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 14th, 2005, 02:35 AM   #41
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia says Q2 in profit, oil costs to rise

ROME, Sept 13 (Reuters) - Alitalia saw a small profit in the second quarter, reversing a trend of losses, according a breakdown of first-half results in a report on the period published on the airline's website.

"Operations were in line with or in some aspects better than guidelines set out in the industrial plan for the first half of 2005, making it possible to see a moderate profit for the second quarter," the report said.

But Alitalia added that the impact of high oil prices would be greater in the second half than in the first, when the net cost was 86 million euros.

Alitalia reported a first-half net loss of 122 million euros on Monday, reduced from losses of 620 million a year ago, on revenues of 2.1 billion euros from 1.9 billion in the first half of 2004.
__________________
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

Sponsored Links
Old October 6th, 2005, 03:46 AM   #42
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Italy to Prop Up Airline Industry To Help Alitalia
By Luca Di Leo
Dow Jones Newswires
6 October 2005

ROME -- The Italian government said it approved an emergency decree providing benefits to the airline industry in a bid to help state-controlled carrier Alitalia SpA.

However, the Economy Ministry, which owns 62% of the unprofitable airline, raised objections at a cabinet meeting on how the move will be funded.

Deputy Transport Minister Mario Tassone said that Alitalia will be entitled to about 30% of the 120 million euros ($143 million) foreseen in the decree, which is expected to include special tax breaks for airlines.

The Italian government can't provide funds to Alitalia directly without violating European Union rules on state aid. But it can help the airline industry as a whole.

Plagued by political interference and high labor costs, Alitalia has booked a profit in four of the last 16 years. The carrier, which has a market capitalization of 930 million euros, last year posted a 810 million euro net loss.

Officials from the Economy Ministry earlier yesterday met with representatives from Banca Intesa SpA and Deutsche Bank AG, the two banks which are expected to back a 1.2 billion euros capital increase for Alitalia this year.

"It was a very friendly meeting. Alitalia should provide an updated version of its [rescue] plan next week," said a person familiar with the meeting.

Largely thanks to an EU-approved rescue plan last year, which cut jobs and spun off Alitalia's flight unit from its less profitable ground-services business, Alitalia managed to narrow its first-half 2005 loss to 122 million euros from 620 million euros.

But as with other airlines, the sharp rise in oil prices has kept Alitalia under pressure, making it difficult to find a deal on the carrier's recapitalization.

Banca Intesa had so far been reluctant to back the capital increase because it wants Alitalia to update its plan following the oil-price increase.
__________________
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 7th, 2005, 07:02 PM   #43
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Friday October 7, 7:28 PM
Alitalia Cancels 138 Flights Before Strike

Italy's state airline Alitalia canceled 138 flights ahead of a planned four-hour protest Saturday by cabin crews, the carrier said.

Flight attendants are expected to walk off their jobs between 12 p.m. and 4 p.m. Rome time on Saturday, forcing the airline to cancel 74 international and 64 domestic flights, Alitalia said in a statement.

Unions called the strike because they claim Alitalia is not respecting parts of a recent contract deal it signed with flight attendants, said Giorgio Conti, an official at the Fit-Cisl union. One of the issues is the airline's decision to remove cots for flight attendants on long-range flights, he said.

Other unions are also preparing to stage a 48-hour nationwide transport strike on Sunday, threatening to idle trains, buses and planes across the country.
__________________
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 16th, 2005, 10:54 AM   #44
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia says it has tweaked rescue plan as fuel prices soar
14 October 2005

ROME (AP) - Alitalia said Friday its board has approved an updated rescue plan to combat a 40 percent surge in fuel prices since April.

The unprofitable Italian flagship airline also said it was studying the feasibility of a euro485 million (US$582 million) loan from an unidentified U.S. bank that would use Alitalia airplanes as collateral.

