Company Watch - Alitalia.Aug 6, 2007 Alitalia Delays Decision, Critics Call For Probe. Italian lawmakers called for a probe and suspension of trading in Alitalia shares, which tumbled more than 7 percent on Wednesday after the airline once again put off decisions on a rescue plan, until after the August holidays. Rome is facing growing criticism for its handling of Alitalia's sale process, which has stalled after efforts to auction the government's 49.9 percent stake collapsed last month when all the bidders pulled out. Alitalia's board has already twice postponed decisions on an industrial plan to move forward after the auction's collapse. Alitalia initially convened a July 20 board meeting to discuss its fate after the auction failed. That meeting was adjourned to July 27 and delayed until Wednesday before the latest revision to August 30. Aug 2, 2007 Alitalia yesterday named former Finmeccanica executive Maurizio Prato chairman a day after Berardino Libonati resigned on the eve On the Eve (Накануне in Russian) is the third novel by famous Russian writer Ivan Turgenev, best known for his short stories and the novel Fathers and Sons. of a critical board meeting. AZ said it would "defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. approval of the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. of the company industrial plan until a meeting scheduled for Aug. 30, which would give Prato "time to obtain the necessary information." The board is scheduled to approve AZ's first-half results on Sept. 12. The company's net debt as of June 30 was [euro]1.03 billion ($1.42 billion), down from [euro]1.05 million at the end of May. Aug 2, 2007 Italian lawmakers called for a probe and suspension of trading in Alitalia shares, which tumbled more than 7 percent on Wednesday after the airline once again put off decisions on a rescue plan, until after the August holidays. Aug 2, 2007 The troubled Italian airline Alitalia named a new chairman and postponed a decision on a long-awaited business plan. Maurizio Prato, a former senior executive at the state-controlled aerospace and military company Finmeccanica, was selected to succeed Berardino Libonati, left, who stepped down Tuesday after less than six months at the head of the company. Mr. Libonati's resignation came after the Italian government failed to find a buyer for the airline through an auction. Mr. Libonati, a former telecom executive, had accepted the post of chairman of Alitalia in February in view of the possible sale of the airline, but after the collapse of the seven-month auction process he felt that different skills, including "a knowledge of the sector," were needed in the chairman's office. Aug 2, 2007 Alitalia Chairman Resigns On Eve Of Board Meeting. In a twist of boardroom drama befitting be·fit·ting adj. Appropriate; suitable; proper. be·fit  ting·ly adv.Adj. 1. the crisis at Italian airline Alitalia, its chairman Barardino Libonati resigned on Tuesday on the eve of a crucial board meeting that will decide its future. Libonati, who was appointed in February to guide the airline's privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned , resigned after all the prospective buyers withdrew from the sale earlier this month. Libonati's predecessor as chairman of the airline, Giancarlo Cimoli, was ousted by the government in January. Minutes before Libonati resigned, Aug 1, 2007 The Alitalia board meets on Wednesday to discuss the airline's future and Italian newspapers have speculated that the government is increasingly seen as choosing a recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. as the main guideline guideline Medtalk A series of recommendations by a body of experts in a particular discipline. See Cancer screening guidelines, Cardiac profile guidelines, Gatekeeper guidelines, Harvard guidelines, Transfusion guidelines. for the airline's privatization. The Italian Treasury, which has a 49.9 percent stake in Alitalia, is struggling to decide its next move to salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. the money-losing carrier after its seven month auction collapsed earlier this month. Aug 1, 2007 The European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community has warned it will not allow Rome to give more money to Alitalia. The Treasury has said that in the event of a capital increase, it would sell its rights to additional shares, effectively diluting its stake. All three finalists in the auction -- smaller Italian rival Air One, a US private equity consortium led by TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général and MatlinPatterson, and Russia's Aeroflot -- have said they would consider bidding if the terms of a sale were changed. Aug 1, 2007 Alitalia's board may indicate tomorrow to the government its preferred alliance partner, reported the daily La Repubblica This article is about the Italian newspaper. For the Peruvian newspaper, see La República. La Repubblica (meaning: "The Republic") is the main[2] Italian daily general-interest newspaper. . The newspaper added that the troubled airline, which is owned at 49.9 pct by the economy ministry and has to launch a capital increase to cover past losses, could propose to the government to pass on its rights in the recapitalization to enable the chosen partner to acquire a stake. Jul 31, 2007 Italian government will not be able to sell its stake in Alitalia through private negotiations, Economy Minister Tomasso Padoa-Schioppa said last week in Cortina D'Ampezzo Cortina d'Ampezzo (kōrtē`nä dämpĕd`zō), town (1991 pop. 7,109), in Venetia, NE Italy, in the heart of the Dolomites. It is an international winter sports center with a large tourism industry. , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. widespread press reports from Italy. He argued that the courts would investigate why the government negotiated with one suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) rather than another, making the transaction impossible to complete. The government has not revealed its course of action following its failure to sell off its 49.9% stake. Padoa-Schioppa said two weeks ago that liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy remained a possibility but that the government still hoped to conclude a sale . Jul 31, 2007 After being embarrassed by the collapse of its plans to sell Alitalia, the Italian government is now under attack from unions and the opposition for dragging its feet on finalizing the next step to rescue Alitalia. Alitalia loses more than a million euros a day, suffers from frequent strikes and widespread inefficiency. As bad as things may be at Alitalia, Padoa-Schioppa reiterated that he did not expect the airline to go bankrupt and that it could be revived without such "traumatic" moves. The airline's woes were the fruit of at least 30 years of missteps, he said, blaming politics, unions, management and the entire system within which it functioned. Jul 30, 2007 Italy cannot hope to sell Alitalia through private negotiations with suitors because that would be challenged by the courts, the economy minister said, highlighting Rome's dwindling dwin·dle v. dwin·dled, dwin·dling, dwin·dles v.intr. To become gradually less until little remains. v.tr. To cause to dwindle. See Synonyms at decrease. options to save the airline. The Italian Treasury, which has a 49.9 percent stake in Alitalia, is struggling to decide its next move to salvage the money-losing carrier after its seven-month auction collapsed earlier this month. Economy Minister Tomasso Padoa-Schioppa last week said Rome was debating whether to start a new bidding process from scratch or begin direct talks with potential suitors, but backed away from the latter option on Sunday. Jul 30, 2007 Editorial eMail: edit@AirGuideOnline.com For Air Transport & Travel Business Experts contact our Director of Content Aram Gesar eMail: bizintel@AirGuideOnline.com For more global news, reviews, features and analysis, please subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; our Newsletters: http://www.airguideonline.com/order_formsubs.htm#news To Advertise: advert@AirGuideOnline.com AirGuideFlightTracker is a new service that keeps travelers informed on flight and airport status via the Web. For more go to http://www.airguideonline.com/airline_tracker.htm Copyright [c] 2007 Pyramid Media Group / Air Travel Media. All rights reserved. |
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