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CAI rescue plan for Alitalia could be revived - report.

AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD

The government-appointed administrator for Italian airline Alitalia has said that he is "reasonably optimistic" that a takeover deal can still be agreed with the investment consortium CAI.

The consortium withdrew its EUR1bn bid for Alitalia last week after a majority of the company's nine unions failed to agree to its rescue plan, which would have resulted in around 3,000 job cuts.

However ANSA, an Italian news agency, has reported that Italy's biggest trade union CGIL has now joined other unions in signing the rescue plan after a compromise was mediated by Cabinet Secretary Gianni Letta.

Press reports have named Air France-KLM and Germany's Lufthansa, as well as Venezuelan airline Aserca, as possible investors in any future incarnation of Alitalia.

If CAI's plan is approved the consortium is expected to take over profitable parts of Alitalia for a merger with the smaller Italian carrier Air One and then relaunch the airline as a regional carrier.

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Publication:Airline Industry Information
Date:Sep 26, 2008
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