Sponsor Message:
Civil Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
Italy Government Sets Aside EUR893 Million For AZ  
User currently offlineAirblue From San Marino, joined May 2001, 1828 posts, RR: 11
Posted (14 years 1 month 2 weeks 4 days 21 hours ago) and read 1221 times:

Thu Apr 11,12:23 PM ET

ROME -(Dow Jones)- The Italian government said Thursday it has authorized the Economy Ministry to inject up to EUR893 million into troubled flagship airliner Alitalia (I.ALI) as part of an already-planned EUR1.43 billion recapitalization.

Last month, the board of Alitalia approved a recapitalization - a key element of an industrial plan which the company presented in the fallout from the Sept. 11 terrorist attacks on the U.S. which hurt the already struggling airliner.

Alitalia said the recapitalization wouldn't affect the Economy Ministry's 53% stake.

The government said in a statement the capital increase aims to reach the financial targets of Alitalia's 2002-2006 strategic plan.

The cash injection is subject to review by the E.U. Commission which has strict rules governing state aid.

Alitalia previously said it is "confident" the cash injection and the recapitalization plan doesn't represent illegal state aid. But in order to get the cash, it first must fulfill strict Commission-imposed conditions, including cutting routes, grounding planes and slashing thousands of jobs

In 1997, the Commission authorized a capital injection of EUR1.42 billion in Alitalia, payable in three installments.

Italy won't cut the majority stake it holds in troubled flagship airliner Alitalia SpA (I.ALI) until December 2003 , the government said in a statement late Tuesday.

The main news about AZ network are:

increasing in the number of flights to Tokio from 5 to 10 per week and to Osaka from 3 to 5 per week.

Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
US Orders 7 Sets Of Blended Winglets For 757s posted Wed Nov 1 2006 16:56:27 by Mah584jr
Source: Italian Gov't Formula For AZ: LH(AZ + AP) posted Mon Oct 30 2006 20:00:37 by Nycfly75
RDA Approves $20 Million For Gary Expansion posted Tue Oct 3 2006 20:12:01 by KarlB737
Mesaba Sets June 12 Deadline For Union Deals posted Tue Jun 6 2006 00:19:24 by KarlB737
Senator Evan Bayh Pushes For $42 Million For GYY posted Fri Dec 23 2005 22:36:45 by KarlB737
$100 Million For UA's Glenn Tilton?! posted Sat Dec 17 2005 06:39:53 by Bicoastal
"Government" Shuts Down Aeropostal For 48 Hours. posted Wed Dec 7 2005 03:57:55 by 797
EVA Paid 130 Million For An A332? posted Wed Nov 23 2005 13:31:19 by Trex8
LAN OKs $1 Million For Flights To ATL posted Wed Apr 6 2005 19:23:39 by KarlB737
Ansett Wet Lease For AZ posted Fri Oct 8 2004 22:04:54 by Dtwclipper