Alitalia disclosed few details of changes to the 2005-2008 plan, which was originally approved last year and then updated in April. It said the new measures -- including re-negotiated procurement contracts and possible alterations to its flight network -- are aimed at maintaining the original targets in the wake of higher oil prices.

Alitalia said it expected that oil prices at US$60 a barrel will lead to euro320 million (US$383.97 million) of additional costs for 2006. Oil was trading at about US$62 a barrel Friday.

Labor Minister Roberto Maroni said he was "sincerely disconcerted" by Alitalia's decision to possibly back the loan from the U.S. bank with its airplanes, according to the ANSA news agency.

"A company that sells off the family jewels frankly seems in very bad shape," Maroni was quoted as saying by the ANSA and Apcom news agencies. He reportedly said he would talk to Premier Silvio Berlusconi and Economy Minister Roberto Maroni to "ask them if they were aware of this and if we can intervene in some way."

Alitalia has been losing money for all but four of the past 16 years.

The airline, majority-owned by the Italian government, is trying to raise euro1.2 billion (US$1.44 billion) in new equity, but its main banks, Deutsche Bank and Banca Intesa SpA, have yet to agree to underwrite the capital increase.

Recapitalization is widely considered crucial to the airline's survival, and banks want to be convinced Alitalia's four-year restructuring plan has a good chance of succeeding before agreeing to any deal.

The recapitalization aims to cut the Italian Treasury's stake in the airline to below 50 percent from 62 percent, in line with European Union requirements.

Earlier this week, Alitalia and unions reached an agreement on improving productivity that could reap up to euro65 million (US$78 million) in savings starting in 2006.
__________________
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, 2005, 01:53 AM   #45
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Banks to back Alitalia cap increase Friday -source

ROME, Oct 27 (Reuters) - The banks that will guarantee the capital increase this year for Italy's national carrier Alitalia will meet on Friday to form a consortium and finalise the accord, an industrial source told Reuters on Thursday.

The banks, led by Deutsche Bank , are expected to include Italy's foremost lenders such as Banca Intesa , UniCredito and Sanpaolo IMI .

"By the end of tomorrow the consortium will be formed for the capital increase," the source told Reuters.

On Friday the Treasury's privatisation committee will also meet to give the go-ahead to the capital increase of up to 1.2 billion euros ($1.46 billion) for the state-controlled airline planned by the end of the year.

Alitalia's board approved a new industrial plan this month and the struggling airline said it had reached a deal with trade unions to allow savings of 65 million euros per year from 2006 by boosting productivity, improving management and "optimising working models."
__________________
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 November 2nd, 2005, 01:50 AM   #46
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia's auditor won't approve first-half results
By Jennifer Clark
Dow Jones Newswires
2 November 2005

MILAN -- Alitalia admitted that its accountants weren't able to sign off on the cash-strapped airline's first-half results amid delays in a 1.2 billion euros ($1.4 billion) capital increase, underlining yet again how close the airline is to a shutdown.

Auditor Deloitte & Touche said it couldn't approve Alitalia's accounts until it had further information about the planned capital increase, the airline said.

Deloitte said in a five-page memo that the capital increase was essential to the airline's turnaround plan, and it noted that "even though preparations for an underwriting consortium are under way, the deadline for the capital increase is drawing near and at this point we have no evidence" that an agreement has been reached.

An Alitalia spokesman said yesterday that the airline was in talks with banks to reach an agreement to underwrite the capital increase, and referred all further questions to the banks themselves. The spokesman said Alitalia's board will review its third-quarter accounts on Monday.

Alitalia is racing against the clock to convince Deutsche Bank AG and others to back a planned 1.2 billion euros capital increase slated for mid-November. Deutsche Bank wasn't available for comment. The capital increase must be completed by the end of the year or the European Union will open a probe into whether the struggling carrier is receiving improper state aid.

The airline's stock fell 3.4% to 6.03 euros, underperforming the broader market. But analysts said the stock is being underpinned by speculation that the government will never let the airline collapse.

