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CLARA MOSCHINI

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Alitalia: will not expire the return of the bridge loan?

Norm contained in the draft of the "decreto legge Crescita"

After three extensions granted to the Alitalia carrier for the return of the 900 million Euro bridge loan (plus interest) granted by the Ministry of Economy and Finance (MEF) following the commissioner, the Government decided to definitively abolish the deadline set for June 30, 2019 with the simplification decree of last December. Article 38 of the draft of the "decreto legge Crescita" (growth decree law) -according to "Il Sole 24 Ore"- provides that the MEF can transform the interest on the equity loan of the "newco", but at the same time does not provide for a precise date by which they will have to 900 million to be returned to the State. Currently the decree foresees that the debt be paid during the procedure of sharing the assets of the extraordinary administration and within the limits of the available assets.

Probably all 900 million euros will not be returned and if they will be will happen in a long time because the liquidation procedures of what will become the "bad company" will presumably last over time. A demonstration of this is the fact that even the previous Alitalia-LAI -acquired by Alitalia-CAI- received a bridging loan of 300 million euros in May 2008, money that has never been returned to the Italian State. To see if the rule contained in the draft of the growth dl should be confirmed what will be the reaction of the European Commission that is carrying out an investigation for State aid to Alitalia.

M/A - 1221001

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