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Alitalia (update 1): Expected for May 17 the call for the expressions of interest to the acquisition of the airline Company

May 12 2017

Authors: Antonello Corrado, Silvia Viceconte

With the Ministerial Decree of 2 May 2017 on the admission of Alitalia S.p.A. to the extraordinary administration procedure, the three extraordinary commissioners (Prof. Luigi Gubitosi, Enrico Laghi and Stefano Paleari) have been appointed to set up the business transfer or restructuring plan referred to in article 54 of Legislative Decree no. 270/1999.

Antonello Corrado
Silvia Viceconte

According to the contemporary Decree Law no. 55 of 2 May 2017, the Government has in the meantime granted to the Company in crisis a six-month-long and six hundred-million-euro worth of funding in order to meet corporate management requirements during the extraordinary administration phase.

The next step, envisaged by the Government Decree for next May 17, will be the publication by the Commissioners of a call for the collection of non-binding expressions of interest, which will grant, as explained in our previous article, access to the data room for those who are interested.

Pending the publication of the specific terms and conditions of this preliminary phase, the Commissioners have indicated the approximate opening date of the data room as mid-June, while during the month of July the new industrial and strategic plan for the company can be expected, elaborated also in virtue of the interest collected and the inputs received by the investors’ market.

With the end of due diligence, which will likely involve potential investors throughout the summer, the date for the submission of binding bidding offers may be expected for October, given that the ministry and extraordinary commissioners intend to complete the extraordinary procedure within six months from the opening Decree, within which the extraordinary administration will also be required to return the “bridge” loan received by the Italian Government.

In the meanwhile - the Commissioners have assured - Alitalia will continue to fly and every contribution made for the maintaining of the assets and value of the Company will be well accepted and valued.

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