The capital increase was supposed to take place in October, but the Italian Treasury, which owns 62% of the airline, still hasn't reached an agreement with the two banks -- Banca Intesa SpA and Deutsche Bank -- that were expected to back the deal, people familiar with the situation said last month.
__________________
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 November 3rd, 2005, 04:30 PM   #47
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia auditors waiting for cap hike OK -source
By Phil Stewart

ROME, Nov 3 (Reuters) - Auditors at Deloitte & Touche who declined to sign off on Alitalia's first-half results are waiting for banks to back a capital increase at the airline before revisiting their decision, a financial source said.

The source, who declined to be named, told Reuters that the first-half results themselves were not the reason the auditors refused to give their approval to Alitalia's books.

Instead, the source said, the problem related to Alitalia's ability to finance its ongoing restructuring and keep flying, which hinged on the planned share issue to raise up to 1.2 billion euros ($1.4 billion).

A formal guarantee from the banks, assuring the capital hike goes ahead, would probably resolve the problem, the source said.

Deloitte & Touche said on Monday Alitalia's first-half results "confirmed the company's critical economic, financial and equity situation", and declined to sign off on its balance.

"From a technical point of view, reading the auditor's report, the uncertainty is over the corporate continuity, not over its accounts," the source said.

"Everything depends on the capital increase ... With the capital increase there is continuity."

Banca Intesa , one of the banks which may participate in the capital increase, said on Thursday it did not see Deloitte's decision as a roadblock.

"It is not an irresolvable obstacle, also because it is linked to the recapitalisation," Intesa Chief Executive Corrado Passera said. "We're working well, but nothing can be said before things are concluded."

Alitalia lost 120 million euros in the first half of 2005 before taxes and extraordinary items, compared with a 329 million euro loss in the January-June period last year. It lost more than 800 million euros in the whole of 2004.

DEBT-EQUITY

Alitalia in July reduced shareholders' capital to 291 million euros from 1.43 billion in order to account for accumulated losses through March 31, 2005. Alitalia's net debt stood at 1.709 billion euros in September.

The share issue goes to the heart of Alitalia's 2005-2008 rescue plan by helping restore order to the accounts and providing sorely needed capital to pay for a broad restructuring, which includes a spin-off of ground services.

"It depends on the banks that need to undersign the contract guaranteeing (the capital increase). That will therefore oblige them to buy the outstanding shares" not acquired by the market, the source said.

The window of opportunity for the share issue is closing.

Deutsche Bank included a Nov. 14 deadline to start negotiating the rights offer that will precede the capital increase. The deadline was included in the bank's April memorandum of understanding with Alitalia, in which it offered to back the share issue.

It is still waiting for at least one other bank, expected to be Banca Intesa, to join the deal. Intesa has conditioned its support on a revised rescue plan that takes into account higher-than-expected fuel prices, which Alitalia says will cost it an additional 320 million euros next year alone.

In response, Alitalia has scrambled to secure cost-cutting deals with unions, a government aide package and a $485 million loan that uses its planes as guarantees.

"At this moment, lacking a consortium of guarantors, the essential element is missing that would enable (Deloitte) to say that the market has evaluated Alitalia's plan," the source said.

Although Deutsche Bank could extend its Nov. 14 deadline, Alitalia lacks much wiggle room.

The European Union has called for the capital increase and privatisation to be carried out in 2005. It was a precondition for its approval of a 400 million euro emergency loan, guaranteed by the Italian state and drawn down by the airline.
__________________
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 November 4th, 2005, 04:42 PM   #48
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Friday November 4, 12:52 PM
Alitalia board meets Monday to discuss capital increase

MILAN (AFP) - Italian airline Alitalia said its board would discuss a capital increase of up to 1.2 billion euros (1.44 billion dollars) when it meets on Monday.

Finance director Gabriele Spazzadeschi said earlier this week that he was confident that the group would finalise an underwriting consortium to finance the increase, despite the refusal of external auditor Deloitte Touche to certify its first half accounts.

