Alitalia has filed for bankruptcy protection. This has to be the least-surprising development in the accelerating downturn in aviation.
The airline has long-term debts in excess of Euro1.1 billion, swelled by half-year losses of Euro400 million, and has been on the canvas for a decade. It barely got back on its feet following a post-2001 battering, and its footwork in the current bout with the oil price and banking crisis has been laboured. Alitalia is in no condition to go 14 rounds with a recession.
The board counted to ten and out on Friday. Now comes the tricky bit.
The liquidation and rebirth of the carrier in a merger with Italian domestic rival Air One may sound like a neat solution, but could be fraught.
We can assume most of the investment is in place from a 16-strong Italian consortium - a major consideration in current circumstances. Air France-KLM has expressed an interest in taking a minority stake, Lufthansa may do likewise, and the government in Rome will not drive a hard bargain in relinquishing its 49.9% stake. Think sweeteners more than smelling salts.
But wait - what scuppered the proposed takeover by Air France-KLM, aside from the opposition of soon-to-be-PM Silvio Berlusconi? It was the unions, which objected to thousands of job losses and threatened strike action - something in which they have experience.
Now the liquidation masterminded by banking group Intesa Sanpaolo threatens 7,000 redundancies from a workforce of 18,000. I make that more than one in three. The threat of being axed could demoralise or unify opposition to the plan. We will soon see which.
The remaining workers will be on new contracts. We can assume the new owners intend these to be less generous than the old. We can also assume those expected to accept the new contracts won't like it.
The plan is largely seen as the work of Berlusconi, who only recently returned as PM, but whose two previous terms of office have ended badly following waves of strikes and popular protest. Alitalia could form the terrain for the first battle of his new premiership.
If it does, Intesa Sanpaolo's announcement that formation of the new airline will take four weeks may prove optimistic.
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