Fiumicino, Italy-based Alitalia – Societa Aerea Italiana filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 17-11618. The Company, which operates a fleet of aircraft that provides air transportation services to passengers in Italy and internationally, is represented by Madlyn Gleich Primoff of Freshfields Bruckhaus Deringer US.
On May 2, 2017, Alitalia – Societa Aerea Italiana’s shareholders meeting convened, and the Company noted, “with deep regret the outcome of the referendum among the employees. The negative vote has determined the inability to implement the relaunch and restructuring of the Company.” A corporate release explains, “Italian shareholders and Etihad, based on the strong potential growth of the company, and on an industrial plan which included a structural cost reduction of which two thirds were not related to labor costs, were committed to recapitalise and finance the plan with EUR 2 billion. This commitment was subject to an agreement with the trade unions, which was rejected by the employees in a referendum.”
The Company’s board subsequently convened and decided unanimously to proceed with the filing for “amministrazione straordinaria” (extraordinary administration) in compliance with Italian law. Alitalia – Societa Aerea Italiana initiated a previous Chapter 15 filing on October 31, 2008.
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