{"id":6533,"date":"2019-11-03T21:17:36","date_gmt":"2019-11-04T03:17:36","guid":{"rendered":"http:\/\/planesintheair.com\/?p=6533"},"modified":"2019-11-03T21:17:36","modified_gmt":"2019-11-04T03:17:36","slug":"delta-might-pull-out-of-alitalia-bid-consortium","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=6533","title":{"rendered":"Delta Might Pull Out of Alitalia Bid Consortium"},"content":{"rendered":"\n
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MILAN (Reuters) – Delta Air Lines <DAL<\/a>> could pull out of a consortium looking to rescue Italy’s Alitalia as it is unwilling to enter a possible bidding war with Lufthansa <DLAKY<\/a>>, newspaper Il Corriere della Sera reported on Sunday, citing two sources.<\/p>\n\n\n\n

Delta is expected to say it will not raise its offer to invest about 100 million euros ($112 million) in Alitalia in a letter to be sent in the middle of this week to its consortium partners, Italy’s state railways firm Ferrovie and infrastructure group Atlantia, Il Corriere reported.<\/p>\n\n\n\n

It said the rough investment figure could go as high as 120 million euros.<\/p>\n\n\n\n

But Germany’s Lufthansa might invest about 150 million euros, Il Corriere said.<\/p>\n\n\n\n

Lufthansa is seeking up to 6,000 job cuts, however, versus 2,500 envisaged by a plan drafted by the Delta consortium, the newspaper reported.<\/p>\n\n\n\n

A source said last week Lufthansa was ready to invest up to 200 million euros in Alitalia which is running out of cash and scrambling to find new funds.<\/p>\n\n\n\n

Italy’s industry ministry has extended to Nov. 21 a deadline for binding bids after an Oct. 15 deadline passed without an agreement among potential rescuers.<\/p>\n\n\n\n

Alitalia’s temporary administrators said last month that the company’s liquidity amounted to 310 million euros at the end of September.<\/p>\n\n\n\n

But that figure was inflated by advanced payments on pre-paid tickets, Sunday’s Il Sole 24Ore newspaper reported, citing unidentified sources.<\/p>\n\n\n\n

The report added that adjusted for future costs, the cash amounted to just 160 million euros, and that it would run out in December.<\/p>\n\n\n\n

($1 = 0.8957 euros)<\/p>\n\n\n\n

(Reporting by Giulio Piovaccari; editing by Jason Neely)<\/p>\n\n\n\n

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Delta Air Lines could pull out of a consortium looking to rescue Italy’s Alitalia as it is unwilling to enter a possible bidding war with Lufthansa , newspaper Il Corriere della Sera reported on Sunday, citing two sources. Delta is expected to say <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[797,89,5637,5992,7929,2203,4957,5676,1397,868,1103,6774],"tags":[539,420,118,257,5286,160,3160,5693,3038,4423,246,7132,3643,1269,571,745,7927,1681,1659,1931,540,137,4422,2742,2037,412,3618,5600,3946,3420,7928,5101,3912,4240,3017,1288,7817,1634,1691,1658,7926,1564],"class_list":["post-6533","post","type-post","status-publish","format-standard","hentry","category-airline-news","category-aviation-news","category-business-news","category-economic-news","category-european-news","category-finance-news","category-global-politics","category-international-news","category-stock-news","category-transportation-news","category-travel-news","category-union-news","tag-air","tag-airline","tag-airlines","tag-alitalia","tag-atlantia","tag-aviation","tag-bid","tag-bidding","tag-consortium","tag-deadline","tag-delta","tag-enter","tag-ferrovie","tag-firm","tag-germany","tag-group","tag-il-corriere-della-sera","tag-industry","tag-infrastructure","tag-italy","tag-lines","tag-lufthansa","tag-may","tag-milan","tag-ministry","tag-news","tag-newspaper","tag-offer","tag-out","tag-possible","tag-pull","tag-railways","tag-raise","tag-reported","tag-rescue","tag-reuters","tag-sources","tag-state","tag-transport","tag-transportation","tag-unwilling","tag-war"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/6533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6533"}],"version-history":[{"count":1,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/6533\/revisions"}],"predecessor-version":[{"id":6536,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/6533\/revisions\/6536"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}