Sell it, close it or restructure it? Scenarios of  the extraordinary administration of Alitalia


Ugo Arrigo


The aim of the study is to analyse the prospects for resolving Alitalia’s crisis and to assess the various options of the government and of the company’s administration. There are three possible outcomes: the first is to sell Alitalia, the second is to close it, and the third is to restructure it. The failure of the company, its closure, is the worst scenario, given the enormous consequences on employment levels, the social costs and public finance that it would generate, the consequent almost exclusive delegation of the supply of air transport in the Italian skies to companies flying foreign flags. In order to avoid such an outcome, the extraordinary administration had from the outset two routes available: either to sell Alitalia to an economic entity which would have undertaken to restructure it, or to restructure Alitalia, at least to draw up and implement a restructuring plan, and then possibly to sell the carrier to a new economic entity. However, the government has immediately directed the administration of the commission towards a rapid sale, precluding the second hypothesis. However, in the year that has passed so far, the rapid transfer has not been successful and does not seem to be within reach, even if the incoming government also wishes to pursue it. If this path were to be closed, the other two remain, of which the only favourable one is that of restructuring. However, it would be launched after more than a year of pointless loss on a dead-end road. The study analyses the various possibilities at stake, showing the very narrow path capable of minimising the long-term negative consequences of the Alitalia crisis

Key words

Alitalia, airlines, transport economics


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