Members of an Italian investor consortium voted unanimously Thursday to formally present a bid to acquire the flight operations of Italy's bankrupt national carrier Alitalia.
Compagnia Aerea Italiana (CAI) was formed this summer after the government of Premier Silvio Berlusconi modified Italy's bankruptcy laws to allow Alitalia's profitable flight operations to be spun off and sold separately.
The airline's loss-making activities, including maintenance and cargo, are set to be be sold off or liquidated to help pay for Alitalia's over one-billion-euro debt.
CAI's vote to present the bid came on the same day that the Senate passed the bill changing Italy's bankruptcy laws, which now goes to the house for final approval.
CAI partners - which include Piaggio Chairman Roberto Colaninno, who holds the CAI chair, Pirelli chief Marco Provera Tronchetti, the Ligresti insurance family, the Benetton family and the company which controls Italy's biggest private carrier Air One - also voted to turn the consortium into a joint stock company or SpA.
CAI last week won union support for its rescue plan for the Italian carrier after a long tug-of-war during which it threatened to drop its bid, which would most likely have led to the liquidation of the carrier.
The plan mirrored the one drawn up by Italy's second biggest bank and future CAI member, Intesa SanPaolo, for the government.
