Thursday October 12, 2006

'Out of control' Alitalia heading to bankruptcy

channelnewsasia.com :

Alitalia will go bankrupt unless a rescue plan is put in place within three months, Prime Minister Romano Prodi said, describing the finances of Italy's flag-carrier airline as "completely out of control." Unable to stanch its losses - 167 million euros in 2005 - Alitalia did not even try to balance its books this year, with red ink expected to approach 300 million euros, according to an internal document quoted by the press.

Alitalia, which is 49% controlled by the Italian government, has failed to turn itself around barely more than a year after raising one billion euros, covered by a group of banks and the state, to launch an ambitious restructuring plan. What is more, relations with the unions began to nosedive with the plan, which called for 3,700 job cuts from the company's 20,000-strong workforce.

See also :

1. Airlines worldwide set to lose $3 billion this year
2. Northwest Airlines suggests dumpster diving for axed workers

(2006-10-12 12:36:45 SGT) [Biz] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out