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Old December 1st, 2008, 04:35 PM   #361
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Funds delay holds up Alitalia deal closure-source

ROME, Dec 1 (Reuters) - The closing of the sale of Alitalia's best assets has been delayed because the CAI investors' consortium is unable to raise and deliver the funds before Dec. 12, a source close to the matter said.

The administrator overseeing the Italian airline's bankruptcy told state radio the 427 million-euro ($541 million) purchase, expected to close on Nov. 30, had been delayed for technical reasons.

Augusto Fantozzi, told state radio RadioUno that CAI would assume costs related to the bankrupt airline between now and Dec. 12, though the source said the matter was still being discussed.

A period of transition will follow until Alitalia's assets are officially in CAI's possession on Jan. 7, the source said.

The green light from a European monitor trustee -- one of two remaining regulatory approvals needed -- has already been informally given and a formal approval is expected later, the source said.

Alitalia's sale to CAI comes after a difficult two-year hunt for a buyer that included a failed auction and a subsequent deal to sell it to Air France-KLM that collapsed.

The French airline and rival Lufthansa are now in the running to buy a 20 percent stake in Alitalia after it is in CAI's hands.
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Old December 3rd, 2008, 06:33 AM   #362
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Alitalia relaunch delayed to after Christmas

ROME, Dec 2 (Reuters) - Italian airline Alitalia's relaunch by a group of Italian businessmen will be delayed until after Christmas to prevent travel disruptions during the peak holiday season, Italy's industry minister said on Tuesday.

He did not specify a date when Alitalia will officially begin operating under the CAI investor consortium's ownership, but the administrator overseeing the airline's bankruptcy said he would ensure Alitalia keeps flying until Jan. 12.

"The start of the new Alitalia will be after the Christmas vacations to avoid the most congested holiday period," Industry Minister Claudio Scajola told reporters in Brussels.

"I don't see any major problems if it becomes operational after 10 to 15 days. With all the problems we've had, this is definitely the least of them."

The relaunched carrier will continue flying under the Alitalia name, and operate roughly 550 flights a day -- or about 68 percent of the schedule it operated earlier this year, said Italy's civil aviation agency chief Vito Riggio.

Alitalia, which operated about 800 flights a day until January, has been flying just 200 flights daily in recent days due to protests by staff against the takeover.

The deal with CAI was initially set to be wrapped up by Nov. 30, but the administrator, Augusto Fantozzi, delayed it until Dec. 12 citing technical reasons.

A source close to the matter said CAI was unable to deliver the funds for its 427 million-euro ($539.9 million) purchase of Alitalia's best assets before then.

A new government decree allows the transfer of Alitalia's assets to CAI to be delayed beyond Dec. 12, but under the condition that all costs, risks and losses related to Alitalia are borne by CAI during the transition period.

The two sides have agreed CAI will pay 24 million euros to cover Alitalia's obligations between Dec. 1 and Dec. 12 and then pay 14 million euros weekly until it takes over.

The deal -- which also includes CAI buying the assets of smaller rival Air One to merge them with those of Alitalia -- still requires approval from Italian antitrust authorities and a European Monitoring trustee before it can become effective.

Italian antitrust approval is expected on Wednesday, on the condition the airline transfers 50 slots devoted to the lucrative Rome-Milan route to other routes connecting the island of Sardinia, a source close to the matter said.

The antitrust agency will also try to insist that the relaunched airline offer at least 10 percent of its flights at prices lower than those offered by Alitalia and Air One before they were combined.

($1=.7908 euros)
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Old December 3rd, 2008, 08:16 AM   #363
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What does Lufthansa Italia have to do with Alitalia? Is Alitalia staying around?
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Old December 5th, 2008, 04:56 AM   #364
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Italy's watchdog: 'New' Alitalia can fly but must offer some cheap seats on each flight
3 December 2008

ROME (AP) - A relaunched Alitalia can take off as long as it guarantees that at least 10 percent of tickets on every flight are for cheap seats, Italy's antitrust agency decided Wednesday.

The OK for a "new" Alitalia being launched by Italian investors was granted by Italy's authority on competition and markets after a meeting of its officials.

The investors known as CAI (Compagnia Aerea Italiana or Italian Air Company) will officially take possession of the bankrupt carrier's profitable assets later this month, but the new airline, with fewer routes and aircraft, and a smaller work force, probably will not be launched until January, officials have said.