Deloitte Touche said it wanted to obtain guarantees that the troubled airline would survive.

Alitalia plans to launch its recapitalisation by the end of the year.

In the first half, the airline posted a net loss of 122.1 million euro.
__________________
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 November 7th, 2005, 04:23 PM   #49
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia sees bank deal signed by Nov 11-minister
MILAN, Nov 7 (Reuters) - Alitalia expects banks to sign an agreement by Nov. 11 formally committing them to a consortium backing the airline's capital increase, Transport Minister Pietro Lunardi said on Monday.

He said the timetable was provided by Alitalia CEO Giancarlo Cimoli. Alitalia's board of directors meet on Monday to discuss the upcoming share offer, worth up to 1.2 billion euros ($1.42 billion).

"Cimoli informed me that by Nov. 11 the banks would decide on underwriting" the capital increase, Lunardi said.
__________________
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 November 7th, 2005, 04:28 PM   #50
mic of Orion
I come in peace \V/
 
mic of Orion's Avatar
 
Join Date: Feb 2005
Location: London
Posts: 11,253
Likes (Received): 48

All Italia is deep S**t, they should either downsize and start from low base or go broke and hope this helps company to restructure...
__________________

"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety" Benjamin Franklin


"All that is required for evil to prevail is for good men to do nothing." Edmund Burke

"Religion leads to anger, anger leads to hate, hate leads to bigotry, bigotry leads to suffering!!!" Mic of Orion
mic of Orion no está en línea   Reply With Quote
Old November 10th, 2005, 04:26 PM   #51
Nicux
Back. Stronger.
 
Nicux's Avatar
 
Join Date: Jul 2005
Location: Milan-Madrid-Glasgow
Posts: 2,447
Likes (Received): 5

Quote:
All Italia is deep S**t, they should either downsize and start from low base or go broke and hope this helps company to restructure
Alitalia could do what you said if there weren't other airlines such as LUFTHANSA (with Air one) operating domestic flights! And this would be the first step to save the italian national airlines
__________________
Dientes, dientes. Eso es lo que les jode.
Nicux no está en línea   Reply With Quote
Old November 10th, 2005, 06:36 PM   #52
Monkey
BANNED
 
Monkey's Avatar
 
Join Date: Oct 2002
Location: Londinium
Posts: 14,108
Likes (Received): 38

Quote:
Originally Posted by Nicux
Alitalia could do what you said if there weren't other airlines such as LUFTHANSA (with Air one) operating domestic flights! And this would be the first step to save the italian national airlines
But why shoould Alitalia be protected from competition? BA makes massive profits despite having to compete with Ryanair, EasyJet, BMI etc on domestic and short haul routes and facing more intense competition on long haul routes than any other airline in the world (think Virgin Atlantic, Emirates, etc - all three major airline alliances have hubs at Heathrow). Alitalia is failing because it's 65% owned and run by the government and they just don't take commerical decisons.
Monkey no está en línea   Reply With Quote
Old November 14th, 2005, 01:36 AM   #53
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia may buy domestic airline Volare 'if the price is fair' - Cimoli
13 November 2005

MILAN (AFX) - Alitalia SpA may buy smaller domestic airline Volare 'if the price is fair', Alitalia's chairman Giancarlo Cimoli said without elaborating in a interview with Corriere della Sera today.

Cimoli's comments come after the airline cleared a 1 bln eur capital hike on Friday, allowing the company to continue running its operations.

Volare, which is under administration, has also attracted interest also from Virgin group's low cost airline Virgin Express, reports said earlier this year.
__________________
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 November 21st, 2005, 08:45 PM   #54
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia presents interest in Volare -source

ROME, Nov 21 (Reuters) - Italy's largest airline Alitalia has presented an expression of interest in buying Volare, a smaller airline in extraordinary administration, a legal source said on Monday.

"Alitalia is among the 12 Italian companies that have presented expressions of interest for Volare," the source said.

