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spannacomo
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 11:49 am

3/4 weeks to find a buyer, or else liquidation:
link in italian only
https://www.ilmessaggero.it/economia/news/alitalia_ultimatum_ferrovie-4391538.html
 
Blerg
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 12:09 pm

spannacomo wrote:
3/4 weeks to find a buyer, or else liquidation:
link in italian only
https://www.ilmessaggero.it/economia/news/alitalia_ultimatum_ferrovie-4391538.html


Allowing for Alitalia to go bankrupt would be political suicide. Don't see it happening and unions probably know that as well.
 
spannacomo
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 2:30 pm

the government should inject more money to avert the risk of a liquidation, let's see what happens. I would not count on voters to be happy if they do it, though.
 
art
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 3:21 pm

spannacomo wrote:
the government should inject more money to avert the risk of a liquidation, let's see what happens. I would not count on voters to be happy if they do it, though.


Why not liquidate it? You can inject money ad infinitum but if the business is not set up to make a profit... what is the point?
 
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lightsaber
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 3:50 pm

Blerg wrote:
spannacomo wrote:
3/4 weeks to find a buyer, or else liquidation:
link in italian only
https://www.ilmessaggero.it/economia/news/alitalia_ultimatum_ferrovie-4391538.html


Allowing for Alitalia to go bankrupt would be political suicide. Don't see it happening and unions probably know that as well.

It is economic suicide for Italy to keep funding Alitalia. Either package it to sell or say goodbye.

I'm shocked at how long it took to arrive at a sensible decision.

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mercure1
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 4:06 pm

art wrote:

Why not liquidate it? You can inject money ad infinitum but if the business is not set up to make a profit... what is the point?


Per ICAO 2/3 of global airlines have state participation. There is no requirement to focus on profits.
Airlines can offer lots of benefits for countries beyond a P&L statement.

If Italy wants to have a state supported airline, I dont see the issue.
mercure f-wtcc
 
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lightsaber
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 4:23 pm

mercure1 wrote:
art wrote:

Why not liquidate it? You can inject money ad infinitum but if the business is not set up to make a profit... what is the point?


Per ICAO 2/3 of global airlines have state participation. There is no requirement to focus on profits.
Airlines can offer lots of benefits for countries beyond a P&L statement.

If Italy wants to have a state supported airline, I dont see the issue.

Bilaterals now prohibit subsidy. I suspect some ambassador has called out Italy on this. It could be within the EU. It could be that saving Alitalia could threaten Italy's bond rating.

Lightsaber
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MIflyer12
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 4:36 pm

mercure1 wrote:
art wrote:

Why not liquidate it? You can inject money ad infinitum but if the business is not set up to make a profit... what is the point?


Per ICAO 2/3 of global airlines have state participation. There is no requirement to focus on profits.
Airlines can offer lots of benefits for countries beyond a P&L statement.

If Italy wants to have a state supported airline, I dont see the issue.


There's state ownership, and there's market-distorting, never-ending operational subsidy.
 
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readytotaxi
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 5:02 pm

No Prime minister wants to be known as the person who killed Alitalia, political suicide, or it would have happened already. Give me the gun and I'll pop round and do the job.
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phxa340
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 6:26 pm

How does Italy get away with propping up its airline but Hungary and other countries were told they weren’t allowed to and therefore their airlines closed up? Perception seems like the bigger EU countries follow the rules only when it suits them ?
 
spannacomo
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Re: Alitalia bankruptcy and selling process discussion thread

Thu Mar 28, 2019 6:32 pm

actually the italian government is strictly following EU rules, at least so far. But the tough part is now coming. People complaining about that are simply unaware of the EU rules and how they are enforced.
 
slider
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Mar 29, 2019 12:36 am

It's sad but funny that this headline could have been written any year for the past......how many years?

God, just put AZ out of its misery already. Survival of the fittest. National flag carrier days are over. Italy must realize this. Pride notwithstanding, it's now the 21-st-freaking-century.
 
