Alitalia directors set to approve rescue plan
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MILAN : Alitalia directors were expected to give formal backing to a four-year rescue plan that will free up a 400-million euro (486-million-dollar) state-backed loan to keep the carrier aloft.
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Alitalia may have to slash up to 7,000 jobs, it emerged yesterday, as executives scrambled to rescue Italy&#39;s national carrier from possible bankruptcy later this month.
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The troubled Italian airline Alitalia is to reveal a rescue plan to avoid bankruptcy to unions. Ahead of the announcement expected on Monday afternoon, Italian media reported that the proposals include cutting the workforce by a quarter.
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Shareholders of Italy's struggling state-controlled airline Alitalia on Thursday approved company law expert Berardino Libonati as the company's new chief executive.
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MILAN : Alitalia pursued last-ditch talks with unions, its deadline for clinching a rescue plan or face bankruptcy, a day after winning a key deal with pilots.
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Alitalia's board of directors decided on Tuesday to postpone its choice between two rival bidders -- the Italian airline Air One or the European giant Air France-KLM -- to rescue the near-bankrupt national flag carrier.
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Alitalia directors were expected later to give formal backing to a four-year rescue plan that will free up a 400-million euro (486-million-dollar) state-backed loan to keep the carrier aloft.
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Shares in the near-bankrupt Italian flagship carrier Alitalia rallied nearly 5.0 percent on Thursday as traders predicted a speedy rescue plan.
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Alitalia bosses and unions along with the government announced agreement on a deal to salvage the troubled Italian flag-carrier, overcoming the final hurdle by settling the issue of compensation for those who will lose their jobs in the process.
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Loss-making Italian airline Alitalia outlined a new rescue strategy on Thursday that included plans to launch another capital increase and cut an unspecified number of jobs.
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The management of Alitalia was due to present a rescue plan to trades unions which hold the key to whether the state-controlled airline receives a government-guaranteed loan to avoid bankruptcy.
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The future of Italian flagship carrier Alitalia is at stake in a meeting with unions Monday to reveal the number of planned job cuts as part of a restructuring plan aimed at averting collapse.
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French and Italian leaders are to discuss the future of struggling airline Alitalia amid talk of an Air France merger.
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After winning union backing for job cuts, Alitalia was holding a board of directors meeting Monday to approve a restructuring plan aimed at saving the near-bankrupt Italian carrier from collapse.
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Alitalia appeared to clinch its final union agreement on Saturday over job and wage cuts, as cabin crews agreed to a painful restructuring needed to prevent the airline&#39;s collapse, a union source said.
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Unions and management at Alitalia have struck a deal on payoffs for 3,700 employees set to lose their jobs. The agreement should open the way for the restructuring which could save the Italian carrier from bankruptcy.
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Alitalia management and unions representing cabin crews agreed to parts of a deal that, if finalised, could allow approval of an overall rescue plan, union sources said.