Alitalia's board of directors, which met on Friday night, asked for an appeal to the procedure of the Bankruptcy Act, amended by a decree-law adopted on August 28, 2008 by the Council of Ministers. Augusto Fantozzi, lawyer and former Minister of Finance was appointed extraordinary commissioner and will be able, by virtue of this decree-law, to sell Alitalia's profitable parts to the Compagnia Aerea Italiana, created to save the airline. Unions criticize this rescue plan, and they don't intend to remain inactive. (Ref. 080647)
Bringing Alitalia back to life: this is the challenge of the Progetto Fenice, the “phoenix plan”, conceived by the Intesa-San Paolo bank to save the airline from bankruptcy. This plan was possible to launch thanks to the approval by the Council of Ministers, on August 28, of the decree-law which amends the Marzano law on the management of an industrial crisis. This decree anticipates a few points of the deeper reform of the extraordinary administration procedures for large businesses going through a crisis, planned in a bill (disegno di legge di delega al Governo) which was approved during the same Council.
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