Alitalia starts bankruptcy proceedings

Alitalia SpA started bankruptcy proceedings for the second time in a decade after workers rejected job cuts and concessions linked to a 2 billion-euro ($2.2 billion) recapitalization plan aimed at salvaging the cash-strapped Italian airline, as Bloomberg reports.

Shareholders voted unanimously to file for special administration, the carrier said in a statement following a meeting on Tuesday. Under Italian law, the government will have to provide stop-gap funds to maintain operations and will appoint supervisors to turn around the carrier or order its liquidation.

With the move, the board of directors have “acknowledged the serious economic and financial situation of the company,” the company said in the statement. Κάνοντας Like στο Facebook ενημερώνεστε άμεσα για τα νέα άρθρα -->