Forbes is reporting that AZ has revised its business plan and is mulling over a $485 loan from an unidentified US bank which would use their aircraft as collateral.
The loan is to be used to cover higher than expected fuel costs. The original plan submitted by AZ in April estimated fuel at $36BBL....the new one revises that figure to $60BBL.
AZ is trying to raise $1.44B in new equity, but their main banks, Deutsche & Banca Intesa, have yet to agree to underwrite the capital increase.
Government ministers are not amused!
Labor Minister Roberto Maroni said he was "sincerely disconcerted" by Alitalia's decision to possibly back the loan from the U.S. bank with its airplanes, according to the ANSA news agency.
"A company that sells off the family jewels frankly seems in very bad shape," Maroni was quoted as saying by the ANSA and Apcom news agencies. He reportedly said he would talk to Premier Silvio Berlusconi and Economy Minister Roberto Maroni to "ask them if they were aware of this and if we can intervene in some way."