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Deadline looms for Alitalia deal Alitalia takeover deadline passes
(about 14 hours later)
A consortium of investors has warned Italian trade union leaders they have just hours to accept a rescue plan for failed national airline, Alitalia. A deadline for unions to accept a rescue takeover of troubled Italian airline Alitalia has passed without any official announcement being made.
The consortium said if the acceptance did not come before an investors' meeting at 1400GMT on Thursday, the package would be withdrawn. The CAI business consortium had told union leaders to accept the deal by 1400 GMT on Thursday, or else it would walk away from the table.
The deal would include longer working hours and 3,000 job cuts. Italy's four main unions have accepted the deal, but five others have so far refused due to its proposed job cuts.
Union protests forced Alitalia, which is losing 2.1m euro ($3m; £1.7m) daily, to cancel 40 flights on Wednesday. The deal includes longer working hours and the loss of 3,000 positions.
Italian Labour Minister Maurizio Sacconi said before the deadline that the future of Alitalia was "hanging by a thread".
Cancelled flights
Union protests forced Alitalia, which is losing 2.1m euros ($3m; £1.7m) daily, to cancel 40 flights on Wednesday.
The carrier, which is operating under a bankruptcy commissioner, faces liquidation if a deal is not reached.The carrier, which is operating under a bankruptcy commissioner, faces liquidation if a deal is not reached.
The airline says it is running out of money to buy aviation fuel.The airline says it is running out of money to buy aviation fuel.
Under the rescue proposal, the Italian consortium has put forward a 1bn euro offer for the airline. Under the rescue proposal, the Italian consortium has put forward a 1bn-euro offer for the airline.
Alitalia would merge with Air One, the country's second largest airline, and its 1.2bn euro debt would be absorbed by a second firm, which would then be liquidated. Alitalia would merge with Air One, the country's second-largest airline, and its 1.2bn-euro debt would be absorbed by a second firm, which would then be liquidated.
Disgruntled pilotsDisgruntled pilots
Italy's four main union organisations - CGIL, CISL, UIL and UGL - have already signed up to the agreement with the consortium CAI, but five other unions have rejected the deal as "useless and provocative". While Italy's four main union organisations - CGIL, CISL, UIL and UGL - have already signed up to the agreement with the CAI consortium, five other unions have rejected the deal as "useless and provocative".
The new Alitalia would employ about 12,500 peopleThe new Alitalia would employ about 12,500 people
Those opposed to the package - SDL, ANPAC, UP, ANPAV and Avia - include pilots and cabin crews.Those opposed to the package - SDL, ANPAC, UP, ANPAV and Avia - include pilots and cabin crews.
The new Alitalia would employ about 12,500 people including 1,500 pilots, 3,300 cabin staff and 7,650 technicians, workers and managerial staff, Italy's Ansa news agency reported.The new Alitalia would employ about 12,500 people including 1,500 pilots, 3,300 cabin staff and 7,650 technicians, workers and managerial staff, Italy's Ansa news agency reported.
Prime Minister Silvio Berlusconi has pledged to do all he can to save Alitalia, in which the Italian government holds a 49.9% stake.Prime Minister Silvio Berlusconi has pledged to do all he can to save Alitalia, in which the Italian government holds a 49.9% stake.
In April, plans for the airline to be bought by Air France-KLM collapsed.In April, plans for the airline to be bought by Air France-KLM collapsed.
Alitalia suspended trading in its shares in June and filed for bankruptcy protection last month.Alitalia suspended trading in its shares in June and filed for bankruptcy protection last month.