Aviation
Alitalia: Italy’s bankrupt national airline is being put up for sale .
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As was widely expected, on Tuesday Italy’s national carrier Alitalia filed for its second bankruptcy in 9 years, after its board decided to formally ask the ministry of economic development to put the money-losing carrier, partly owned by UAE’s Etihad, under special administration after workers rejected its latest rescue plan meant to unlock much-needed financing.
As discussed previously, a majority of the company’s workers last week voted against a restructuring plan that envisaged cuts to jobs and salaries, making it impossible for the loss-making airline to secure funds to keep its aircraft flying. In retrospect, many more workers will now lost not only much of their compensation but also their jobs, even if for the time being the airline’s flight schedule would remain unchanged.
Once Alitalia is put under administration, the Rome government will appoint one or several commissioners who will assess whether it can be overhauled – either as a standalone company or through a partial or total sale – or should be wound up.
Quoted by Reuters, James Hogan, the CEO of Etihad Airways, which bought into Alitalia during the latest restructuring in 2014, said the Italian airline required “fundamental and far-reaching restructuring to survive and grow in future”.
“Without the support of all stakeholders for that restructuring, we are not prepared to continue to invest,” he said in a statement.
Meanwhile, the carrier is losing about €1 million ($1.1 million) a day and without government support risks running out of cash by the middle of May. The government has already thrown it a short-term lifeline, a bridging loan of up to 400 million euros to see it through the bankruptcy process.
Courtesy : zero hedge
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Aviation
Boeing, Antonov to Collaborate on Defense Projects
![Boeing, Antonov to Collaborate on Defense Projects](https://jetlinemarvel.net/wp-content/uploads/2024/07/Volga-Dnepr_Antonov_An-124-100M-150_and_Cubana_Ilyushin_Il-96-300.jpg)
– MOU represents Boeing’s commitment to work with Ukrainian industry
– Includes exploring opportunities for collaborating on in-country support of Unmanned Aerial Systems
A Memorandum of Understanding was signed today by Boeing and Antonov Company to investigate potential collaboration on defense-related projects.
“We’re happy to keep collaborating with the Antonov Company to help Ukraine’s economic development and expansion,” stated Ted Colbert, CEO and president of Boeing Defence, Space, & Security.
Airbus and the Antonov An-225: The Best Partnership:Click here
“This agreement demonstrates our ongoing efforts to find more opportunities to work with Ukrainian industry, which was underscored by our signing of the Ukrainian Defence Industry Compact earlier this year.”
The areas of potential collaboration identified in the agreement consist of training, logistical support and overhaul services for tactical Unmanned Aerial Systems utilized by the Ukrainian Armed Forces, which includes the ScanEagle. In addition, the companies will also explore opportunities for Antonov to provide engineering support to Boeing.
The six largest cargo aircraft ever built in the aviation industry:Click here
“A strong, innovative, and efficient defense industry is key to sustainable economic development and national security, and we are extremely excited to collaborate with Boeing,” said Ievhen Gavrylov, CEO of Antonov Company.
This agreement brings a whole new level of opportunity to implement the latest and most effective solutions – in addition to the possibility of future projects with Boeing in the aerospace and defense industry.”
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