Blerg
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Mar 29, 2019 6:50 am

From what I've seen/heard, Italians love to complain and nag about AZ but they wouldn't like to see it go. Personally I think Alitalia is one of Italy's most recognizable brands. The government should find a turn-around partner and try to fix them over the course of the next 20 years. I think by now we all realize that a business as larger as AZ can't be properly fixed in a day.
 
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janders
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Re: Alitalia bankruptcy and selling process discussion thread

Tue Apr 09, 2019 1:51 am

Parties now have till April 30 to submit bids.

http://m.atwonline.com/airlines/deadlin ... d-april-30
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strfyr51
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Re: Alitalia bankruptcy and selling process discussion thread

Tue Apr 09, 2019 2:26 am

Does Italy Not have Air Italy to provide international Air Service?? Could be? It's time to let Alitalia fail...
 
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thekorean
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Re: Alitalia bankruptcy and selling process discussion thread

Tue Apr 09, 2019 2:29 am

strfyr51 wrote:
Does Italy Not have Air Italy to provide international Air Service?? Could be? It's time to let Alitalia fail...

Wonder how that's doing financially.
 
FromCDGtoSYD
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Re: Alitalia bankruptcy and selling process discussion thread

Tue Apr 09, 2019 4:25 am

So it has almost been 2 years since AZ filed for bankruptcy and no real progress has been made. The airline is still flying, they still have only 1x 77W, lounges are still being refreshed and new routes are still being opened (I believe AZ made profit during one quarter last year so thats that).

This is far from being the end of the saga...
 
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LAXintl
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 12:04 am

Alitalia decision expected soon.

Danilo Toninelli, the Italian transport minister, has commented on national radio that he hopes there will a final decision on the future of Alitalia by the end of April. Alitalia was placed into administration in 2017 and has so far failed to attract a bidder/partner willing to inject funds into the carrier.

Italy’s Ferrovie dello Stato (FS) has bid for up to 30% of the airline, while Delta Air Lines is interested in taking 15%, and the Italian Treasury another 15%, if various media reports are to be believed. This still leaves a remaining 40% outstanding.”


http://www.aviationnews-online.com/airl ... cted-soon/

=

Time will tell. Less than two weeks.
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bennett123
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 6:29 am

Based on a 15% holding how much input will DL have.
 
Jetty
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 6:55 am

FromCDGtoSYD wrote:
So it has almost been 2 years since AZ filed for bankruptcy and no real progress has been made. The airline is still flying, they still have only 1x 77W, lounges are still being refreshed and new routes are still being opened (I believe AZ made profit during one quarter last year so thats that).

This is far from being the end of the saga...

AZ might actually be viable in it’s current state: no strikes and no pay raise in 2 years. But those issues will come up again if it finds a buyer.
 
Blerg
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 7:13 am

Anyone know how they performed in 2018? Didn't they manage to record a profit during one of the quarters?
 
FatCat
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 10:36 am

Blerg wrote:
Anyone know how they performed in 2018? Didn't they manage to record a profit during one of the quarters?

IIRC AZ reduced the lossess from € 1M / day to €900K / day in 2018 thanks to the good yield in South Americans routes. But cannot find a serious source by now, so take this as a rumor.
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DL747400
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 12:37 pm

bennett123 wrote:
Based on a 15% holding how much input will DL have.


If there's one thing DL knows, it is how to run a successful and highly profitable global airline. Neither Ferrovie nor the Italian Treasury have any clue how to run a business, much less how to stabilize and restructure a failed state-run company. If the parties are smart, they will allow DL to have a great deal of influence in how AZ is restructured, managed and operated moving forward.
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Blerg
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 1:26 pm

DL747400 wrote:
bennett123 wrote:
Based on a 15% holding how much input will DL have.


If there's one thing DL knows, it is how to run a successful and highly profitable global airline. Neither Ferrovie nor the Italian Treasury have any clue how to run a business, much less how to stabilize and restructure a failed state-run company. If the parties are smart, they will allow DL to have a great deal of influence in how AZ is restructured, managed and operated moving forward.


