Agnieszka's Feed
Jan 22, 2014

Alitalia says can avoid job cuts as part of restructuring

MILAN, Jan 22 (Reuters) – Italian airline Alitalia
vowed on Wednesday to avoid permanent job cuts as
part of a restructuring presented to labour unions last month,
designed to whip the company into financial shape and improve
its appeal to possible partners.

Alitalia raised 300 million euros ($407 million) in an
emergency share issue last month and got 200 million in bank
financing, which analysts said would keep it flying for the next
six months, but it may again run out of cash if it fails to
attract a cash-rich partner soon.

Jan 13, 2014

Marchionne to stay as Fiat-Chrysler CEO until at least 2017

DETROIT/MILAN, Jan 13 (Reuters) – Sergio Marchionne has
pledged to stay on as chief executive of Fiat-Chrysler for at
least three years to see through the full merger of the Italian
carmaker and its U.S. business, and a new strategy to turn
around its loss-making operations in Europe.

Marchionne, who took the helm of Fiat a decade ago and in
2009 also started running Chrysler, had previously said he could
step down in 2015 and some analysts feared uncertainty over his
future at the combined company could cloud its prospects.

Jan 10, 2014

Fiat to focus on Italy-based Alfa revamp after Chrysler deal

MILAN, Jan 10 (Reuters) – Fiat will focus on
revamping its Alfa Romeo brand after its planned merger with
Chrysler and will keep production of the marque in Italy as it
seeks to revive its European operations and protect jobs, its
chief executive said on Friday.

In an interview with Italian daily La Repubblica, Sergio
Marchionne sought to reassure unions and politicians worried the
merger with U.S. group Chrysler could signal a shift away from
the firm’s home market, where Fiat was founded 115 years ago.

Jan 5, 2014

Likely US listing to further sideline Italy in Fiat-Chrysler group

MILAN/DETROIT, Jan 5 (Reuters) – Chief Executive Sergio
Marchionne’s merger of carmakers Fiat and Chrysler will probably
entail a U.S. share listing that cements North America as the
group’s new centre of gravity and further sidelines Italy.

Two sources close to Fiat said it was likely to
move its primary listing to New York as early as 2015 after a
merger with Chrysler, the third-largest U.S. automaker,
heralding a politically delicate shift of focus that reflects
the operating facts.

Jan 2, 2014

Fiat shares jump on Chrysler merger deal but worries remain

MILAN (Reuters) – Fiat shares jumped on Thursday after it struck a $4.35 billion deal to gain full control of Chrysler Group LLC, but doubts remained over whether the Italian carmaker can use the merger to cut losses in Europe.

Investors welcomed the deal struck by Chief Executive Sergio Marchionne under which Fiat will buy the 41.46 percent of the No. 3 U.S. automaker it does not already own, without raising funds from the stock market.

Dec 10, 2013

Alitalia pockets emergency cash, no job cuts planned

MILAN (Reuters) – Alitalia finally secured the 300 million euros ($412 million) it needs to keep flying over Christmas, a source said on Tuesday, concluding a drawn-out capital raising that showed how much work the airline has to convince investors it can survive.

The cash call was part of a bigger government-engineered rescue to keep Alitalia going while it searches for a new partner willing to invest in revamping its fleet and making it profitable in the longer term.

Dec 10, 2013

Alitalia pockets emergency cash, heads to union meeting

MILAN, Dec 10 (Reuters) – Alitalia finally secured the 300
million euros ($412 million) it needs to keep flying over
Christmas, a source said on Tuesday, concluding a drawn-out
capital raising that showed how much work the airline has to
convince investors it can survive.

Italy’s national carrier, having pocketed cash that analysts
estimate will last it six months, now goes straight to its next
challenge: A meeting with unions where sources said it will try
to persuade them to sign up to thousands of job cuts.

Nov 29, 2013

Alitalia seen running out of options after disappointing cash call

MILAN, Nov 29 (Reuters) – After a poor response to its
emergency rights issue, Alitalia has been left with the prospect
of literally running out of fuel before the peak season next
summer unless it can get top shareholder Air France-KLM
or some other investor to pour in billions of euros
and revamp its fleet, analysts say.

The long-ailing national airline has so far raised less than
two thirds of the 300 million euros ($408 million) wanted from
the share sale and will rely on Italy’s state-owned postal
service and other investors to come up with the rest.

Nov 28, 2013

Alitalia raises less than two-thirds of emergency cash

MILAN, Nov 28 (Reuters) – Loss-making Alitalia has yet to
raise all of the 300 million euros ($407 million) it was seeking
in an emergency cash call, piling more pressure on the Italian
airline and find a strategic investor to keep it flying.

Alitalia said on Thursday it had received 173 million euros
by a deadline for existing shareholders to subscribe to its cash
call via pledges and bank guarantees and expected to raise the
rest from the state-owned postal service and other investors.

Nov 27, 2013

Alitalia: a symbol of Italy’s stunted efforts at market economy

MILAN, Nov 27 (Reuters) – In 2008, Maurizio Prato, then
chairman of Alitalia, said only an “exorcist” could save the
Italian airline. Five years later, the near-bankrupt carrier is
still waiting for a miracle worker other than Italy’s ill-suited
political establishments.

By Thursday, Alitalia will learn how many shareholders have
subscribed to a 300 million euro ($407 million) capital increase
that is part of a wider government-led rescue plan.