Under the deal, Alitalia will be combined with its much smaller but chief domestic rival, AirOne.

The antitrust authority said in a statement that the new airline must "guarantee that at least 10 percent of the tickets on every flight make available the cheapest price" based on the price offered by Alitalia and AirOne Group on the same route in the corresponding previous travel season.

That would protect consumers "against the risk of an unjustified price hike following the merger," the authority said.

CAI has agreed to a euro1.052 billion ($1.33 billion) deal to acquire Alitalia's profitable assets, while the unprofitable ones will be sold off.
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Old December 5th, 2008, 05:29 AM   #365
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Originally Posted by Deadeye Reloaded View Post

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Old December 6th, 2008, 05:18 AM   #366
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EU's Tajani: Alitalia sale deemed at fair value

BRUSSELS, Dec 4 (Reuters) - A trustee report has found that the sale of Italian national airline Alitalia to investor consortium CAI is at fair market value, EU Transport Commissioner Antonio Tajani said on Thursday.

"According to the assessment by the managing trustees, the sale of the assets of Alitalia, that price in fact corresponds to market prices," Tajani told a news conference.

"The price represents fair market value, so this is in fact at market prices," he said.

Italy's antitrust authority gave conditional approval on Wednesday for the purchase of struggling Alitalia, listing several minor conditions that a source close to CAI said the consortium considered "reasonable".

The authority said it reserved the right to make a new ruling on the deal after Alitalia had chosen its foreign partner, but could pass the decision to European antitrust authorities.

The front-runners to become Alitalia's foreign partner are Air France-KLM and Lufthansa .

The administrator overseeing the airline's bankruptcy has said CAI would pay for the 427 million euro ($539 million) purchase starting on Dec. 12, when the airline's assets would be transferred to it.
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Old December 12th, 2008, 12:00 PM   #367
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Alitalia investor group buys smaller rival Air One

ROME, Dec 11 (Reuters) - Alitalia's smaller rival Air One agreed on Thursday to sell its operations to the consortium buying Italy's flagship carrier, moving the CAI investor group another step closer to its acquisition of Alitalia .

Air One said its president, Carlo Toto, had signed an agreement with CAI Chief Executive Rocco Sabelli to sell Air One and various subsidiaries to CAI, in line with an accord set in August.

Closing will take place by the end of the year. The process of integrating Alitalia and Air One to create "the new flagship carrier" will begin from Jan. 13, the Air One statement said.

Air One said Toto would reinvest 60 million euros in the new airline.
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Old December 12th, 2008, 12:44 PM   #368
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Quote:
Originally Posted by FM 2258 View Post
What does Lufthansa Italia have to do with Alitalia? Is Alitalia staying around?
It is born as a consequence of Alitalia (almost) crack and its chose to 'leave' Milano Mapensa in favour of Roma Fiumicino (probably new Alitalia will come back on Milan's airport)

Without that Lufthansa didn't have enough space to create a 'new brand' expressly for Italy chosing Malpensa as referring point
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Old December 13th, 2008, 05:29 AM   #369
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1 month until new Alitalia flies
12 December 2008

ROME (AP) - Italian investors officially took possession Alitalia's profitable assets Friday, a step toward the launch next month of a more efficient, smaller version of the national airline.

The new streamlined Alitalia is launching on Jan. 12 -- some two years after the government started the long and difficult process of unloading its 49.9 percent stake in the bankrupted carrier.

Alitalia never halted flying, but the new airline will have fewer routes and aircraft, as well as employing 12,500 employees rather than the current 20,000.

The Compagnia Aerea Italiana (CAI) led by scooter-maker Piaggio CEO Roberto Colaninno also said that a foreign investor will be chosen by the end of the year to take a minority stake of 20 percent to 25 percent.

"We would like this adventure to start together with an industrial partner," Colaninno told reporters in Rome. CAI officials have been meeting with both Franco-Dutch carrier Air France-KLM and Germany's Lufthansa.

CAI, made of 21 investors, has agreed to a euro1.052 billion ($1.4 billion) deal to relaunch the national carrier.

Rocco Sabelli, chief executive of the investors group, said the new company's initial capitalization will be at least euro1 billion ($1.33 billion) and has a target revenue of euro4.8 billion ($6.4 billion) in 2013. He also said the break-even point is expected by the end of 2010.

