TRAVEL NEWS
Italy's Alitalia files for bankruptcy protection
Itlian carrier says it has been losing $3 million a day.
Alitalia said Friday it has filed for bankruptcy protection, taking the first step in a plan to restructure and downsize Italy's failing national carrier.
Alitalia said in a statement that its board had asked the government to appoint an administrator and had declared insolvency to a Rome court.
The airline has been losing almost $3 million a day -- hurt by labor unrest, competition from budget airlines and high fuel prices. Its shares have been suspended from trading since June.
The government has been trying to sell its 49.9% stake in the airline following a failed bid by Air France-KLM earlier this year.
It has been involved in negotiations to save the carrier, but the plan reportedly envisages a breakup of Alitalia.
The profitable assets would reportedly be taken over by a group of Italian investors ready to inject about $1.5 billion into the airline. The remaining assets would then be spun-off into a separate company for liquidation.
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