Alitalia: the seventh extension
Atlantia and FS ask for further details
Despite the repeated recommendations of the Minister of Economic Development Stefano Patuanelli with respect to the impossibility of further postponements to present the binding offer for Alitalia, it's arrived the seventh extension for the carrier. Atlantia and Ferrovie dello Stato (Fs) ask for further information, but confirm their willingness to proceed to define the business plan and the final binding proposal.
Atlantia has imposed four conditions: 1) identify an industrial partner that participates in the capital of the Newco with a significant share; 2) define a "shared industrial plan" 3) reach an agreement regarding "governance" and top management; 4) outline a shareholding structure that sees Atlantia as a minority shareholder and, consequently, without involvement in the current management of the same in order to to prevent any conflicts of interest, given that the company holds almost all of its interest in the capital of Aeroporti di Roma SpA (see AVIONEWS).
Yet another postponement that will force us to resort to a further bridge loan as already stated by the unions, including the secretary Filt-CGIL Fabrizio Cuscito who said: "The dispute should be closed as soon as possible, but if a solution cannot be found compared to the promises that have been made, it is clear that the carrier will need a further injection of funding if the planes are not to be grounded".
Alternatively, there could be the hypothesis of the transformation of public financing into credit: the Treasury would become a shareholder with 15%, the same share would go to the US airline Delta, while to the Railways and Atlantia each would be 35%.
FS has given the go-ahead to continue the confrontation and indicates the need for the "participation of a primary airline that brings commercial, network, operational, technical, management and management skills, that is committed to sharing and taking over the plan industrial as well as subscribe a share of the capital in the Newco. It was underlined the importance of finding an adequate solution to some contextual issues, essential to allow the formulation of a binding offer, including: the need for the administration extraordinary is put in a position to manage the business complexes until the closing of the transaction and the necessary organizational turnaround, also through suitable social mitigation instruments, the community 'clearance' regarding the financial measures adopted in favor of Alitalia, the initiatives institutional arrangements necessary to allow Alitalia the harmonious development of the business plan at market conditions".
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