Italy earmarks $550m for new Alitalia bailout

ROME: The Italian government has earmarked 500 million euros ($550 million) for another bailout of the near-bankrupt national airline Alitalia. The carrier, under administration since 2017, has since survived with state loans totalling 1.3 billion euros. But coronavirus-related air travel restrictions have brought it again on its knees. The new public bailout for Alitalia is part of a 25-billion-euro package of measures the Italian government has agreed to soften the economic impact of the coronavirus outbreak. The government announced it on Sunday, but the decree with details of what was decided was only published overnight in the official gazette. The decree paves the way for the renationalization of Alitalia, as it allows the Economy Ministry or other state-controlled entities to take it over, and makes 500 million euros available for this. Alitalia has not turned a profit since 2002. Recent attempts to find private buyers for it, involving talks with Delta and Lufthansa, have foundered. — dpa