Italian airline Alitalia is close to bankruptcy after Roberto Colaninno’s Compagnia Aerea Italiana investor group pulled out of negotiations. Colaninno said Alitalia’s union wouldn’t agree to its rescue plan. Alitalia, which declared insolvency in August, lost more than $3 million a day in the first half of the year; Italy’s been trying to sell it for two years. “This has become the latest act in the Alitalia soap opera,” said Patrizio Pazzaglia at Bank Insinger de Beaufort. “One has to hope that it’s just some arm wrestling between the two sides and that they will get back to negotiations.” (Bloomberg)
The bottom line
September 12, 2008
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