Running a business in the US is one thing, another in the EU and a completely different thing in Italy.
 
davidjohnson6
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 3:08 pm

Delta operates substantially under US laws and has optimised its operation for this
EU and Italian law is different and places a greater emphasis on social protection of employees based on the political wishes of voters at elections.

Delta might find it more of a challenge than first appears to apply their existing management structures and policies on a large scale when law and culture is different. That's not to say Delta can't do it, just that it may not be as easy as one might think !
 
Blerg
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 3:17 pm

The US is one of the few countries in the world that does not have paid maternity leave. How does it work in Delta when a women gets pregnant? How long can she be away from work and I suppose she gets no compensation? In Italy, like in most European countries, maternity leave can take quite a while. That might be one of the first shocks for the US management.
 
TW870
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 3:42 pm

Blerg wrote:
The US is one of the few countries in the world that does not have paid maternity leave. How does it work in Delta when a women gets pregnant? How long can she be away from work and I suppose she gets no compensation? In Italy, like in most European countries, maternity leave can take quite a while. That might be one of the first shocks for the US management.


In the U.S. airline industry it depends on whether or not you are unionized, and in what tier of the industry you work. I was an officer in the flight attendant union at UA, and our members had a period of paid maternity leave (If forget how long, but 12 weeks is jumping to mind but perhaps it was more). Then, the flight attendant could use the pay out of their sick pay bank until that run out. Then they would be on unpaid leave. This meant that most members were paid for the time they were away. In the regional industry - and especially at the non-union carriers - the benefits are far worse, and often using sick leave is the best one can do, which is useless if you are junior because you wouldn't have enough hours in your bank to cover lost time. Not sure of DL's policy, but it is important to know that DL is all non-union except for the ALPA pilot shop. You are correct that the U.S. is the worst industrialized country for working families to have children, as laws shift all of the risk to the individual families. The original idea from the 1930s was that the husband's family wage would cover the whole maternity process, but most of those family wage jobs were phased out when the union movement faced big setbacks after 1970. Now that women and men work in most families, there has not been a replacement plan for the old family wage.
 
MIflyer12
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 4:01 pm

Blerg wrote:
The US is one of the few countries in the world that does not have paid maternity leave. How does it work in Delta when a women gets pregnant? How long can she be away from work and I suppose she gets no compensation? In Italy, like in most European countries, maternity leave can take quite a while. That might be one of the first shocks for the US management.


You think Delta doesn't have employees in EU countries? You think that, just because there's no U.S. federal law mandating a specific benefit, nobody gets the benefit? Yeh, there's ignorance in this thread, alright. It's not on the part of Delta management.
 
Blerg
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 5:09 pm

TW870 wrote:
Blerg wrote:
The US is one of the few countries in the world that does not have paid maternity leave. How does it work in Delta when a women gets pregnant? How long can she be away from work and I suppose she gets no compensation? In Italy, like in most European countries, maternity leave can take quite a while. That might be one of the first shocks for the US management.


In the U.S. airline industry it depends on whether or not you are unionized, and in what tier of the industry you work. I was an officer in the flight attendant union at UA, and our members had a period of paid maternity leave (If forget how long, but 12 weeks is jumping to mind but perhaps it was more). Then, the flight attendant could use the pay out of their sick pay bank until that run out. Then they would be on unpaid leave. This meant that most members were paid for the time they were away. In the regional industry - and especially at the non-union carriers - the benefits are far worse, and often using sick leave is the best one can do, which is useless if you are junior because you wouldn't have enough hours in your bank to cover lost time. Not sure of DL's policy, but it is important to know that DL is all non-union except for the ALPA pilot shop. You are correct that the U.S. is the worst industrialized country for working families to have children, as laws shift all of the risk to the individual families. The original idea from the 1930s was that the husband's family wage would cover the whole maternity process, but most of those family wage jobs were phased out when the union movement faced big setbacks after 1970. Now that women and men work in most families, there has not been a replacement plan for the old family wage.


Extremely interesting answer, thank you!

