Italy’s troubled airline Alitalia is set to begin insolvency procedures that could see the company close down within a few months, in a move coming after its workers rejected a fresh round of job and wage cuts.
Alitalia hasn’t turned a profit since 2002, and has been on the brink of bankruptcy three times in the past 10 years. Privatised in 2008, it has lost since more than 2.5 billion euros ($A3.6 billion).
Shareholders and members of the board are expected to file a request for the company to be placed under receivership. The government will then have to appoint an administrator whose task will be to find a buyer or liquidate the company.
Prime Minister Paolo Gentiloni has ruled out a state bailout, but has offered a bridge loan of arou…
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