I think that this confirms what I have suggested previously in this thread, ie that there will be a new company.
IMO DL & F&S are going to start with a fresh company, purchasing only the assets, brand and taking over a significant portion of the fleet and staff, but none of the debt.
The government will flush the debt on the insolvent "bad" AZ.
It's not much different from previous AZ bankruptcies.
I think that this is the only hope for a fresh start for AZ.
I still don't understand why DL is only forking out 10%, but then again, how much capital are they going to need for a fresh start?
Considering the large initial size, I understand that a lot of capital will be burned in start-up losses, but still, how much capaital are they going to start with and how much will be spent to sooth the creditors?
If I were DL I would start with a 49% stake but same capital and then bombard FCO from all the DL hubs, building a mini-ATL in the middle of the Mediterranean.
If you think about it, FCO has a lot of characteristics in common with ATL.
In addition, DL can use AZ and develop reverse hubs for VCE, MXP, NAP, FLR, heck why not even some German cities and ZRH, to all their major TATL spokes in Europe while at the same time satisfying local demand.