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February 27, 2008 |
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ALITALIA SPA: Denies Seeking EUR300-Million Bridging Loan Alitalia S.p.A. has denied published reports that it is seeking a EUR300 million emergency loan in June 2008 to remain afloat, Marco Bertacche writes for Bloomberg News. Il Sole 24 Ore, citing people privy with the carrier, reported that Alitalia may take a loan backed by the Italian government should its planned EUR700 million capital increase fails. The Italian daily added that Alitalia may also sell some assets as alternative to the loan. "It's an important denial, because it shows Alitalia doesn't want to resolve its liquidity problems with a loan but is instead still seeking to merge with a partner," Marco Aleni at IG Markets told Bloombeg News. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/ -- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. |
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