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Italy's postal service helps ailing Alitalia


October 10. 2013 5:41PM
Associated Press

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(AP) Italy's postal service, Poste Italiane SpA, has stepped in to help the debt-ridden national airline Alitalia.


The government said Thursday that Poste would help recapitalize Alitalia and ensure service amid concerns that the carrier might ground to a halt without new financing. News reports have said it needs a capital increase of 300 million euro ($406 million).


In a statement, the government warned that Alitalia requires a "profound revision" in its industrial plan to guarantee its future.


Terms of the deal weren't disclosed.


Alitalia's 62 years as a state-run company ended in bankruptcy in 2008.


The present Alitalia began flying in 2009 as a new company owned by a group of Italian investors. Currently Air France is the largest shareholder with 25 percent.


Associated Press


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