Air France Sets Tough Conditions For Alitalia Investment: Report

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Air France Sets Tough Conditions For Alitalia Investment: Report

Wochit 0:50 mins

Financial daily Il Sole 24 Ore reported on Sunday, that Air France-KLM has set tough conditions, including 5,000 job cuts, for investing more money in loss-making Italian airline Alitalia.In an unsourced report, the Italian newspaper said Air France-KLM, which is Alitalia's biggest shareholder with a 25 percent stake, had dictated its conditions to Italian Transport Minister Maurizio Lupi "around ten days ago". Air France-KLM's conditions, it said, included the removal of Alitalia's board of directors and a restructuring of its debts of nearly 1 billion euros ($1.35 billion) to reduce them by 70 to 80 percent.

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