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'Short term' survival at Alitalia | |
(about 11 hours later) | |
Italian airline Alitalia says it has enough funds to stay in business "in the very short term" while its takeover by Air France-KLM is on hold. | |
Alitalia said it had 170m euros of funds from 31 March to keep afloat. | |
Its board had been meeting on Tuesday to decide whether to seek protection from its creditors. | |
A takeover by Air France-KLM broke down last week when Alitalia's unions could not reach agreement on the deal, which would involve hundreds of job cuts. | |
But a statement from Air-France-KLM on Monday, asking the unions to reconsider their opposition to its plans, left open the possibility of future talks. | |
The unions have said they are willing to re-open talks, but Italy's economics minister warned that they will need to make significant concessions. | The unions have said they are willing to re-open talks, but Italy's economics minister warned that they will need to make significant concessions. |
Elections due | Elections due |
Sources quoted by the Reuters agency have said that Alitalia has cancelled a meeting it was planning to hold with unions on Wednesday. | Sources quoted by the Reuters agency have said that Alitalia has cancelled a meeting it was planning to hold with unions on Wednesday. |
The government had previously warned that the only alternative to the Air France-KLM offer would be taking the airline into emergency administration. | The government had previously warned that the only alternative to the Air France-KLM offer would be taking the airline into emergency administration. |
But the government could be about to change, with parliamentary elections due to begin on 13 April. | But the government could be about to change, with parliamentary elections due to begin on 13 April. |
Silvio Berlusconi, who is currently leading in opinion polls, has said he would veto a deal with Air France-KLM and has called for Italian businessmen to come up with an alternative. | Silvio Berlusconi, who is currently leading in opinion polls, has said he would veto a deal with Air France-KLM and has called for Italian businessmen to come up with an alternative. |