$ 1.3bn - Alitalia gets last-minute rescue by CAI

by SOLARLIFE | October 31, 2008 at 01:31 pm

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update Nov-4 CAI to invest $ 1.3 bn in ALITALIA

CAI an italian investor group wants to rescue ALITALIA airline. Perhaps the story ends like Fiat automotive, once bancruptcy. Now Fiat is in good shape with small fuel efficient cars like the Fiat 500. So the Always Late In Take off Airline, the shortform of ALITA may continue to fly you to Roma, Napoli, Venice for a romantic holiday.

An Italian investors' group has said it will go ahead with a rescue offer for the airline Alitalia, despite the lack of agreement with some trade unions.
The group, the Cai, said it had made a binding offer - shortly after walking out of negotiations over the airline.
Talks had earlier broken down because only four out of Alitalia's nine unions had agreed to the Cai's terms.
The Cai had set a Friday night deadline for a deal to be reached over securing Alitalia's future.
Without a binding rescue offer, Alitalia would have been forced to seek new funding within weeks to keep itself going - or risk bankruptcy.
The investors, the Compagnia Aerea Italiana (Cai), have been holding lengthy talks with Alitalia's trade unions over job cuts and other savings.
The unions had accepted Cai's takeover of Alitalia in principle - but the airline's pilot and flight staff unions have not agreed to the Cai's detailed terms.