Posted on 03/16/2020 6:20:47 AM PDT by Oldeconomybuyer
ROME - The Italian government plans to take control of Alitalia, a draft decree seen by Reuters showed on Monday, as the loss-making carrier risks going belly up due to the impact of the coronavirus outbreak.
The government has earmarked 600 million euros ($670 million) to keep the airline afloat.
On Sunday a source with knowledge of the matter told Reuters Alitalia had nearly run out of cash despite having received 400 million euros from the government at the beginning of this year.
(Excerpt) Read more at reuters.com ...
They could call the new entity, Genitalia.
It’s like a negative stock price.
Always
Late
In
Take-offs
Always
Late
In
Arrivals
Funny! Always better to laugh than to panic.
Well played sir!
Like that’ll help.
So we'll have to go with that until they find a cure for The China Flu.
Heh, heh. Thank you. I don’t even know if there is such a thing as Geneva Airlines.
I think it’s been up for sale for over a dozen years now. The problem is that various airlines come up and discuss the matter, and there’s a requirement that you can’t downsize or let x-number of the employees go. No one wants to discuss the matter after that introduction.
Back thirty years ago, this was the receiving point where politicians could send their kids over and ensure well-paying jobs. Probably one-third of the employees are worthless and need to be released.
Alitalia is the national flag carrier of Italy. Too valuable a cash cow for the Italian government to relinquish.
Letting it go bankrupt is not an option.
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