Alitalia: next July 15 will close the circle?
So far, nothing has been done despite the "ministerial rumours"
The deadline for the closure of the Alitalia in extraordinary administration dossier by the Mise (Economic Development Ministry) expires in a week.
Yesterday, after the minister Tria had left open the possibility for a further postponement of the July 15th deadline, the Mise reiterated that July 15th is an insurmountable term. Both Toto and Lotito and Efromovic do not seem to have the approval by FS and its advisor Mediobanca.
Therefore the "fourth musketeer" who brings the money is still not found. One hypothesis of these hours is that FS will reach 35% plus one, thus bringing the share in public hands above 50%. The MEF Ministry cannot participate for an amount greater than the interest accrued on the bridging loan, ie for a sum exceeding 145 million. This would be a sort of nationalization that still has to deal with Delta Airlines which does not seem interested in putting more than 10%. But who will put the remaining 40%? And besides, beyond the percentages, what figures do we talk about? From the various "ministerial sources" that are communicating "unofficially" in these hours it cannot know.
It should be remembered that last week European Competition Commissioner Margrethe Vestager stated that the € 900 million of the State loan must still be repaid (see AVIONEWS).
And it should also be remembered that, again last week, the Court of Auditors in relation to the operations of entry into the capital of Alitalia by FS has expressed concern recommending that "all the necessary elements be acquired to assess the feasibility and sustainability of 'operation by activating all appropriate initiatives to protect the group's financial integrity, continuity and business development".
Are we really sure that on July 15 we can close the Alitalia operation with a plan that will start the reorganization and the final relaunch of the carrier as Di Maio Minister has been promising for months?
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