Alitalia OKs Loan Agreement With Dresdner
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Alitalia SPA has signed an agreement for an emergency &#36;496 million loan from a unit of Dresdner Bank AG, the struggling Italian airline said Monday.
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Italy&#39;s troubled Alitalia airline has reached a deal with eight of nine unions to split the state-controlled firm in two in a plan to stave off bankruptcy.
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Alitalia shares leaped more than 13 percent on Tuesday on optimism that around-the-clock talks between pilot unions and management will soon produce an agreement over cuts in labor costs.
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ROME Clearing the way for a restructuring intended to save Alitalia, unions agreed on Wednesday to unemployment packages for about 3,700 employees that will be largely paid for by the Italian government.
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Alitalia SpA, Italy&#39;s largest airline, reached an agreement with its flight attendants&#39; unions to cut 900 jobs, qualifying the company for a government bailout that will keep it in business for another six months.
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The Italian government gives its backing to Air France-KLM's bid to buy a chunk of national airline Alitalia.
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Alitalia headed into eleventh-hour talks with unions to clinch plans to avoid bankruptcy, after winning a key deal with pilots.
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After winning union backing for job cuts, Alitalia was holding a board of directors meeting Monday to approve a restructuring plan aimed at saving the near-bankrupt Italian carrier from collapse.
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After winning union backing for job cuts, Alitalia gave formal approval Monday to a four-year business plan aimed at saving the near-bankrupt Italian carrier from collapse.
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MILAN : Alitalia headed into eleventh-hour talks with unions to clinch plans to avoid bankruptcy, after winning a key deal with pilots.
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Unions and executives at Italy's Alitalia reach a deal with the government on layoffs, opening the way for a wholesale restructuring.
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Five companies were picked by the government as finalists in the bidding for its stake in Alitalia, the ailing state-controlled carrier. The bidders include the Texas Pacific Group, the private equity firm; UniCredit, the bank; as well as financier Carlo De Benedettiâs Management and Capitali, MatlinPatterson Global Advisers; and Carlo Toto, owner of Italyâs No. 2 carrier, Air One, the finance ministry said. They have until mid-April to submit preliminary offers. Italy decided in December to sell its stake in the countryâs largest airline after the government abandoned turnaround efforts. Alitalia last reported a profit in 2002 and has forecast a loss in 2006.
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Alitalia stepped back from the brink of bankruptcy yesterday night as its board of directors approved a rescue plan that will allow the airline to tap into a â¬400 million ($486 million) emergency loan.
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Italian airline company Alitalia unions and management on Saturday agreed on new contract terms for flight assistants, ending a tense round of negotiations involving the airline&#39;s workers.
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Alitalia SpA said eight of its nine biggest unions agreed to a plan to split Italy&#39;s biggest airline in two, enabling the carrier to receive a loan to stay in business.
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Italian airline Alitalia signed an agreement Wednesday with the government and labor unions over layoffs at the carrier, the final hurdle in long negotiations for ensuring the company's immediate survival.
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ROME : Alitalia directors gave formal backing to a four-year rescue plan that will free up a 400-million euro (486-million-dollar) state-backed loan to keep the Italian flag carrier aloft.