25 September 2008

This weekââ¬â¢s special offer: Alitalia

LONDON - Anyone with a few billion lira who is prepared to take a punt on a distressed airline should give Alitalia a call.

Administrators for the debt-ridden carrier have placed advertisements in the UKââ¬â¢s Financial Times and in three Italian newspapers to flush out a buyer.

The company, Augusto Fantozzi, appealed to potential buyers, who might be able to guarantee the medium-term continuity of the airline, to apply by September 30.

The move comes after six out of the nine unions representing the airlineââ¬â¢s workforce opposed a bid by Italian consortium CAI, objecting to plans to cut 3,000 jobs.

Italy's civil aviation authority ENAC has warned it will withdraw Alitalia's operating licence this week if it does not present it with a cost-saving strategy.

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