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The Alitalia extension and the commissioners' concerns

Reserves about the non-binding nature of the letter by Ferrovie dello Stato

The "eight weeks" extension requested by Ferrovie dello Stato for the presentation of the binding offer for the rescue of Alitalia worries the commissioners (see AVIONEWS). The risk is that the formation of the newco will not take place before March.

According to an article published today on "Il Corriere della Sera" Enrico Laghi, Daniele Discepolo and Stefano Paleari "would have expressed many reservations about the umpteenth extension requested by the rope leader Ferrovie to develop a consortium that also includes the entry of an 'industrial partner' like the American Delta Air Lines (which has been standing still for 10% of equity, that is 100 million Euro) or the German Lufthansa (which officially proposes the commercial partnership)". The newspaper cites three sources, according to which "the tone of the letter with which Fs (and Atlantia) asked for more time was not appreciated, is the seventh extension, to find an agreement with Delta or alternatively with Lufthansa. In particular on a couple of passages that would not legally bind Fs and Atlantia to the constitution of the consortium".

Shadows also on the "bridge-loan" given the risk that it may not be approved by the European Union: Alitalia has already ended up under the magnifying glass of "antitrust" for the EUR 900 million granted in the past by the State.

RC3 - 1225114

AVIONEWS - World Aeronautical Press Agency