Alitalia is at a crossroads: maxi capital increase or receivership. If it does not find resources immediately, the airline risks bankruptcy within two weeks, after having accumulated losses of more than 1,1 billion and debts of around one billion since it was taken over in 2009 by a group of Italian entrepreneurs and al 25% from Air France-Klm. Eni also announced that it is not willing to provide any more fuel on credit after this weekend.
It will be held tomorrow the company board (initially scheduled for today), while on October 14th the shareholders' meeting he will have to approve the increase "by at least 100 million" resolved last month with the opposite vote of the French shareholders. However, the necessary figure is certainly higher and the hypotheses of intervention are different.
According to the general secretary of UILT, Claudio Tarlazzi – who met the company's top management yesterday together with the other union representatives – the managing director Gabriele del Torchio confirmed his intention to proceed with a recapitalization of 300 million. At least one public company would enter Alitalia's shareholding, which would become the reference shareholder by purchasing a stake between 100 and 150% of the capital for 30-50 million.
It is likely that – once the obstacles related to the statute have been overcome – the greatest burden will fall on Fintecnacontrolled by Cassa Depositi e Prestiti. However, a contribution should also come from state Railways: "We are an Italian company and we give contributions to everyone based on the limits of our possibilities, which are many", said Mauro Moretti, CEO of Fs yesterday. Furthermore, in the last few hours, the Government would also have contacted Poste Italiane, and it seems that CEO Massimo Sarmi has given the green light in principle to the operation.
As for the remaining part of the capital increase, it would be divided between Air France-Klm (up to 75 million, in order not to dilute the current quota) e the Italian partners (Benetton, Colaninno and Intesa). To cover any unopted, Unicredit and Intesa Sanpaolo would be ready to set up a guarantee consortium.
Furthermore, only if the state plays a role in the bailout plan will the banks be willing to concede loans for another 200 million, which added to the capital increase would bring the intervention to the total figure of 500 million.
Lastly, stay on the table extraordinary administration in application of the Marzano law. The commissioner would have the task of finding a buyer, who at that point would in all likelihood be Air France-KLM.
Meanwhile, this morning a meeting between the heads of ENAC and those of Alitalia. The National Civil Aviation Authority must verify whether the conditions of business continuity exist, or whether the company has the requisites for continuation of the license and can ensure the coverage of expenses.
