Alitalia is losing something in the region of a million euros a day, and has debts of over €1 billion. The Italian Government, with its keen eye for investment quality, has decided to sell its near 50% stake.
One of the bidders is Air One, the Italian internal airline with the heron on its tail (airone is the Italian for heron - geddit?) which says it wants to maintain its character. This 'character' is of baggage handlers who block the luggage tags reader while they go out for a smoke, ensuring your luggage goes nowhere, strikes, absurd over-staffing by militant unions and appalling delays such that you cannot rely on the airline to get you anywhere anything like on time.
I have done a fair bit of corporate finance advisory work in my time and my advice to Air One's CEO Carlo Toto is:
Lie down in a darkened room until you feel better.
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