MIflyer12 wrote:
Blerg wrote:
The US is one of the few countries in the world that does not have paid maternity leave. How does it work in Delta when a women gets pregnant? How long can she be away from work and I suppose she gets no compensation? In Italy, like in most European countries, maternity leave can take quite a while. That might be one of the first shocks for the US management.


You think Delta doesn't have employees in EU countries? You think that, just because there's no U.S. federal law mandating a specific benefit, nobody gets the benefit? Yeh, there's ignorance in this thread, alright. It's not on the part of Delta management.


It's one thing to have some employees in Europe and it's a whole different thing to run a whole mess of a circus such as Alitalia. Of course there is ignorance in this thread, that is why I asked a question in stead of making a statement. Luckily there are people like TW870 who are kind enough to actual write constructive things and answer asked questions.
 
panamair
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 5:21 pm

FYI- Delta’s current President, Glen Hauenstein, was the Chief Commercial Officer and COO of Alitalia from 2003 to 2005. So he certainly has some knowledge of how things work in Europe, Italy, and at Alitalia!
 
TW870
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Re: Alitalia bankruptcy and selling process discussion thread

Fri Apr 19, 2019 10:06 pm

Blerg wrote:
TW870 wrote:
Blerg wrote:
The US is one of the few countries in the world that does not have paid maternity leave. How does it work in Delta when a women gets pregnant? How long can she be away from work and I suppose she gets no compensation? In Italy, like in most European countries, maternity leave can take quite a while. That might be one of the first shocks for the US management.


In the U.S. airline industry it depends on whether or not you are unionized, and in what tier of the industry you work. I was an officer in the flight attendant union at UA, and our members had a period of paid maternity leave (If forget how long, but 12 weeks is jumping to mind but perhaps it was more). Then, the flight attendant could use the pay out of their sick pay bank until that run out. Then they would be on unpaid leave. This meant that most members were paid for the time they were away. In the regional industry - and especially at the non-union carriers - the benefits are far worse, and often using sick leave is the best one can do, which is useless if you are junior because you wouldn't have enough hours in your bank to cover lost time. Not sure of DL's policy, but it is important to know that DL is all non-union except for the ALPA pilot shop. You are correct that the U.S. is the worst industrialized country for working families to have children, as laws shift all of the risk to the individual families. The original idea from the 1930s was that the husband's family wage would cover the whole maternity process, but most of those family wage jobs were phased out when the union movement faced big setbacks after 1970. Now that women and men work in most families, there has not been a replacement plan for the old family wage.


Extremely interesting answer, thank you!

MIflyer12 wrote:
Blerg wrote:
The US is one of the few countries in the world that does not have paid maternity leave. How does it work in Delta when a women gets pregnant? How long can she be away from work and I suppose she gets no compensation? In Italy, like in most European countries, maternity leave can take quite a while. That might be one of the first shocks for the US management.


You think Delta doesn't have employees in EU countries? You think that, just because there's no U.S. federal law mandating a specific benefit, nobody gets the benefit? Yeh, there's ignorance in this thread, alright. It's not on the part of Delta management.


It's one thing to have some employees in Europe and it's a whole different thing to run a whole mess of a circus such as Alitalia. Of course there is ignorance in this thread, that is why I asked a question in stead of making a statement. Luckily there are people like TW870 who are kind enough to actual write constructive things and answer asked questions.


No problem Blerg! I think this is a substantive issue, as Delta is used to operating at margins that are in part possible because family benefits in the U.S. (where most of its employees work) are so minimal. While Alitalia has its own chaotic dynamic, part of the reason that managers with primarily U.S. experience have trouble working in France, Germany, Italy, and other places is that they have trouble adjusting to the scale and cost of the social safety net. I think the U.S. should have those benefits - or at least the benefits we offered at United because of the AFA union contract - just to mitigate the immense economic risk of having a family.
 
