Italy's troubled national carrier Alitalia has filed for bankruptcy protection, paving the way for the company to be restructured and downsized.
The move has been awaited for some time as the company has been shedding some 2 million euros a day and has struggled to find a buyer. The 61-year-old airline has not turned a profit since 1999 due to competition from budget carriers, labour strife and inefficiencies. Analysts expect the company to be broken up, with healthy components sold off to a group of Italian investors. The outcome is seen as a victory for Italian Prime Minister Silvio Berlusconi, who opposed efforts to sell Alitalia to foreign investors. Red faces in the White House as US insults Berlusconi ...
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Global Media Forum continues ... Critics say tax-payers will end up footing the bill of the semi-state owned company's liquidation.
(Deutsche Welle)
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