Alitalia to get 700-800 mln euros: report
|
|
|
| Posted
:
Sun, 06 Jul 2008 10:41:01 GMT |
| By
:
Reuters |
| Category
:
US (Business) |
| News Alerts by
Email ( click
here ) |
|
US Business News |
Home
|
|
|
|
MILAN (Reuters) - Alitalia will receive a capital injection of 700 million to 800 million euros from Italian businessmen as part of a plan to save the ailing carrier, newspaper Corriere della Sera reported on Sunday.The paper, without citing sources, said some 10 businessmen would take part in the rescue plan being drawn up by the government-appointed adviser, bank Intesa Sanpaolo , but did not name them.It said the plan included around 5,000-6,000 job cuts and aimed to make Alitalia a stronger player on the domestic market, with turnover of 4 billion euros ($6.28 billion).Intesa Sanpaolo could not be immediately reached for comment.Italian newspapers have cited at least 4,000 to 5,000 planned job cuts at Alitalia but Intesa Sanpaolo's Chief Executive Corrado Passera has said the figures were "premature."The bank is due to draw up a rescue plan by early next month for the state-controlled airline that lost 495 million euros last year. Corriere said the plan should be ready around mid-August and that it was still unclear whether Intesa Sanpaolo would itself take a stake in the airline.Corriere said a change in an Italian law regarding financial failure would be needed for the plan to work.Alitalia is being kept alive by a 300 million euro emergency loan from the Italian government. The loan is being investigated by the European Commission to determine whether it breaks rules on state aid.An initial auction to buy the state's 49.9 percent stake in the airline collapsed in 2007 when all the bidders pulled out. A planned sale to Air France-KLM also fell through earlier this year after unions rejected proposed job cuts.Smaller domestic rival Air One, which had its previous bid for Alitalia rejected by the carrier in favour of one made by Air France-KLM, would not put in money but would be involved in the rescue plan by ceding airport slots and planes, Corriere said.It added Alitalia would refocus its operations at Milan's Malpensa airport, where it decided to cut flights earlier this year as part of a restructuring plan it drew up last year to reduce losses.(Reporting by Marie-Louise Gumuchian; Editing by Erica Billingham)
(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
Related News
Five more US bank failures bring total for 2009 to 120
New York - Bank failures in the United States have risen to 120 this year as five more regional institutions were added to the list, the US agency that guarantees the safety of bank deposits said. United Commercial Bank in San Francisco with assets o...
US stocks climb slightly despite double-digit jobless rate
New York - US stocks posted mild gains Friday to end the week as investors shrugged off government figures that put the unemployment rate above 10 per cent. The Labour Department said the jobless rate hit 10.2 per cent in the month of October, the hi...
US joblessness hits 10.2 per cent, highest in 26 years - Summary
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years as another 190,000 people lost their jobs, the Labour Department reported Friday. The figure comes after a 9.8-per-cent jobless rate in September and wa...
US joblessness jumps to 10.2 per cent, highest since 1983 - Update
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years, as another 190,000 people lost their jobs during the month, the US reported Friday. The figure reported by US Labour Department came after the 9.8 per ...
US jobless rate jumps to 10.2 per cent
Washington - The US unemployment rate surged to 10.2 per cent in October as another 190,000 people lost their jobs, according to US Labour Department figures released Friday. The jobless rate stood at 9.8 per cent in September. Unemployment had been ...
Bulls stop James, edge Cavs - Summary
Los Angeles - The King couldn't deliver in the clutch. Luol Deng and Joakim Noah combined to deny LeBron James a potential game-winning drive in the final seconds as and the visiting Chicago Bulls snapped the Cleveland Cavaliers' three-game winning...
Mortgage lender Fannie Mae posts nearly 19-billion-dollar loss
Washington - US mortgage lender Fannie Mae said Thursday that it would seek 15 billion dollars in federal aid, after posting its ninth consecutive quarterly loss. Fannie Mae reported a net loss of 18.9 billion dollars in the third quarter of 2009, co...
|
|
|
|
|
|
|
|