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kitplane01
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Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 5:13 am

TW870 wrote:

No problem Blerg! I think this is a substantive issue, as Delta is used to operating at margins that are in part possible because family benefits in the U.S. (where most of its employees work) are so minimal. While Alitalia has its own chaotic dynamic, part of the reason that managers with primarily U.S. experience have trouble working in France, Germany, Italy, and other places is that they have trouble adjusting to the scale and cost of the social safety net. I think the U.S. should have those benefits - or at least the benefits we offered at United because of the AFA union contract - just to mitigate the immense economic risk of having a family.


I don't think that makes economic sense.

Europe has lots of extra costs/taxes that America does not have. It impacts all the European airlines. The result is higher prices for consumers. But why would this reduce margin?

I'm quite sure that just about every economics textbook would say that raising costs for all competitors would cause them to raise prices, which will cause consumers to buy fewer tickets. The market will be smaller. But margins are set by a different mechanism. Margins are set by the costs needed to pay for capital and risk. If you believe economic textbooks, they will say that taxes reduce market size, not margin.

I will totally agree that Europe is a different market for many reasons, and I'll agree that margins in Europe are lower than the US, but I don't think taxes and social benefits is the reason.
 
spannacomo
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Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 8:08 am

Blerg wrote:
Anyone know how they performed in 2018? Didn't they manage to record a profit during one of the quarters?

Commissioners reported EBITDA -154 M€ (about -5% on revenue), amministrazione straordinaria does not calculate amortizations but expected EBIT could be about -350 M€ (-12% on revenue). This wonderful result after 2 years of special commissioners powers including the possibility to terminate any existing contract and leaving the cost of that to the old insolvent company.
 
VTCIE
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Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 9:52 am

If—ever—Alitalia ceases operations, it will be the final step in Etihad’s infamous re-enactment of the Swissair Hunter Strategy: two big airlines, AB and 9W, have been finished off, and two smaller ones, JU and HM, are fighting for survival. It seems AZ, much like AI, is completely unaffected, but goodness knows for how much longer.
In grieving remembrance of the thousands of people who lost their lives on ET-AVJ, PK-LQP, XA-UHZ, S2-AGU, CP-2933, SU-GCC, EI-ETJ, D-AIPX, PK-AXC, 9M-MRD, VT-AXV and above all 9M-MRO, besides many more. Your deaths are not in vain. Safety first, always.
 
Waterbomber2
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Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 12:38 pm

bennett123 wrote:
Based on a 15% holding how much input will DL have.


I think that the goal is to cover the 1 billion bridge loan, so 15% of that would be about 150 million EUR.

I think that the deal will go through.
DL will probably take it up to 30% on condition that they can run the show as they please, with an option to increase to 49%.
Ferrovie will probably also double their stake.

If done properly, AZ can turn around and post profits within 2-3 years imo. It will take a drastic strategy change, trying things that others aren't doing, but it can be done.
 
DLPMMM
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Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 12:52 pm

Waterbomber2 wrote:
bennett123 wrote:
Based on a 15% holding how much input will DL have.


I think that the goal is to cover the 1 billion bridge loan, so 15% of that would be about 150 million EUR.

I think that the deal will go through.
DL will probably take it up to 30% on condition that they can run the show as they please, with an option to increase to 49%.
Ferrovie will probably also double their stake.

If done properly, AZ can turn around and post profits within 2-3 years imo. It will take a drastic strategy change, trying things that others aren't doing, but it can be done.


I don’t think your scenario is possible.

I believe that the EU airline ownership reciprocity law is still in force, limiting US ownership in EU airlines to 25%, just like the US limits foreign ownership of US airlines.
 
jrkmsp
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Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 2:34 pm

DLPMMM wrote:
Waterbomber2 wrote:
bennett123 wrote:
Based on a 15% holding how much input will DL have.


I think that the goal is to cover the 1 billion bridge loan, so 15% of that would be about 150 million EUR.

I think that the deal will go through.
DL will probably take it up to 30% on condition that they can run the show as they please, with an option to increase to 49%.
Ferrovie will probably also double their stake.

If done properly, AZ can turn around and post profits within 2-3 years imo. It will take a drastic strategy change, trying things that others aren't doing, but it can be done.


