Alitalia wields axe to avoid collapse
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Alitalia was last night locked in talks with its trade unions over plans to slash thousands of jobs as part of the cash-trapped airline&#39;s last-ditch rescue package.
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The future of Alitalia is at stake as the Italian flagship carrier meets 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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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 Italian governmentâs attempt to privatize the airline Alitalia collapsed after the only remaining bidder pulled out of the auction. The Italian treasury said it halted its attempt to sell its 49.9 percent stake in the airline after a buyout firm, MatlinPatterson Global Advisers, dropped out. The airline called a board meeting for tomorrow to decide what to do next. MatlinPatterson, which is based in New York, was one of 11 bidders that expressed interest when the auction began seven months ago. The bidders gradually dropped out because of what they said were onerous conditions that a buyer would be required to meet.
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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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WITH the future of Italy&#39;s flagship carrier at stake, Alitalia is preparing to unveil a rescue plan at a crucial meeting with unions, revealing the number of planned job cuts aimed at averting collapse.
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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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The management of troubled Italian carrier Alitalia is due on Monday to unveil a rescue plan to stave off bankruptcy, which the Italian media says will amount to shedding a quarter of the workforce.
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After winning union acceptance of job cuts, Alitalia gave formal approval Monday to a four-year business plan aimed at saving the near-bankrupt Italian airline from collapse.
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ROME The survival of Italy&#39;s flag carrier will be at stake on Monday when Alitalia meets its unions to reveal how many jobs it intends to cut in a restructuring aimed at averting collapse.
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ROME -- The future of Italian air carrier Alitalia is at stake in a meeting set with unions today to reveal the number of planned job cuts as part of a restructuring plan aimed at averting collapse.
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Alitalia's board of directors said Friday it had advised the Italian government to pursue an offer by Air France-KLM to rescue the near-bankrupt airline with a long-term investment of 6.5 billion euros (9.3 billion dollars).
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Italy's flagship air carrier Alitalia plans to cut 5,000 jobs as part of restructuring efforts aimed at averting collapse, news reports and an industry source said Monday.
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almost a quarter of its workforce - and split itself in two yesterday in last-ditch attempt to avoid bankruptcy. The struggling Italian airline met
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Its future at stake, Italy&#39;s flagship air carrier Alitalia said Monday it plans to cut 5,000 jobs - almost a fourth of its workforce - as part of restructuring efforts aimed at averting collapse.
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Italian carrier Alitalia signed an agreement Wednesday with the government and labor unions over layoffs at the airline, the final hurdle in long negotiations for ensuring the company's survival.
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Union leaders slammed Alitalia's plans to cut 5,000 jobs as part of restructuring efforts aimed at averting collapse, but said Tuesday they will keep negotiating and urged the government to step in.