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Archive for April 4th, 2008

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Alitalia edges closer to bankruptcy protection

Posted in Airlines  by Rimsky on April 4th, 2008
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Alitalia, the Italian Airline which is loosing $1,600,000 US a day, edged closer to bankruptcy protection as the Air France/KLM consortium broke off talks with the troubled airline on Wednesday evening April 2/08.
However for now the Italian government has stepped in to keep Alitalia’s planes flying, despite the prospect of bankruptcy looming over the airline.
Air France withdrew a Eu139 million, or 10 cents-a-share, bid on Wednesday night. Jean-Cyril Spinetta, the head of Air France-KLM, blamed Alitalia’s nine unions as having pushed him “back up against the wall” and that he could no longer negotiate with them.

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