Italian airline faces bankruptcy
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Italy's Volare is expected to be declared insolvent, as it becomes the latest casualty of budget airline competition.
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Business & money: Airline accuses Brussels of ignoring repeated 'bullshit recapitalisations' of near-bankrupt Alitalia.
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The Italian government announced plans to replace the head of loss-making airline Alitalia, Giancarlo Cimoli, with an expert in company law, Bernardino Libonati.
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Citigroup Inc., the biggest creditor of Parmalat Finanziaria SpA, sued Italy for its handling of the foodmaker&#39;s bankruptcy, saying the restructuring violated its rights as a lender owed almost 540 million euros ($665 million).
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ROME, Sept. 15 -- The airline industry shakeout that forced U.S. Airways Group Inc. into bankruptcy this week is rippling through Europe as well, with some forecasters predicting that only a handful of the continent's airlines can survive, and Italian authorities scrambling this week to keep national carrier Alitalia SpA aloft.
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The Italian state must give up its majority stake in troubled Alitalia when the airline sells new shares, the EU warns.
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Alitalia, the Italian government-run airline, plans to lay off about 5,000 of its 21,000 employees in a move to avoid filing for bankruptcy protection.
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The Italian government has announced grounded low-cost carrier Volare has been placed under "extraordinary" administration in a bid to save the jobs of the airline's 1,440 staff.
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Rome is scrambling to prevent an embarrassing collapse of the sale of national carrier Alitalia as the unprofitable airline's only real suitor struggles to raise funds for a bid.
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As the carrier struggles to survive a second bankruptcy filing, analysts say its operations would be of scant value to other airlines if it were forced out of business.
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Management at the Italian national airline Alitalia put forward a rescue plan to trade unions that foresees slashing 5,000 jobs to keep the struggling carrier aloft, Italian media reported.
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Giancarlo Cimoli a testa bassa contro il governo. E non solo. Mentre il numero uno Alitalia lancia il suo jâaccuse sul sistema del trasporto italiano davanti agli azionisti della compagnia, ai sindacati ripete: accordo subito o sarÃ  liquidazione.
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State-owned Alitalia faces the threat of administration after Italy says the auction for its stake in the national carrier had closed.
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The bankrupt airline says it must slash costs by January, or else it may not survive. It is currently losing $1 million a day.
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Ryanair and easyJet both announced plans to expand in the Italian market following the collapse of the low-cost airline Volare, which has declared insolvency and suspended flights and ticket sales.
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Just four months after converting to a low-cost airline, FLYi Inc. faces potential bankruptcy as soon as January amid concerns over mounting oil prices and the deteriorating financial situation at Delta Air Lines Inc.
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State carrier Alitalia could be faced with collapse within 20 days without the approval of a restructuring plan that would allow the airline to tap into a loan of 400 million euros (&#36;488 million), the company's chairman was quoted as saying in Italian news reports Tuesday.