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Alitalia: liquidity and aircraft fleet are diminishing

Fewer flights, less revenue

The time is extremely precious for the Italian company: we are at the seventh extension (see AVIONEWS) and while Alitalia's liquidity is drying up, the aircraft fleet is also decreasing: the commissioners have returned some A-321 planes in view of the expiry of the contracts of leasing. However, fewer aircraft means fewer flights and therefore fewer takings. In March and September, Alitalia returned two A-321s to the owners and a further decrease in other airplanes is planned between October and December. A reduction also in view of the FS and Delta industrial plan, which foresees 102 machines from 2020 and a decrease from 26 to 23 units destined for the long haul.

Atlantia and Ferrovie dello Stato have expressed the need to have further details and the latter, in a letter sent to the commissioners, has requested at least 8 weeks of procrastination for the presentation of the binding offer for the rescue of the Italian airline. If it is finalized by the FS-Delta-Atlantia and MEF consortium (probably in November), before the newco is actually operational it will still take 4 to 6 months and the carrier will inevitably need a further financial injection with a new "bridge loan" of around EUR 300 millions.

RC3 - 1225076

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