Alitalia will have a total fleet of 148 aircraft and will serve 70 destinations, including 34 international and 13 long-haul routes.

The Italian investors are merging the main assets with the country's No. 2 Air One to form a smaller, more efficient airline.
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Old December 13th, 2008, 08:01 PM   #370
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Alitalia owner says rivals still vying for stake

ROME, Dec 12 (Reuters) - Air France-KLM and Lufthansa are still battling it out for a stake of as much as 25 percent in Alitalia , the Italian consortium that bought the bankrupt carrier said on Friday.

Despite media reports that Air France-KLM had already sealed the deal, CAI Chief Executive Rocco Sabelli said the competition was still open. A decision will be made by the year end, with the aim of having a foreign partner in place when Alitalia is relaunched as a smaller carrier on Jan. 12, he said.

"The negotiations are hard and real," Sabelli told a news conference to announce that CAI had formally taken possession of Alitalia's assets on Friday.

British Airways is also in the running to become a partner, but CAI said it favoured Air France-KLM or Lufthansa because they were interested in taking a stake in Italy's national airline, while BA only wanted a commercial partnership.

That comes just a day after Italian Prime Minister Silvio Berlusconi, whose drive to save Alitalia spurred the creation of the CAI group, said he would prefer a foreign rival to strike a commercial alliance with Alitalia rather than buy an equity stake.

CAI Chairman Roberto Colaninno said the talks were for a foreign partner entering with a 20-25 percent stake in Alitalia, although that could be later diluted to 20-21 percent.

CAI, a consortium of top Italian businessmen, came to Alitalia's rescue with a 427 million euro purchase of its best assets to prevent the carrier being liquidated.

The Italian state, which owned a controlling stake in Alitalia, agreed to the offer last month.

CAI on Thursday it said it had also finalised the purchase of tiny Italian airline Air One, whose operations will be folded into those of Alitalia.

Alitalia and Air One will maintain their separate networks until Jan. 12, after which the new airline will operate as an combined entity with a focus on medium and long-haul flights, CAI said.

The new Alitalia should break even on its operating results by the end of 2010 and see its domestic market share rise to 56 percent in 2009 from 30 percent currently, CAI said.

CAI also aims to reduce the average age of Alitalia's fleet to 8.6 years in 2009 from 12.4 years.

CAI's purchase of Alitalia drew union protest, but longtime holdouts -- the Anpav and Avia unions representing flight attendants -- agreed on Friday to join the major unions in backing the deal.
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Old December 16th, 2008, 11:12 AM   #371
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British Airways To Sign Partnership With Alitalia - Report
16 December 2008

MILAN (Dow Jones)--British Airways (BAY.LN) Chief Executive Willie Walsh Tuesday said the carrier is ready to sign a commercial partnership with Alitalia SpA (AZA.MI), reports financial daily Il Sole 24 Ore.

Walsh said British Airways isn't looking to acquire a stake in Alitalia and is discussing the commercial partnership option with Alitalia Chief Executive Rocco Sabelli.

Newspaper Web site: www.ilsole24ore.com
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Old December 19th, 2008, 05:56 PM   #372
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Air France in talks with Alitalia investor group
19 December 2008
Agence France Presse

The Italian investor group that took over Alitalia held talks early on Friday with executives from Air France-KLM, which is eyeing a major stake in the revived airline, the investors said.

Italian Air Company (CAI) chairman Roberto Colaninno and managing director Rocco Sabelli were meeting with the deputy chairman of the European giant, Pierre-Henri Gourgeon, a CAI spokesman told AFP.

CAI has already met executives from British Airways, which is interested in a commercial tie-up with Alitalia, and Lufthansa, which is competing with Air France-KLM for a stake.

The Italian financial daily Il Sole-24 Ore tips Air France as the favourite and said Friday that the meeting in Milan was aimed at finalising a deal.

"The French are interested in acquiring at least 25 percent (of the new Alitalia) with an investment of around 250 million euros (350 million dollars)," the paper wrote.

CAI currently has capital of around 450 million euros pooled from 21 Italian investors "who have promised to provide a total of 900 million by the end of the year," Il Sole said. "So the money from Air France will be invaluable if they want to reach the capitalisation of 1.1 billion euros as decided by shareholders in October."

