BusinessBusiness RecoveryAlitalia averts bankruptcy

Alitalia averts bankruptcy

Italy's national airline has avoided bankruptcy after the board approved a four-year rescue plan last night.

Link: Deloitte refuses Alitalia accounts sign-off

The plan includes the unlocking of a £266m emergency government loan after unions agreed to thousands of job cuts, The Guardian reported.

Alitalia said the rescue plan would allow it to break even in 2006, with savings from 3,700 job cuts worth £191m.

It still must meet with unions to finalise details of its future structures.

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