As Bid for Air France Fails, Alitalia Near Bankruptcy
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Alitalia SpA, which loses more than $1.6 million a day, moved closer to bankruptcy after Air France-KLM Group broke off takeover talks, scuttling a 15-month effort by Italy to find a buyer for the airline.
Air France ended the talks three hours before a midnight deadline, rejecting counter proposals by Alitalia’s unions in Rome that the carrier said were “incompatible” with its offer. Italian Finance Minister Tommaso Padoa-Schioppa said yesterday Alitalia likely would have to seek protection from creditors if the Air France bid failed.