Even more important is the know-how that the French-Dutch group will bring to the table, the daily added.

CAI has taken over Alitalia's passenger operations, which it is merging with Air One, Italy's number two airline, and the new airline expected to take off in mid-January.

It is to retain 12,500 Alitalia workers while cutting some 3,250 jobs.

Alitalia had a total debt of around 3.2 billion euros and was losing some three million euros a day by the time CAI took it over a week ago.

Air France-KLM had been prepared to assume Alitalia's debt as part of a takeover offer that it withdrew in early April after the breakdown of acrimonious negotiations with the unions.

Berlusconi made Alitalia's plight an issue while campaigning for mid-April elections, vowing that he would keep the carrier in Italian hands and reject a takeover by Air France-KLM.
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Old December 24th, 2008, 07:31 AM   #373
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Rome travelers try to find flights after strike
23 December 2008

ROME (AP) - Alitalia has canceled about 140 flights at Rome's Leonardo da Vinci in the last two days because of a wildcat strike that left holiday travelers stranded, news reports said Tuesday.

The baggage handlers and maintenance staff walked off the job Monday to protest negotiations with CAI, the group of investors that plans to relaunch a smaller, more efficient Alitalia next month.

The strike stranded scores of passengers, with many sleeping on airport benches or standing in long lines Tuesday morning waiting for flights out.

About 100 flights were canceled during the walkout Monday, and another 40 Tuesday as officials tried to reschedule the flights from the day before, the ANSA news agency and other reports said.

Officials at the airport declined to provide numbers. Alitalia officials could not be reached for comments.

Union representatives and management were meeting Tuesday evening in Rome, ANSA said.

Last month, wildcat strikes forced Alitalia to scrap hundreds of flights.

As part of the launch of the new airline, Alitalia formally put 46 aircraft up for sale Tuesday. Advertisements appearing in the Financial Times and other newspapers instructed would-be buyers to place bids by Jan. 29.
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Old January 5th, 2009, 04:31 PM   #374
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Air France-KLM ready to boost bid for Alitalia stake: report
5 January 2009
Agence France Presse

Air France-KLM is prepared to increase its bid for a 25-percent stake in Italian flag carrier Alitalia from 250 million to around 300 million euros (410 million dollars), the newspaper Les Echos reported on Monday.

The newspaper, which did not cite its sources, said the offer was aimed at countering a bid from German competitor Lufthansa.

It said Air France-KLM would agree to raise its offer for the Alitalia stake to "more than 300 million euros." The struggling Italian carrier was due to announce the name of a partner later this week.

"Air France is continuing to work" on this matter," a company spokeswoman told AFP.

Italian press reports have said an accord between Air France-KLM and Alitalia was likely, giving the Franco-Dutch company a 25-percent stake, with an official announcement expected around January 10.

But the head of the Italian Air Company (CAI), an alliance of investors that took over Alitalia last month, was also to meet with Lufthansa representatives Monday, according to Italian media.

A revamped Alitalia, which will keep its name, is scheduled to begin operations on January 13.
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Old January 8th, 2009, 02:33 PM   #375
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The Wall Street Journal, January 8, 2009 :
Quote:
Alitalia, Air France Close to Finalizing Deal

By LUCA DI LEO

ROME -- Alitalia SpA Thursday looked set to clinch a long-awaited deal to sell a stake to Air France-KLM SA, giving the former ailing state-controlled carrier the large international partner it needs to complete its turnaround.

The stake sale may be finalized in the next few hours after Italian Premier Silvio Berlusconi effectively gave his blessing to it, saying Wednesday that rival suitor Deutsche Lufthansa AG had never made an offer for Alitalia.

The Franco-Dutch airline could approve the purchase of a 25% stake in Alitalia for around €300 million ($407.6 billion) as early as Friday, said a person familiar with the matter. Alitalia's board would then formally approve the sale at a meeting Monday, the person added.

Air France-KLM, the world's largest airline by revenue in 2008, already shares services on some routes with Alitalia via the SkyTeam airline commercial alliance.

Alitalia, dogged by political interference and strike-prone labor unions for years, filed for bankruptcy protection in August. A group of Italian investors led by Roberto Colaninno subsequently bought its potentially profitable assets in a government-sponsored rescue and merged them with Air One, a smaller Italian carrier.

