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Italy’s Alitalia files for insolvency, secures loan to keep flying

Italy’s Alitalia files for insolvency, secures loan to keep flying

Rome (dpa) – Italy’s troubled airline Alitalia filed for insolvency on Tuesday, after its workers rejected a tough restructuring plan, but secured a 600-million-euro (650-million-dollar) government loan to stave off immediate bankruptcy.
Alitalia has not turned a profit since 2002, and has been on the brink of collapse three times in the past 10 years. Privatized in 2008, it has since lost more than 2.5 billion euros.
A board meeting was convened straight after Alitalia’s main shareholders – Abu Dhabi carrier Etihad and Italian banks Intesa Sanpaolo and UniCredit – confirmed that, with no deal with workers on a rescue plan, they would block a 2-billion-euro recapitalization.
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