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Italy PM sees solution for Alitalia in autumn
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Bank Intesa SanPaolo (ISP.MI: Quote, Profile, Research, Stock Buzz), the adviser appointed by the government to draw up a rescue plan for Alitalia after a takeover by Air France-KLM (AIRF.PA: Quote, Profile, Research, Stock Buzz) fell apart, was due to present its proposal by mid-August.
However, there has been speculation the government, fearing protests over the restructuring from Alitalia´s notoriously feisty unions, may try to buy more time to avoid possible strikes and transport chaos in the busy summer season.
"I think that at the beginning of the autumn we will be able to reach the result that we want and that is to keep Alitalia as a national carrier, making profits," Berlusconi said in a TV interview.
"We have the certainty of an industrial plan that holds water, the capital and the investors are there, we are negotiating with foreign companies," said Berlusconi, who had opposed the deal with Air France-KLM. He did not mention names.
He suggested job cuts might be necessary but gave no specific figures.
"I think we will have to assess how many people the new company will be able to employ to function. But the only alternative is bankruptcy and therefore 20,000 people would lose their jobs," he said.
Berlusconi´s centre-right government was forced to deny bankruptcy plans for Alitalia on Wednesday after coming under withering attack from the opposition over estimated layoffs of around 5,000 people expected as part of the rescue plan.
Alitalia only remains airborne after a 300 million euro cash injection from Berlusconi´s government, which is under scrutiny by Brussels.
Citigroup analysts this week said the airline could run out of cash after the end of the year unless it gets fresh funds.
Net debt stood at 1.12 billion euros at the end of last month, in line with the end-May level, while short-term liquidity totaled 375 million euros.
Under Intesa Sanpaolo´s plan, a new Alitalia entity would buy up domestic rival and former suitor Air One´s fleet, authorisations for various routes and contracts for new planes without taking on any of the carrier´s debt, Intesa Sanpaolo CEO Corrado Passera told La Repubblica in an interview.
La Repubblica said "it understood" from the conversation with Passera that no investor was ready to inject capital into Alitalia in its present state, triggering the need for the airline to split off its parts that could be revived.
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