...Alitalia said in a statement that the revised industrial plan would include "severe cost cuts", but did not mention any of the heavy job losses of up to 2,000 and salary cuts that sources this week said were part of the proposals on the table.
However, the company said it would cut the number of its medium-range aircraft and increase the number of international and intercontinental flights as it seeks to boost revenues by focusing on the more lucrative long-haul market.
The board also approved an extension to Nov. 27 of a Friday deadline for shareholders to subscribe to a 300 million euro ($402 million) capital increase needed to boost its coffers...
“Etihad Airways is in discussions with Alitalia. We have no further comment at this time,” an Etihad Airways spokesman confirmed to ATW, following reports the Abu Dhabi-based carrier is in advanced talks to buy up to 49% of Alitalia.
Etihad is also in the final phase of due diligence to take an equity stake in troubled Italian flagship carrier Alitalia, which is burdened with more than 800 million euros of debt and is facing increased competition.
Talks have intensified and sources close to the matter said Etihad might be interested in buying a stake of up to 40 percent in the Italian carrier.
Banking and industry sources said Etihad was looking into ways to combine Air Berlin and Alitalia to generate synergies and to preserve Air Berlin's international traffic rights.