67%: the percentage of employees voting against the proposed turnaround of the national airline AlitaliaThe vote took place on Monday. 6,816 of the company's employees voted against, while 3,206 voted in favour of the turnaround plan, which provided for a network restructuring short/medium-haul flights, the departure of 980 ground staff and an average pay cut of 8%. All this represented operating savings ofone billion euros over three years for a possible benefit by 2019.
The "yes" vote would have been followed by a recapitalisation plan worth two billion euros. Of this sum, the shareholders intended to use 900 million to develop long-haul routes and to purchase new aircraft.
The current impasse could lead to a possible bankruptcy of one of Europe's leading airlines. Rome has already announced that it does not wish to nationalise the company, which is at 49% in the hands of Etihadthe national airline of Abu Dhabi. The latter is also refusing to join forces with other shareholders after several recapitalisations over the last decade. Last year, Alitalia lost 460 million euros.
Etihad had hoped to turn Alitalia into a profitable airline this year, but these hopes have been thwarted by the competition from low-cost transport in Italy, with Alitalia losing market share on domestic and European routes. What's more, Alitalia's on-board product is outdated and needs to be renewed to attract new customers. businessmen and premium passengers.
Alitalia will not survive without this new rescue plan
On the eve of the vote, however, Italian Prime Minister Paolo Gentiloni sought to convince employees to vote "yes". " I know that the employees have already done a lot of work. sacrifices. But without this new rescue plan, Alitalia will not survive "he told Milan's evening daily Corriere della Sera.
Alitalia's management may request that the company go into receivership and appoint an administrator pending a potential buyer or a recapitalisation by the private sector. The company still has liquidity until the end of May. But after that?
If nothing is done, the company will be declared insolvent and put into liquidation, while its fleet will be grounded. It is likely that an administrator will be appointed by the government who will be tasked with finding an alternative plan. Perhaps Alitalia could look at what has happened since 2014 at Malaysia Airlines. The heavily indebted company was transformed into a state holding company with an obligation to rectify its accounts. It changed its name and carried out a drastic restructuring of her network. But it thinks it will finally make some money this year and is once again talking about expansion. The way forward for the Italian company?
