Alitalia to showdown. The three-way tug-of-war between the government, companies and trade unions continues unceasingly on the renewal of the contract, a crucial stage for the company, whose future continues to creak despite the new ownership. However, the emergency is not only the new plan, which should be presented by mid-March, and the consequent renewal of the expiring contract (the old one has been extended until April), but also and above all the rapid depletion of liquidity.
There is room until the end of March, at the latest until mid-April, then without the go-ahead for the plan from Unicredit and Intesa Sanpaolo, shareholders and creditors, the money in the airline's coffers could run out. And it is to prepare for this extreme scenario that a solution is already ready on the government table: receivership, a receivership in all respects similar to that of 2008. With which the government would write the carrier's recovery route in the first person.
From Alitalia for now no official comment on this scenario, in the knowledge that the only way to avoid this is to get the plan green light from the partners. The work of the consultants, Roland Berger for the industrial part and Kpmg for the financial one, is therefore in the final stages: already this week, perhaps after a quick passage in the board of directors, the document could be presented to the government, unions and shareholders. Including the banks, which must secure the credit lines necessary to support it.
Meanwhile, estimates say that Alitalia closed 2016 with a liabilities of approximately 500 million euros. The first version of the five-year plan developed by CEO Cramer Ball envisaged a reduction in costs of 160 million euros in 2017 alone, excluding the item concerning personnel. But after an initial check, more cuts would appear to be necessary and immediately: more will be known during the week.
