Alitalia to get 700-800 million euros

Alitalia will receive a capital injection of 700 million (554 million pounds) to 800 million euros from Italian businessmen as part of a plan to save the ailing carrier, newspaper Corriere della Sera reported on Sunday.

The paper, without citing sources, said some 10 businessmen would take part in the rescue plan being drawn up by the government-appointed adviser, bank Intesa Sanpaolo , but did not name them.

It said the plan included around 5,000-6,000 job cuts and aimed to make Alitalia a stronger player on the domestic market, with turnover of 4 billion euros ($6.28 billion).

A spokesman for Intesa Sanpaolo declined to comment.

Italian newspapers have cited at least 4,000 to 5,000 planned job cuts at Alitalia but Intesa Sanpaolo's Chief Executive Corrado Passera has said the figures were "premature."

The bank is due to draw up a rescue plan by early next month for the state-controlled airline that lost 495 million euros last year. Corriere said the plan should be ready around mid-August and that it was still unclear whether Intesa Sanpaolo would itself take a stake in the airline.

Financial daily Il Sole 24 Ore also reported the plan could be ready by mid-August and said the threshold level for investors would be between 50 million and 100 million euros, without citing sources. It said job cuts could be between 8,000 and 10,000.

Corriere said a change in an Italian law regarding financial failure would be needed for the plan to work.

Alitalia is being kept alive by a 300 million euro emergency loan from the Italian government. The loan is being investigated by the European Commission to determine whether it breaks rules on state aid.

An initial auction to buy the state's 49.9 percent stake in the airline collapsed in 2007 when all the bidders pulled out. A planned sale to Air France-KLM also fell through earlier this year after unions rejected proposed job cuts.

Smaller domestic rival Air One, which had its previous bid for Alitalia rejected by the carrier in favour of one made by Air France-KLM, would not put in money but would be involved in the rescue plan by ceding airport slots and planes, Corriere said.

It added Alitalia would refocus its operations at Milan's Malpensa airport, where it decided to cut flights earlier this year as part of a restructuring plan it drew up last year to reduce losses, AP reported.