Analysts greeted the move with scepticism, given that Alitalia is in the process of issuing new shares to fend off its own collapse.

"This is an unnecessary complication in an already complicated equities story," said one London-based airline industry analyst, who asked not to be named.

Alitalia is issuing 1 billion euros ($1.2 billion) worth of new stock to help finance its 2005-2008 turnaround plan.

Its shares traded down 6.6 percent at 1.21 euros by 1630 GMT. The stock has fallen 29 percent in the past month, the biggest faller in the Milan all-share index <.MIBTEL>, Reuters data showed.

Besides Alitalia, the other companies that have expressed interest in Volare include smaller carriers Mediterranea, AirOne and BluPanorama, the legal source said.

Alitalia recorded a loss of more than 800 million euros last year. It has forecast a return to profit in 2006.

Volare collapsed under heavy losses and debt a year ago, leaving thousands of passengers stranded. Financial police arrested six former company executives earlier this year, accusing them of diverting funds to set up a new airline.

Volare is now under extraordinary administration, a form of creditor protection that allows day-to-day business to continue.

Alitalia Chief Executive Giancarlo Cimoli has repeatedly said he is interested in Volare but that a deal depends on the price.
__________________
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 November 22nd, 2005, 11:02 PM   #55
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia stock falls over 13 pct as doubts weigh
By Phil Stewart

ROME, Nov 22 (Reuters) - Shares in Alitalia fell more than 13 percent to a record low on Tuesday as it forges ahead with a 1.0 billion euro ($1.17 billion) capital increase that analysts doubt will resolve its problems.

Citigroup slashed its target price on the shares to 0.40 euros, compared with Alitalia's closing price of 1.05 euros on Tuesday.

In a note to clients, Citigroup reiterated its sell/speculative rating on the stock and expressed doubt over loss-making Alitalia's turnaround plan, including its call for profit next year.

Citigroup expected the share price to continue falling as the government cuts its stake in the state-controlled carrier to below half, creating liquidity allowing for short selling. "Alitalia's current valuation is artificially high due to the inability to sell short, resulting from the government's 60 percent stake," it said.

"As the government reduces its stake and free float increases, we would expect more short-selling activity."

Alitalia-watchers were also awaiting word on whether Air France , which owns 2 percent of Alitalia, will buy new shares in the Italian airline as it carries out the capital increase. Alitalia lost more than 800 million euros last year.

Air France declined comment on Tuesday.

"Nobody wants to have Alitalia shares in their portfolio," one trader said. "The institutional investors don't have it and the stock is strongly influenced by speculative moves."

Alitalia's 2005-2008 turnaround plan sees a fleet renewal and aims to take back its domestic market, which has been eroded by emergence of lower-cost rivals.

BUDGET AIRLINE RIVALS

"It also targets a 4 percent annual unit revenue increase on domestic routes, despite further inroads from low-fares carriers, in particular Ryanair," Citigroup said. "This view on short-haul routes is not one shared by other flag carriers in Europe." A piece in the puzzle may be its interest in Italy's Volare airline. A legal source said on Monday Alitalia was one of 12 companies which presented an expression of interest to buy Volare.

Even if Alitalia meets its targets, Citigroup raised concern over its capital requirements -- with an eye on Alitalia's ageing fleet. It estimated Alitalia would need to replace 70 MD80 aircraft between 2009 and 2015.

"This would require around $3.5 billion in capex requirements, potentially stretching the balance sheet again at the end of the current turnaround plan," it said.
__________________
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 November 25th, 2005, 03:37 PM   #56
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Italian Treasury may cut Alitalia stake to under 30 percent in 2006, company says
24 November 2005

ROME (AP) - The Italian state may reduce its stake in Alitalia SpA below 30 percent next year, Alitalia's Chief Executive Giancarlo Cimoli said in comments published Thursday.

In an interview with financial daily Il Sole-24 Ore Cimoli said the reduction would be "the next step" following the troubled airline's bid to raise about �1 billion (US$1.2 billion) in a capital increase to stave off the company's bankruptcy.

