EU backs Alitalia takeover
EU transport chief says bankrupt airline must repay £380m rescue loan from government.
Published On 12 Nov 2008
However, it ruled that the group of investors would not be liable for repaying the loan to the state, which had been one of their conditions for buying and re-launching Alitalia.
As a result, the loan will have to be repaid with the proceeds from Alitalia’s liquidation.
A new, relaunched airline is due to launch on December 1 after the former Alitalia stumbled earlier this year, losing $3.8m a day and crippled by debts totalling some $1.5m.
Source: News Agencies