mindscape
Posts: 193
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"AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 12:43 am

In French :
ROME, 24 octobre (Reuters) - Air France-KLM ne pourra entrer au capital d'Alitalia qu'à condition de participer dans un premier temps au financement du plan de restructuration de la compagnie italienne, a déclaré mardi le ministre des Transports italien.

"J'ai lu avec inquiétude les propos de (Jean-Cyril) Spinetta (président d'Air France) lorsqu'il explique qu'Air France ne serait prêt à intervenir qu'une fois terminée la restructuration", a dit Alessandro Bianchi.

"Mais si nous restructurons, nous cèderons Alitalia à qui nous le souhaitons. Cependant, si nous faisons (la restructuration) avec Air France, (Air France) pourrait avoir une option."

La compagnie française a souvent été citée comme un éventuel repreneur d'Alitalia, déficitaire. Mais Spinetta a récemment déclaré qu'il ne comptait pas investir dans Alitalia en l'état actuel des choses.
Bianchi a par ailleurs exclu de désigner un nouveau administateur délégué pour la compagnie déficitaire.

Le président du Conseil italien, Romano Prodi, avait qualifié d'"incontrôlable" la situation d'Alitalia, et promis l'élaboration d'un plan stratégique d'ici janvier. /LL
Source:Reuters 24/10/2006 17:01


Basically in English:
By Reuters Tuesday October 24, 06:45 PM
ROME (Reuters) - If Air France wants a stake in Alitalia it must invest in the airline's restructuring and not wait for that to happen first, Italy's Transport Minister Alessandro Bianchi said on Tuesday.

Bianchi also told reporters the government was not considering appointing a new chief executive to the loss-making airline, which Prime Minister Romano Prodi said must have a rescue plan by January to save it from bankruptcy.


The French version basically says also that Bianchi exhorts AF to invest in the restructuration of AZ if AF-KL wants to get stake in the Italian carrier. Indeed according to him, if AZ is restructuring by itself, then they will let the company go with any other airlines and not particulary with AF, referring that Spinetta once said AF-KL will look at AZ more seriously once the restructuration is done.
 
b777a340fan
Posts: 651
Joined: Thu Oct 27, 2005 12:42 am

RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 1:42 am

I think there was a thread established touching this matter... Hmmm, let me see if I can find a link:

Alitalia on the verge of collapse

I think you'll find some relevant comments  Smile
 
frequentflyer
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Joined: Wed Jul 27, 2005 3:22 am

RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 1:44 am

Does AZ's current potential and assets really justify fighting to salvage them?
Take off and live
 
FlySSC
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Joined: Tue Aug 12, 2003 1:38 am

RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 3:15 am

Thanks god Spinetta never changed its strategy during the past 3 years.
He said and repeated : AF will not invest 1 cent in AZ (and take the risk to endanger the whole AFKL group) as long as AZ will remain in this disastrous situation, without any deep serious reorganization plan.
 
Beaucaire
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Joined: Sun Sep 14, 2003 4:48 am

RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 3:35 am

Can't disagree with Spinetta on this one....
He's a great manager - although helped by a very particular situation in terms of airline-closures in France.(but that's another topc..)
If I would be Spinetta I would react the very same way- AZ is an interesting subject and far less negative as some think.The potential and market is there-just the means are not correct.
The possibility the airline signs off with a non-AF associated airline is there.
But the refusal by Prodi to change the general manger is another bad signal sent to the economic community.
Please respect animals - don't eat them...
 
varig md-11
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RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 4:24 am

I agree with FlySCC

there is no way AF invests one cent in AZ as long as they have no clear strategy about the MXP and FCO hubs.

furthermore, one day an italian official claims they want to marry AZ to an "asian" carrier (who??!!), the day after it is said AZ should be deeply rooted in Skyteam
it is sad for AZ, but it looks they're not out of the sh*t with this lack of clear views...and it's too easy to blackmail AF for having them investing in this mess
AF TW AA NW DL UA CO BA U2 TP UX LH SK AZ MP KL SN VY HV LS SS TK SQ PC RG IW SE LI TN
 
mindscape
Posts: 193
Joined: Mon Apr 05, 2004 10:28 pm

RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 6:12 am

Quoting B777A340Fan (Reply 1):
think there was a thread established touching this matter...

Indeed, there are good points in this previous thread...
I just wanted to point out the "ultimatum" or "blakmail" aspect (as Varig md-11 said) that Bianchi did today (10/24).
 
goldorak
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RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 6:16 am

It would be nice to see AZ more integrated into AF/KLM but I totally agree with JC Spinetta's strategy. The Italians must show positive signals first and we haven't seen any for years !
 
User avatar
Buyantukhaa
Posts: 2288
Joined: Thu May 13, 2004 5:33 am

RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 6:56 am

Quoting Mindscape (Thread starter):
If Air France wants a stake in Alitalia it must invest in the airline's restructuring and not wait for that to happen first, Italy's Transport Minister Alessandro Bianchi said on Tuesday.

 rotfl  rotfl  rotfl  rotfl 

Those Italian politicians REALLY don't see it, do they....
I scratch my head, therefore I am.
 
suske
Posts: 9
Joined: Mon May 15, 2006 11:13 pm

RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 8:30 am

Don't forget that KLM, an asset of AF, has had a fling with AZ in the past. A fling that has resulted in a not so stellar morning after for KLM. AF-KL have all the knowledge of doing business with the Italians in house. Actually was their a question for this topic or a direction? Can't remember and so probably anything goes.

I reckon that eventough the shrewd managers of AF-KL will wait for AZ to become a proper airline company that's not run by some italian ministry, they might end up waiting for a flight that is seriously delayed.

Suske
 
RCS763AV
Posts: 3649
Joined: Mon Jun 14, 2004 1:22 am

RE: "AF Must Invest In AZ Rescue To Get Stake"

Wed Oct 25, 2006 11:01 am

Im 100% on this one with Spinetta. Every troubled company must restructure itself and find a standing point or be at least mildly profitable so that someone wants it. Why do the italians want AF-KL to invest huge amounts of money on a company which has never even seen the light at the end of the tunnel???

AF-KL is for sure interested in AZ but an AZ which is not a mess with huge personal interests, spoiled unions, huge debt and bad hub planning....

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