Kazakhstan's Nostrum Oil & Gas reveals revenues forecast for 9M2020
Kazakhstan's Nostrum Oil & Gas reveals revenues forecast for 9M2020
Kazakhstan’s Nostrum increases 2020 oil forecast despite COVID-19 concerns
Kazakhstan’s Nostrum increases 2020 oil forecast despite COVID-19 concerns
Time deposits volume surges in Kazakhstan year-on-year
Time deposits volume surges in Kazakhstan year-on-year
Loading Bars
Latest
Azerbaijani embassy to Canada condemns speeches in House of Commons as they support war crimes
Armenia-inflicted damage on culture in occupied Azerbaijani territories would soon be irreversible - Modern Diplomacy report
Situation at front - under Azerbaijani Armed Forces’ control - Defense Ministry
Fire brigade extinguishes fire in Azerbaijan’s Goranboy due to Armenian Armed Forces’ artillery strikes
I don't know how efficient meetings are going to be now with regard to Armenian leadership - President Aliyev
President Ilham Aliyev's response call for Armenia: Recognize Nagorno-Karabakh
Azerbaijani PM phones Turkish VP regarding recent earthquake
Turkey already engaged in Karabakh settlement, whether Armenia likes it or not - President Aliyev
President Aliyev says Pashinyan lies about Pakistani, Turkish forces fighting for Azerbaijan
President Aliyev talks online footage of armed clashes, Azerbaijan's military potential
If Armenia got sanctions imposed on it as with Iraq, conflict would've been resolved long ago - president
Armenian side has no moral norms, no honor or dignity - President Ilham Aliyev
News about earthquake in Turkey’s Izmir saddens Azerbaijan – FM
If someone willing to create second Armenian state, let them give away part of their own territory - Azerbaijani president
When three nuclear powers cannot exert pressure on Armenia, this raises questions - President Aliyev
Azerbaijani Embassy in Turkey opens hot line in connection with earthquake in Izmir
Combining efforts of Turkey and Russia to benefit region - President of Azerbaijan
What's happening now - results of Armenian PM Pashinyan's activity, says Azerbaijani president
Missile attacks on Barda by Armenian Armed Forces heavily damage local business entities (PHOTO)
Every human life is priceless, our losses are minimal - Azerbaijani president
If Azerbaijan agrees on political settlement, Armenia must withdraw from Kalbajar, Lachin and part of Aghdam immediately - president
Armenia says one thing to mediators, then does something completely different - President Aliyev
Azerbaijan destroys 2 more 'Smerch' rocket launchers of Armenian troops - MoD (VIDEO)
President Ilham Aliyev talks Armenian troops killed during recent military clashes
Georgian Tegeta motors opens “Toyota center” in Batumi
Armenia refuses to hand over body of 84-year-old Armenian to his family
Uzbekistan increases profitability of its textile exports
Kazakhstan's Nostrum Oil & Gas reveals revenues forecast for 9M2020
Meeting between FMs of Azerbaijan, Armenia kicks off in Geneva
Russian leading list of countries of main wine importers to Georgia
Azerbaijan shows footage of liberated Khudaferin village (VIDEO)
Provocation of Armenian delegate suppressed during EU video conference (PHOTO)
MFA receives no info on Azerbaijani citizens among quake casualties in Turkish Izmir yet
President of Turkmenistan made video statement at International Forum for Northern Economic Cooperation
US expert warns Europe, says Armenian terrorism must be stopped before too late
Azerbaijan reveals data on maritime cargo movement for 9M2020
Turkmenistan’s Oil Refineries extends tender for gasoline purchase
MyWayAirlines to conduct charter flight Tbilisi-Warsaw on November
Kazakhstan’s Nostrum increases 2020 oil forecast despite COVID-19 concerns
Georgia reveals volume of snail meat to be exported to Italy
Uzbekistan introduces automated system for monitoring liquefied gas supply to population
Revival of electronic coupons in Iran to hit low-income families in Iran - economist
Armenia attacks Azerbaijani settlements mainly from its territory
Azerbaijan puts several mercenaries brought by Armenia to Karabakh on int'l wanted list
Shelling of Barda by Armenian troops - flagrant crime against humanity, says Russian expert
Georgia establishes Agro Business Association
Azerbaijan's Constitutional Court appeals to foreign constitutional courts
Uzbekistan ranks first in gold sales in 3Q2020 - World Gold Council
Estimated real gross domestic product declines in Georgia
Time deposits volume surges in Kazakhstan year-on-year
Turnover on payment cards in Azerbaijan increases
Turkmenistan's Turkmenbashi Oil Refinery to increase oil refining depth
Number of people infected with COVID-19 in Iran exceeds 600,000
Kazakhstan's Almaty launches production of environmentally-friendly batteries
Azerbaijani president instructs to assess damage caused to Azerbaijan by Armenia – aide to president
Kazakhstan's oil refineries decrease oil refining volumes as COVID-19 pandemic hits demand
Armenian Armed Forces attacked strategic targets in Azerbaijan - Prosecutor General
Azerbaijan puts high-ranking Armenian officials on int’l wanted list
Azerbaijan puts foreign fighters recruited by Armenia on international wanted list
Azerbaijan appeals to European Court on Human Rights - aide to First VP of Azerbaijan
Bakcell supports the residents of Barda
Petkim’s products exported to 78 countries abroad
Central Bank of Azerbaijan decides to keep discount rate unchanged
Kazakhstan increases export to China despite COVID-19
Military tribunal must be organized to assess Armenia’s crimes – Assistant to Azerbaijani president
SOS Children’s Villages International to do everything to support children during Karabakh conflict
7 families killed as result of Armenian terror against Azerbaijan – Azerbaijani prosecutor general
Armenia commits environmental terror against Azerbaijan - Ministry of Ecology (PHOTOS)
Macroeconomic stability remains steady in Azerbaijan - Central Bank chairman
Azerbaijan raises import of cars in 9M2020
Azerbaijan confirms 480 more COVID-19 recoveries
President Ilham Aliyev: Azerbaijani Army liberates 9 villages of Jabrayil, Zangilan and Gubadli districts
Passenger transportation decreases in Azerbaijan due to COVID-19 pandemic
STAR Refinery’s investment value to near $7B
Azerbaijani prosecutor general reveals civil casualties, injuries inflicted by Armenia
Kazakhstan's KazMunayGas reports decrease of oil transportation volumes
General Prosecutor's Office discloses crimes committed by Armenian Armed Forces against Azerbaijan
Temporary special administrations to be established in Azerbaijan`s territories liberated from occupation
Azerbaijani army destroys missile-artillery warehouse of Armenian Armed Forces - MoD (VIDEO)
Iran talks agricultural exports to Iraq despite restrictions
Kazakhstan's national oil company faces output decrease at country's major oilfields
Euro zone GDP jumps more than expected in third quarter q/q, prices fall
OSCE MG meeting on Karabakh conflict in Geneva to be closed for media
Permissions granted for building construction down in Georgia
Uzbek Ministry of Finance projects revenues, expenditure of consolidated state budget
Turkmenistan privatizing number of facilities to increase private sector's share in economy
Iran to allocate funds for projects in Malayer city
Khaf-Herat railway between Iran, Afganistan to commence by mid-November
Azerbaijan doesn’t succumb to provocations, responding to aggressor on battlefield - Israeli expert
Azerbaijani Prosecutor General's Office assesses damage done from Armenian vandalism
Iran's IRGC provides support to COVID-affected families
Fish production in Iran's Amlash city increases on annual basis
UK condemns continued shelling of civilian areas following attack on Azerbaijani Barda
Russian Export Center talks about exports to Azerbaijan
Glencore reports copper extraction volume decrease in Kazakhstan
Azerbaijan may expand business loan programs - Central Bank
MoD says Armenia's info on shooting down Azerbaijan's UAV - lie
Azerbaijan to develop its lands liberates from occupation via its own sources
World Bank to fund modernization of national innovation system in Uzbekistan
Azerbaijani oil prices decline
All news