Alitalia confirmed Cimoli's comments. The Economy Ministry said it could reduce its stake, but no timetable had been decided on.

The recapitalization aims to cut the Italian Treasury's stake in the airline from 62 percent to below 50 percent in line with European Union requirements.

"We needed to do this desperate and courageous operation" Cimoli was quoted as saying by the newspaper.

"Alitalia's capital increase has aroused the interest of analysts and funds, especially in London and the United States," he said.
__________________
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 November 27th, 2005, 06:19 AM   #57
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia mauled over fears for future

MILAN, Nov 27 (AFP) - Prospects for struggling Italian airline Alitalia looked bleak as the price of shares in the company plummeted by 30 percent last week and analysts began to speculate that its best chance of survival would be a merger with Air France/KLM.

The company kicked off a one-billion-euro (1.17-billion-dollar) share issue earlier this month, which has sparked the share price collapse as investors question whether the recapitalisation will be sufficient to assure the future viability of the group.

Chief Executive of Alitalia, Giancarlo Cimoli, put on a brave face, insisting that the fall in the price of shares was "expected" -- not because of the capital increase but because recent results did not justify the price.

At the close of trading on Friday, shares showed a 0.79 percent gain to 0.986 euros, putting the fall over the week at about 30 percent.

Analysts at investment bank Citigroup said that the shares were worth no more than 0.40 euros.

They said in a note that another capital hike would be necessary as the company would have to invest to modernise its ageing fleet of aircraft, also warning that labour unrest would continue to deter travellers.

Alitalia, which was saved from bankruptcy by the Italian government last year, has started to implement a restructuring plan that includes job cuts, a split of the company into flight and ground-handling operations and the capital increase.

According to economists Marco Ponti and Giorgio Ragazzi, specialists in the transport sector, Alitalia faces an uphill battle.

"There are a lot of people who doubt that the company, with its generous conditions for staff and its lack of efficiency, can recover without ending up like Swissair or Sabena," they said.

Swissair went backrupt in 2002 and Belgium's Sabena succumbed to its financial difficulties in 2001.

They also said that the capital increase, which will end on December 2, comes at a good time for the centre-right government of Silvio Berlusconi.

"With the capital increase, the problem of Alitalia has been put back until after the elections", they said, referring to national elections due next year.

For Ponti and Ragazzi, Alitalia's financial problems are not because of technological shortcomings or a lack of capital, but because of missed investment opportunities, political interference and the militancy of the company's labour representatives.

In the last 10 years, the airline has reported eight years of losses.

A ray of hope for Alitalia appeared in the form of Air France/KLM, the world's biggest airline group after a merger last year of AirFrance and KLM of the Netherlands.

The merged group bought shares worth 20 million euros during the capital increase to maintain a stake of 2.0 percent in Alitalia

Alitalia chief Cimoli appeared to recognise last week that the best chance of survival for the company would be to join the expanding Air France/KLM group.

Air France/KLM said this week that net profit had increased to 717 million euros in the second quarter from 195 million in the same period last year.

"For the future, we need to look at an alliance. We cannot remain on our own," Cimoli said in an interview with newspaper Il Sole 24 Ore on Thursday, adding that he would meet the chief executive of Air France/KLM, Jean-Cyril Spinetta, in the next few weeks.

Alitalia signed a partnership agreement with Air France in July 2001 which led to both companies taking cross-holdings in each other and was meant to open the way to closer collaboration.

However, since the signing of this agreement, Air France has finalised its merger with Dutch rival KLM and has said that closer ties with Alitalia would be contingent on the privatisation of the company and proof the Italian group has turned round its strained finances.

Il Sole 24 Ore reported that Alitalia could face resistance from KLM to any future collaboration after the failure of a tie-up between Alitalia and KLM in 2000 which led to KLM paying 250 million euros in penalties.

Alitalia has said that it expects to turn a net profit next year after the implementation of its restructuring plan.

