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Alitalia agrees rescue plan and buys time over capital hike


Alitalia agrees rescue plan and buys time over capital hike


Alitalia’s board of directors has approved a rescue plan aimed at staving off bankruptcy – while airline staff protested over the company’s management outside its Rome headquarters.

Details are not known but a statement said the plan was based on an efficiency drive via a “sharp reduction in costs”.

A date for approval of a capital increase of 300 million euros has been put back, to give main shareholder Air France-KLM more time to consider it.

It has said it would only invest more under “very strict conditions”.

“All the managers of this company are largely responsible as well as the government. The government cannot only think of giving subsidies and washing its hands afterward. We cannot be hostages for Air France because Air France does not think of the welfare of Italy or Alitalia,” said one worker at the demonstration.

It is not clear whether the rescue plan includes earlier reported proposals for pay cuts and 2,000 job losses.

After the meeting Alitalia’s Vice-President Salvatore Mancuso said the airline held its workers and families in “high consideration”.

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