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.
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.
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.
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.
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
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.
MILAN (Reuters) – Italian bank Monte dei Paschi di Siena would be nationalized without a capital injection and disappear from its base in Siena, bank executives said in an attempt to overcome local opposition to its planned rights issue.
The warning came as the European Commission gave a green light to the bank’s restructuring plan in Brussels on Wednesday, saying it would ensure a return to viability.
MILAN (Reuters) – The planned stock market listing of Fiat’s (FIA.MI: Quote, Profile, Research, Stock Buzz) U.S. unit Chrysler will not take place this year, the Italian carmaker said on Monday, prolonging the uncertainty over its chances of buying out the rest of the company.
The initial public offer, which Fiat CEO Sergio Marchionne had previously said could take place in 2013, was expected to shed light on the U.S. carmaker’s value and help settle a long-running spat between Fiat and a healthcare trust which owns 41.5 percent of Chrysler.
MILAN (Reuters) – Italian airline Alitalia is likely to extend the deadline for subscribing to a capital increase at Wednesday’s board meeting to give major shareholder Air France-KLM (AIRF.PA: Quote, Profile, Research, Stock Buzz) more time to sign up.
Italy’s flagship carrier is wrestling with financial losses and faces a battle with unions as well as being stuck in a months-long tussle with Air France-KLM over whether they want to keep their strategic and financial partnership alive.
MILAN/PARIS (Reuters) – Cash-strapped Italian airline Alitalia is planning the first mass firing since its 2008 privatisation to cut costs, but a source said it was unlikely to go far enough to persuade top shareholder Air France-KLM to rescue it in a cash call.
Alitalia’s Chief Executive Gabriele del Torchio, a turnaround specialist, is expected to unveil his plan at a board meeting scheduled for 1700 GMT on Wednesday. Several sources said it may include up to 2,000 lay-offs as well as salary cuts to make Alitalia more efficient and profitable.
ROME/MILAN, Nov 12 (Reuters) – Cash-strapped Italian airline
Alitalia is planning the first mass firing since it was
privatised in 2008 to shrink costs and lure potential new
partners while top shareholder Air France-KLM refuses
to commit to a firm investment.
At a board meeting scheduled for 1700 GMT on Wednesday,
Chief Executive Gabriele del Torchio, a turnaround specialist,
is expected to unveil an aggressive industrial plan that may
include thousands of lay-offs and salary cuts to make Alitalia
more efficient and profitable.