Its restructuring plan, launched in the third quarter of last year, foresees 3,700 job cuts, the sale of the ground-handling business to a public holding company and the billion-euro recapitalisation.

During the share issue, the state has let its holding fall to 49.9 percent from 62.3 percent. The state's holding should fall to 30 percent in 2006, according to Cimoli.
__________________
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 December 4th, 2005, 07:29 AM   #58
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia Says 99.4% Rights Issue Subscribed
3 December 2005

MILAN (Dow Jones)--Alitalia SpA (AZA.MI) said Saturday its EUR1 billion capital increase has been 99.4% subscribed, according to preliminary results.

The rights issue, which ended Friday, is aimed at facilitating the privatization of the Italian carrier, deconsolidating the services division and bringing the flight activities, AZ Fly, into profit next year.

Alitalia said in the statement that the percentage of rights issues subscribed is in line with expectation.

The capital increase will dilute Italian state's stake to 49.9% from 62%.

Alitalia mandated Deutsche Bank (DB) as the lead manager for the capital increase of 1.26 billion new shares.
__________________
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 December 16th, 2005, 04:32 AM   #59
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia takes $445 million loan from GE Corporate

ROME, Dec 15 (Reuters) - Alitalia said on Thursday it finalised a $445 million loan with GE Corporate Banking Europe S.A.S., a French subsidiary of General Electric Co. , as part of its fundamental restructuring plan.

The Italian airline said in a statement the loan would run for eight years and was backed by guarantees on 28 Alitalia aircraft.

The loan comes just two weeks after a 1 billion euro ($1.20 billion) capital increase, also part of the turnaround plan that is aimed at bringing the airline back to profit and under which the state will reduce its controlling stake.

The airline has immediate need for cash as, under European Union rules that ban state aid to airlines, it has to repay a state-guaranteed short-term bridging loan of 400 million euros.

Alitalia posted nine-month losses of 118.8 million euros, compared with a loss of 685.4 million euros in January- September 2004, when it factored in heavy restructuring costs.

The company forecasts a profit next year, but some analysts doubt this will be possible amid fears over high fuel prices, competition, labour strife and the cost of fleet renewal.
__________________
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 January 11th, 2006, 03:27 AM   #60
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,844
Likes (Received): 18133

Alitalia pilots, flight attendants to strike at start of Turin Olympics
10 January 2006

ROME (AP) - Alitalia pilots and flight attendants plan to strike on the eve and the first day of the Turin Olympics next month, threatening havoc for arriving fans.

Cabin crews are set to strike for 24 hours on Feb. 10 -- the day of the opening ceremony -- and pilots are scheduled to stage a four-hour protest the day before.

Turin organizing committee spokesman Giuseppe Gattino said the situation was being "monitored," noting that strikes in Italy are often postponed or called off at the last minute.

Games government supervisor Mario Pescante said the government was looking into the situation.

Local Turin unions signed an "Olympic Truce" in November aimed at avoiding strikes before and during the Feb. 10-26 Winter Games. An agreement to suspend protests on a national level is still being discussed.

The 24-hour strike by flight attendants was originally scheduled for Nov. 28, but was postponed due to the proximity of another strike.

"It's a dispute that has been going on for a long time, and to postpone the strike we would need something really concrete from Alitalia," said Mauro Rossi, an official with transport union FILT-CGIL.

Rossi said the date was not timed to coincide with the Olympics, but was the result of the postponement. He added that it would be difficult to postpone the strike again because the Easter holidays begin shortly after the games, and strikes are banned during that period.

"The Olympics are important, but our dispute is also important," he said.

Workers contend Alitalia is not respecting parts of the contract it signed with unions, Rossi said.

In October, Alitalia canceled 138 flights before a four-hour protest by cabin crews.

The Feb. 9 pilot strike is set to last from 10 a.m. (0900GMT) to 2 p.m. (1300GMT), according to the Transport Ministry Web site.
__________________
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 11:45 AM.


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