I don’t think your scenario is possible.

I believe that the EU airline ownership reciprocity law is still in force, limiting US ownership in EU airlines to 25%, just like the US limits foreign ownership of US airlines.


It’s not. The UK is still part of the EU and Delta owns 49% of VS. That’s the max.
 
TW870
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Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 2:38 pm

kitplane01 wrote:
TW870 wrote:

No problem Blerg! I think this is a substantive issue, as Delta is used to operating at margins that are in part possible because family benefits in the U.S. (where most of its employees work) are so minimal. While Alitalia has its own chaotic dynamic, part of the reason that managers with primarily U.S. experience have trouble working in France, Germany, Italy, and other places is that they have trouble adjusting to the scale and cost of the social safety net. I think the U.S. should have those benefits - or at least the benefits we offered at United because of the AFA union contract - just to mitigate the immense economic risk of having a family.


I don't think that makes economic sense.

Europe has lots of extra costs/taxes that America does not have. It impacts all the European airlines. The result is higher prices for consumers. But why would this reduce margin?

I'm quite sure that just about every economics textbook would say that raising costs for all competitors would cause them to raise prices, which will cause consumers to buy fewer tickets. The market will be smaller. But margins are set by a different mechanism. Margins are set by the costs needed to pay for capital and risk. If you believe economic textbooks, they will say that taxes reduce market size, not margin.

I will totally agree that Europe is a different market for many reasons, and I'll agree that margins in Europe are lower than the US, but I don't think taxes and social benefits is the reason.


I agree with you kitplane01 and I should have been clearer in my post. Additionally, since U.S. corporations have to provide some of what the social safety net does in Europe (health insurance is the giant issue here), managers face some complications in the U.S. that don't exist in Europe. I was just reacting to Blerg's original idea that folks who had only worked in the U.S. sometimes have a longer learning curve getting used to the larger size of the state in Europe. Also, I think we all agree that Alitalia has particular dynamics that are unique to itself and do not reflect the dynamics of either the U.S. or European context. Bottom line is I actually love flying Alitalia (their business class is fantastic in my experience), so I really hope they can get a long term plan together.
 
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DL747400
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Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 6:12 pm

bennett123 wrote:
Based on a 15% holding how much input will DL have.


If that 15% figure is correct, it reflects DL's generally conservative approach as well as the clear understanding that ANY investment in AZ is high-risk. At the same time, DL is approaching this their eyes wide open and is benefiting from Glen Hauenstein's insight from his time as AZ's Chief Commercial Officer and Chief Operating Officer.

https://news.delta.com/bio-glen-hauenstein-president

It will be very interesting to see whether some version of this deal ever actually comes to pass. If it does, the restructuring will be fun to watch.
From First to Worst: The history of Airliners.net.

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dcajet
Posts: 4728
Joined: Sun Aug 01, 2004 9:31 am

Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 8:55 pm

Just when one thought the Alitalia soap opera could not get any more Italian/surrealistic, enter the Benetton family and the Genoa collapsed bridge:

https://www.preferente.com/noticias-de- ... 87621.html

Will the Benetton family save the day for the Italian government that still needs to find an buyer for a remaining 40% of the airline?
Keep calm and wash your hands.
 
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DL747400
Posts: 968
Joined: Mon Sep 01, 2008 4:04 pm

Re: Alitalia bankruptcy and selling process discussion thread

Sat Apr 20, 2019 9:17 pm

dcajet wrote:
Just when one thought the Alitalia soap opera could not get any more Italian/surrealistic, enter the Benetton family and the Genoa collapsed bridge


Maybe the Benetton family will partner with Naresh Goyal?
From First to Worst: The history of Airliners.net.

All posts reflect my opinions, not those of my employer or any other company.
 
MIflyer12
Posts: 8502
Joined: Mon Feb 18, 2013 11:58 pm

Re: Alitalia bankruptcy and selling process discussion thread

Mon Apr 29, 2019 7:43 pm

From Reuters today, administration may seek yet another delay in the deadline for investment:

MILAN (Reuters) - Italy’s state railway Ferrovie dello Stato (FS) said on Monday its board had met and looked at the idea of a possible delay to the deadline to submit a rescue plan for ailing carrier Alitalia.

