News

Alitalia (update 6): the binding expressions of interest phase has officially begun

Aug 04 2017

Authors: Antonello Corrado, Silvia Viceconte

Following the collection of non-binding offers by the interested parties, completed last July 21, and subsequent evaluation by the Extraordinary Commissioners of Alitalia, the new Call for the submission of binding expressions of interest for the purchase of the Italian airline company was published on the extraordinary administration’s website.

Antonello Corrado
Silvia Viceconte
 

The main details of the new Call can be summarized as follows:

  • The object of the sale procedure will be the transfer of the business activities of Alitalia in Extraordinary Administration;
  • The interest in the Transaction may be manifested with respect to:
    • a) business activities in their entirety (Complete Batch), comprising legal assets and relationships of the Aviation Batch and Handling Batch; or,
    • b) aviation activities (Aviation Batch), comprising legal assets and relationships for the provision of transportation services carried out by the Companies in Extraordinary Administration, including maintenance activities; or alternatively,
    • c) handling activities (Handling Batch), comprising legal assets and relationships of the Companies in Extraordinary Administration for the provision of airport services for the assistance on ground.
  • Within the Procedure, in the event of substantial equality of the overall conditions offered, proposals having as object the Complete Batch shall be preferred to the others;
  • The submission of expressions of interest and subsequent binding offers can be presented by those who have already submitted with the previous call their non-binding expression of interest in participating to the procedure, as well as for new subjects or Consortiums;
  • In order to be admitted to the procedure, specific requirements must be met such as annual turnover, net worth and adequate financial resources, varying requirements depending on whether the offer refers to the Complete Batch or Aviation Batch or to the Handling Batch.

The binding Expressions of Interest shall be sent at the addresses indicated by the procedure from August 7 to September 15, 2017.

Following the receipt of the Expression of Interest, the Extraordinary Commissioners shall notify the submitting parties, which will result to have met the above requirements, the admission to the Procedure, by delivering a specific Process Letter which will also regulate the admission to the Data Room.

The final deadline – equal for all the applicants admitted to the Procedure, regardless of the respective date of access to the Data Room – for the submission of the binding offers in relation to the Transaction is October 2, 2017.

The subsequent potential stage of negotiation and/or improvement of the submitted Binding Offers shall end within November 5, 2017.

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