Alitalia goes bust: Italy's flagship airline triggers insolvency process as liquidation looms
Alitalia, Italy's flagship airline, has triggered insolvency proceedings after staff spurned a proposed turnaround plan, which included salary cuts and layoffs aimed at rescuing the stricken carrier.
On Tuesday (25 April), the company said a €2bn (£1.7bn) recapitalisation plan contingent on the turnaround strategy was effectively buried, adding it will start appropriate "legal procedures" as funds run out.
In a statement, Alitalia said "given the impossibility of recapitalisation" it had decided to "begin procedures foreseen by law," a reference to extraordinary administration , adding its board will meet on Thursday to discuss the course of action.
Results released on Monday, showed over two-thirds of Alitalia 12,500 workforce had refused the turnaround plans put forward by the carrier.
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http://www.ibtimes.co.uk/alitalia-goes-bust-italys-flagship-airline-triggers-insolvency-process-liquidation-looms-1618595