Colaninno Dec. 12 said Alitalia would pick an international partner by the end of 2008 and that the Italian airline would sell a stake of between 20%-25%.
http://online.wsj.com/article/SB1231...googlenews_wsj
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Old January 8th, 2009, 03:33 PM   #376
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Rome airport disruptions caused by ground workers upset with job losses in new Alitalia
8 January 2009

ROME (AP) - Baggage handlers and other ground workers caused disruptions Thursday at Rome's main Leonardo da Vinci airport with a protest action against job cuts that are part of Alitalia's imminent relaunch.

The new, streamlined Alitalia is to start operations next week. The new airline merges the profitable assets of the old Alitalia with the much smaller Air One, and will include a foreign partner.

Air France-KLM emerged as the front-runner on Wednesday after Premier Silvio Berlusconi said Lufthansa, the other main contender, never made a firm offer.

Berlusconi was meeting Thursday with a northern political ally and the Milan mayor, who share concerns about the future of Milan's Malpensa airport. Alitalia already severely reduced flights to and from Malpensa, effectively demoting it as a hub, as it sought to bring costs under control. Northern politicians argue that northern Italy, the motor of the nation's economy, needs to have an international hub.

The new Alitalia will employ 12,500 people -- down from 20,000. Some 3,250 workers are being offered government guarantees of up to 80 percent pay for eight years; some of the others were on short-term contracts that are not being renewed.

Italian media reported that some 400 workers participated in the Thursday protest, reportedly upset that some of their numbers have not been offered jobs by the new management.

Airport officials said some incoming flights were delayed as baggage handling had been blocked by the worker action.
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Old January 14th, 2009, 07:55 AM   #377
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Alitalia-owned art work to go under the hammer

ROME, Jan 11 (Reuters) - Italian carrier Alitalia will auction 163 works of art including some by prominent modern painters that were shown in its aircraft during its 1960s heyday, its bankruptcy administrator said on Sunday.

"At the outset, Alitalia would display works of art to show beautiful things to its passengers," Augusto Fantozzi told Italian television. "There are a number of paintings by important artists that will now be sold at auction."

He did not say how much the art work was expected to fetch or if the paintings had been valued yet.

The paintings were usually small so as to fit inside fuselages, and included some by famous Italian artists such as Renato Guttuso and Futurist painter Giacomo Balla, La Repubblica daily reported last year.

The Italian national airline, which began flying in 1947 and became a proud symbol of Italy's economic prowess in the post-war period, has since fallen on hard times.

Alitalia filed for bankruptcy in August after years of losses due to strikes and inefficiencies. A group of Italian investors bought its best bits and is relaunching the carrier, while its remaining assets are being liquidated.
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Old January 15th, 2009, 11:11 AM   #378
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Alitalia, carrier of popes, is born again

ROME, Jan 13 (Reuters) - Alitalia, the airline that has flown popes, princes and prima donnas, was reborn as a smaller, privately-owned carrier amid chaos on Tuesday as protests by disgruntled employees delayed or cancelled inaugural flights.

Once a symbol of Italy's post-war economic boom, Alitalia filed for bankruptcy last year, succumbing to labour strife, high costs and mismanagement. A group of Italian investors bought its best parts, leaving the rest to the Italian state.

After months of haggling with unions and frenetic talks with politicians seeking to save local airports, Alitalia flight AZ 676 to Sao Paolo took off promptly at 0510 GMT from Milan in the carrier's virgin flight under a new network and new owners.

"We've done it. There's no turning back from the new Alitalia now and all the prophets of misfortune have been silenced," said Labour Minister Maurizio Sacconi, whose government had made saving Alitalia a top priority.

But the airline's first domestic flight took off 20 minutes late and 11 flights at Milan's Linate airport were cancelled because all gates for planes were occupied.

In a reminder of the old challenges facing the reshaped carrier, Alitalia workers wary of the impact from a new alliance with Air France-KLM demonstrated at Milan's Malpensa airport by chanting slogans and waving union banners, causing delays.

At Rome's Fiumicino airport, delays of more than two hours were reported as workers marched outside.

Alitalia's unions have been bickering with its new owners for months, accusing them of not respecting prior agreements. Alitalia CEO Rocco Sabelli said the unions were mainly unhappy with their pick of a new cleaning service.

"I don't have any illusions," Sabelli, who earlier said Alitalia had drawn up an emergency plan for the protests, told La Stampa daily.

