Italian transport group Atlantia could join a rescue of loss-making flag carrier...
MILAN/ROME - Italian transport group Atlantia could join a rescue of loss-making flag carrier Alitalia to try to win favor with the government and secure the future of its own domestic business following a deadly bridge collapse last year, sources said.
The government blamed Atlantia for the tragedy, saying it had failed to adequately maintain the aging bridge, and vowed to revoke the concession, worth 58 percent of group revenue. Atlantia, which also runs Alitalia’s main airport hub in Rome, has denied it is in talks to join a rescue consortium, saying its hands are already full with complex business challenges, including the fate of its motorway concession.
Alitalia, put into special administration in 2017 after workers rejected a previous rescue plan, needs to find investors ready to inject fresh funds by the end of April, in advance of an end-June repayment deadline for a state bridging loan of 900 million euros. That loan, however, may be rolled over, daily Il Sole 24 Ore said.
“For 5-Star even the hypothesis of freezing the procedure for revoking the concession is not politically sustainable,” said a senior 5-Star source.Ferrovie and Delta Air Lines are looking to invest in Alitalia but they still need to find other investors to stump up another 400 million euros for a rescue worth a total of around 1 billion euros, sources close to the talks said.
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