa and Air France have both expressed interest in buying a minority stake in CAI.

Mr. Walsh said that from BA's experience, investment isn't necessary for a successful commercial partnership. Nonetheless, CAI's investors are also hoping to raise money through the sale of equity in the relaunched airline.

A CAI spokesman said Air France and Lufthansa better understood CAI's interest in attracting an equity and commercial partner. "Talks with British Airways have so far been limited to a commercial partnership, which falls somewhat short of CAI's overall requirements," a CAI spokesman said. Mr. Walsh said not investing could be an issue in his talks.

BA and its big European rivals have been busy. BA and its longtime partner, Spain's Iberia Lineas Aereas de Espana SA, in July announced plans to merge.

Mr. Walsh said talks on the deal "are moving slowly, but they are moving." BA Chairman Martin Broughton recently said he expects to close the deal by next spring. "We will move at the pace that makes sense," Mr. Walsh said.

Lufthansa officials recently agreed to buy a minority stake in the parent of small carrier Brussels Airlines and have said they will exercise an option to acquire closely held BMI British Midland Airways Ltd., a much smaller carrier than BA.

Lufthansa and Air France-KLM are also competing to be selected as the preferred bidder for a minority stake in troubled Austrian Airlines AG, according to people familiar with the process. The airline is being sold by the Austrian government.

Mr. Walsh said BA had explored the possibility of bidding for Austrian but decided not to. BA also bid for Brussels Airlines against Lufthansa, Mr. Walsh said, but hadn't pushed hard.

---

Dana Cimilluca contributed to this article.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 21st, 2008, 04:28 AM   #337
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

Alitalia commissioner says has liquidity - source

ROME, Oct 20 (Reuters) - Alitalia has enough liquidity to operate until the start of December, the Italian airline's bankruptcy commissioner told trade unions on Monday, according to a union source present at the meeting.

The commissioner, Augusto Fantozzi, also told the unions that he hoped to wrap up the sale of Alitalia assets to the CAI investor group by mid-November, the source told Reuters.

CAI plans to merge the profitable parts of Alitalia with domestic rival Air One. It is looking for a partner abroad.

Alitalia's net debt at the end of August stood at 1.219 billion euros ($1.64 billion), up from 1.159 billion euros at the end of July, the company said in a statement.

At the end of August the airline had liquidity of 267 million euros, down from 338 million euros at the end of July.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 23rd, 2008, 08:44 AM   #338
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

Alitalia passenger numbers down 28 pct in Sept

ROME, Oct 22 (Reuters) - Passenger numbers at Alitalia were down 28 percent in September year-on-year, as the Italian airline teetered on the brink of bankruptcy, data from the Association of European Airlines revealed on Wednesday.

Alitalia is operating under a bankruptcy commissioner who has said the airline has enough liquidity to operate until the start of December, according to union sources.

The commissioner, Augusto Fantozzi, is in charge of selling Alitalia assets to CAI, a group of Italian investors.

Alitalia's passenger numbers have suffered from uncertainty about the airline's future and unpredictable strikes.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 27th, 2008, 07:23 AM   #339
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

Valuation Of Alitalia Twice As Much What CAI Expected -Report
26 October 2008
DOW JONES NEWSWIRES

Banca Leonardo and Rotschild valuations carried out on Alitalia SpA (AZA.MI) show the airline is worth twice as much what the 16-member Italian investor group CAI had anticipated, Corriere della Sera reported Monday.

Recent press reports suggested that Alitalia's value ranged between EUR700 million and EUR900 million.

CAI will meet with unions on Monday to discuss the new contracts for those staying on at the new Alitalia as well as the 3,350 job cuts to be carried out by the buyer. CAI will hold its shareholders meeting on Tuesday to deliberate on the value of the capital hike and the choice of an industrial partner.

Alitalia has allegedly enough liquidity to carry on until Nov. 15, the report said.

Roberto Colaninno, chairman of Piaggio SpA (PIA.MI), which is leading CAI, said the group has already secured a capital increase of just over EUR1 billion and that the choice of a partner will be made by November, the report said.

Alitalia's industrial partner will have a board member and no more than a 20% stake, which will be sold for a price to be added to the EUR1 billion that will be put forward by CAI, he told the paper.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 28th, 2008, 07:10 PM   #340
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,871
Likes (Received): 18151

CAI Alitalia bid depends on EU position -source

ROME, Oct 28 (Reuters) - The Italian investors who have agreed in principle to buy Alitalia will make their bid conditional on getting acceptable positions from unions and the European Commission, a source close to the talks said.

The board of the CAI consortium will meet later on Tuesday and agree to make a binding bid, but one that depends on the European Union body not making CAI liable to repay a 300 million euro loan the state granted to the airline last May.

The bid will also be conditional on getting an agreement on contractual terms with unions. A five-hour meeting with unions late on Monday failed to secure a deal with workers which CAI had hoped could be clinched ahead of the board meeting.

The CAI chief executive Rocco Sabelli will give a report on the union talks, the source told Reuters.

"According to the agenda, the meeting will elect the new board and agree a mandate for a binding offer for Alitalia which will be conditional on getting the ok from the European Commission," the source said.

The Commission has said the rescue loan might have broken EU rules which ban governments from bailing out their airlines.

If its probe into the matter finds Italy at fault, Alitalia would be forced to pay the money back -- a liability CAI wants to ensure it does not have to take on.

The Commission has said it is likely to conclude its probe in November.

Italy's civil aviation agency Enac confirmed on Monday that CAI had requested a new flying licence for Alitalia.

A second source, close to the matter, said the group sought the new licence in a bid to cut all links with Alitalia in its current form and thereby shield itself from Alitalia's liabilities.

CAI will return to talks on Wednesday with unions which reluctantly agreed last month to back the investor bail-out, seen as the only alternative to letting Alitalia go bust.

Alitalia's bankruptcy commissioner has said the airline may be forced to seek a new loan to keep going if the deal with CAI is not wrapped up by mid-November, since its cash reserves are expected to last only until the start of December.

Under the rescue plan, CAI would buy Alitalia's best performing assets and merge them with those of smaller rival Air One to relaunch it as a smaller carrier which would then seek investment from another European airline such as Air France-KLM or Lufthansa .

Prime Minister Silvio Berlusconi, who opposed the previous government's plan to let Air France acquire Alitalia, has insisted the flag carrier should remain in Italian hands and personally encouraged his business contacts to put together a bid.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote


Reply

Tags
alitalia, european airlines, italy, skyteam

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 02:31 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2018, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

tech management by Sysprosium