"There are problems to be resolved, and there will be plenty more to resolve."

'LA DOLCE VITA' AIRLINE

The new Alitalia maintains the carrier's brand and livery, but its new owners have revamped its flight network, axed a third of the workforce and partnered with larger rival Air France-KLM in a bid to return it to a profit.

With its operations merged with those of smaller rival Air One, Alitalia will fly to 47 foreign and 23 Italian destinations in the new network. It targets increasing its market share to 56 percent from 30 percent and results breaking even in two years.

The airline may relist on the stock exchange in three years, but first needs to fend off growing competition on its home turf from a new high-speed train service and rivals like Lufthansa. It takes off against a backdrop of falling passenger and cargo traffic that has triggered a severe industry crisis.

Italian newspapers published nostalgic pictures of Alitalia's flights during its 1950s-60s heyday, with movie stars like Sofia Loren waving from the landing stairs and stewardesses sporting prim Alitalia-branded hat boxes and designer uniforms.

The airline's stewardesses were dressed by famous Italian designers including the Fontana sisters and Giorgio Armani.

Alitalia first took to the skies on Sept. 16, 1946, in the tumultuous post-war period and later became the preferred carrier of popes and movie stars.

Film diva Anita Ekberg landed in Rome in Federico Fellini's 1960 classic "La Dolce Vita" on an Alitalia DC-6B propeller plane, and Pope Paul VI began the tradition of papal trips on Alitalia by using it on the first flight by a pope in 1964.

But the state-controlled carrier soon became a vehicle for political favours, and its unionised staff, who enjoyed lavish perks, prevented efforts to restructure to meet the 21st century challenges of an aviation downturn and low-cost competition.

"Alitalia died of grandeur," Augusto Fantozzi, who ran it during its bankruptcy told L'Espresso magazine. "It paid triple for everything. To give you an example: it would send three cars to pick up cabin crew, in case the first got a flat tyre and the motor broke down in the second. It was a waste."
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Old January 21st, 2009, 03:24 PM   #379
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Alitalia hit by strike less than a week after new launch: report
19 January 2009
Agence France Presse

Alitalia on Monday cancelled 30 flights, including six to international destinations, due to its first strike since its launch under private ownership less than a week ago, Telenews agency reported.

The airline would only confirm to AFP that four flights had been cancelled, as the SDL union made threats of a fresh strike.

A four-hour strike between 0900 and 1300 GMT was called by the union to protest against recent reforms and job cuts, saying it was concerned about the Italian flag carrier's future.

SDL, which told Telenews that Alitalia cancelled some 30 flights to Algiers, Moscow, Paris, Cairo, Malta and Istanbul, said a number of flights had suffered delays, without specifying how many.

It has threatened another 24-hour strike at an unspecified date.

Alitalia flew off under its first day of private ownership last Tuesday, after it was taken over by a group of prominent Italian business leaders and under an alliance with Air France-KLM, which has a 25 percent stake.

The streamlined company run by CAI has some 12,000 employees after shedding more than 3,000 jobs. It has been merged with domestic rival Air One.

Its fleet of 148 planes will fly 670 routes a day, down more than a third from the 1,050 routes flown by Alitalia and Air One each day a year ago.

Union actions forced the airline to cancel hundreds of flights last year, creating openings for aggressive rivals, notably the budget airlines easyJet of Britain and Ireland's Ryanair.
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Old January 23rd, 2009, 04:55 PM   #380
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New 24-hour strike called at Alitalia: union
23 January 2009
Agence France Presse

An Italian union has called on Alitalia staff to step up strike action in protest at working conditions following lay-offs at the newly privatised airline, a statement said Friday.

"After the four-hour strike on January 19, which did not bring any positive response from management, the (SDL union) has called for a new strike on March 4," the union statement said, saying it would "last for 24 hours" this time.

Alitalia on Monday cancelled 30 flights, including six to international destinations, due to its first strike since its launch under private ownership less than a week earlier, Telenews agency reported.

The airline would only confirm to AFP that four flights had been cancelled.

Alitalia was taken over by a group of prominent Italian business leaders, merged with domestic rival Air One and put into an alliance with Air France-KLM, which has a 25 percent stake.

The streamlined company shed more than 3,000 jobs to leave it with some 12,000 employees.
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