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alitalia is on life support, will new business plan help?

Reports: Alitalia adviser working on business plan to save ailing airline

Jun 25, 2008

ROME: Alitalia's adviser, bank Intesa Sanpaolo, is working on an industrial plan to save the ailing Italian airline, including an injection of fresh capital and possibly international alliances, news reports quoted the carrier's chairman as saying Wednesday.

Alitalia chairman Aristide Police said he would meet with the chief executive of Intesa Sanpaolo, Corrado Passera, by Thursday, according to the ANSA and Apcom news agencies.

"I am certain that by the end of July we'll have a full perspective, one that I'm certain will be shared by unions," Police was quoted as saying by ANSA.

The fate of the loss-making Alitalia has been unclear since Air France-KLM withdrew an offer following a deadlock with unions and political opposition. Premier Silvio Berlusconi's government has drawn up new guidelines for the sale, and tapped Intesa Sanpaolo as its adviser.

Police said the plan includes "an injection of fresh capital and looks at the (company's) relaunch through recapitalization," according to ANSA. "There will then be the search for a further consolidation of existing international partnerships ‚ÄĒ or for alternative ones," Police reportedly said, speaking on the sidelines of a meeting with Italy's civil aviation agency.

Reports: Alitalia adviser working on business plan to save ailing airline

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