The airline has been under special administration since 2017 when workers rejected the latest in a long line of rescue plans. Rome is desperate to orchestrate a rescue to avoid mass layoffs.

FS, which has been spearheading the Alitalia rescue efforts, has until Tuesday to find investors ready to inject fresh funds and revamp the airline.



https://www.reuters.com/article/us-alit ... SKCN1S51RS
 
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LAXintl
Posts: 24812
Joined: Wed May 24, 2000 12:12 pm

Re: Alitalia bankruptcy and selling process discussion thread

Sat May 04, 2019 4:52 am

Italy's government extends deadline for Alitalia bids to June 15
https://uk.investing.com/news/stock-mar ... 15-1502199

Italy extended a deadline to submit bids for the ailing carrier Alitalia to June 15, a government statement said on Friday.
The decision followed a request from Italy's state railway group Ferrovie dello Stato, which is one of the companies who have said are willing to contribute to the rescue plan.
From the desert to the sea, to all of Southern California
 
Someone83
Posts: 4939
Joined: Sun Sep 17, 2006 5:47 pm

Re: Alitalia bankruptcy and selling process discussion thread

Sat May 04, 2019 6:56 am

LAXintl wrote:
Italy's government extends deadline for Alitalia bids to June 15
https://uk.investing.com/news/stock-mar ... 15-1502199

Italy extended a deadline to submit bids for the ailing carrier Alitalia to June 15, a government statement said on Friday.
The decision followed a request from Italy's state railway group Ferrovie dello Stato, which is one of the companies who have said are willing to contribute to the rescue plan.


And as we all know, by June 15, a new and extended deadline will be set :roll:
 
vahancrazy
Posts: 192
Joined: Sat Jun 23, 2007 5:54 pm

Re: Alitalia bankruptcy and selling process discussion thread

Sat May 04, 2019 7:24 am

.... typical miserable Italian story!
 
YIMBY
Posts: 724
Joined: Tue Sep 20, 2016 4:32 pm

Re: Alitalia bankruptcy and selling process discussion thread

Sat May 04, 2019 4:28 pm

This thread is two years old.

Should it be treated like other continuous threads, i.e. a new thread every year or so?
 
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kitplane01
Posts: 1536
Joined: Thu Jun 16, 2016 5:58 am

Re: Alitalia bankruptcy and selling process discussion thread

Sat May 04, 2019 10:32 pm

Is there anyone on this thread who thinks Alitalia will actually be shut down within the next decade?

Not that it should, that it will?

When was the last time a European nation shut down its national airline?

If so, can you explain why you think this given the history? I’m willing to be convinced. (Or at least politely engage the argument)
 
IADFCO
Posts: 201
Joined: Sun May 22, 2016 4:20 pm

Re: Alitalia bankruptcy and selling process discussion thread

Sat May 04, 2019 11:06 pm

Last Thursday Alitalia started its year-round IAD-FCO service, *finally* giving a minimum of competition to the seasonal UA flight, so it cannot go bankrupt until *I* say so.
 
AtomicGarden
Posts: 421
Joined: Sun Jun 04, 2017 10:57 pm

Re: Alitalia bankruptcy and selling process discussion thread

Sat May 04, 2019 11:42 pm

YIMBY wrote:
This thread is two years old.

Should it be treated like other continuous threads, i.e. a new thread every year or so?


Nah, I don't think so. I've been following the thread since its inception and lately it's been no more than sporadic updates that are nonetheless relevant, but nothing to warrant a new thread.
You killed a black astronaut, Cyril! That's like killing a unicorn!
 
Dieuwer
Posts: 2490
Joined: Tue Dec 26, 2017 6:27 pm

Re: Alitalia bankruptcy and selling process discussion thread

Sat May 04, 2019 11:52 pm

Did the EU already rule on the "Illegal State Aid" thingy?

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