ROMA – Ita Airways sends a problematic, difficult report on corporate accounts to the Ministry of Economy, its sole shareholder. The report says the airline’s cash level will be ‘critical’ in November. In December, then, the cash level it could fall below the safety threshold of 100 million euros thus becoming “unsustainable”. To better organize the winter season, between 100 and 150 million will be needed.
Ita Airways, the pandemic halves revenues in 2021. “A foreign partner by June”
by Aldo Fontanarosa
This heavy picture will take shape if Covid raises its head, limiting travel in the fall. and if the price of fuel goes up another 20%. The ministry, which is selling Ita At the bottom you compete, show tranquility. He could intervene urgently by deliberating a capital increase in the shareholders’ meeting already set for this 13th September (in the first call) and for the 15th (in the second).
Instead, informally, the ministry makes it known that it will send the assembly of members deserted on both days. The 400 million euro capital increase – expected in January and already authorized by the European Commission for 2022 – is postponed to the end of the year. There is no rush to do it.
The ministry technicians still consider Ita’s accounts to be better than those hypothesized in its Industrial Plan and are well aware that the fuel prices grew by 118% in 2022, with an inevitable and serious impact on costs. Moreover, Ita will have to pay an installment of 50 million euros, in October, for the new Airbus planes it buys. This expense will also be felt, but it is an important investment in the carrier’s future.
Ita Airways, Cassese gives green light: “The Draghi government is required to sell the airline”. There is no abuse of power even if he is resigned
by Aldo Fontanarosa
The exclusive negotiation with Certares continues, for now without a hitch. Yesterday the ministry who sells and Certares who buys have reached an important procedural agreement. If all the knots are dissolved, the parties will sign a binding sales contract, which will then be sent to the European Commission, the Italian Antitrust, the Italian Court of Auditors for approval, after an examination of a few months.
Pending their verdict, Certares will take possession of Ita. With his managers, he will walk into the airline’s offices to examine its financial and accounting conditions under a microscope through one confirmatory due diligence. Obviously Certeres is interested in Ita’s cash flow difficulties, but it has protected itself with a mechanism of price adjustment. In other words, he will pay the carrier a little less if his accounts turn out to be less solid than expected.
Ita Airways, Certares strengthens the hiring plan. And the Mef locks the company: Squitieri (Court of Auditors) is coming
by Aldo Fontanarosa
In this uncertain climate – in the midst of negotiations with Certares and its allies (Air France and Delta) – the ministry wants its airline to be governed in absolute tranquility, without tensions and controversies.
For this, the vote of the six board members resulted in the ministry Raffaele Squitieri, president emeritus of the Court of Auditors, at the helm of the internal supervisory body. Squitieri will only be at the top of the Supervision, which therefore remains a single body.
There was an alternative plan in place. The idea was to transform the Vigilance into a three-headed structure, with three components. Squitieri, in this case, would have been joined by two other personalities, also very experienced.
Inside Ita, he looked at each other with interest the curriculum vitae of Franco Massi (general secretary of the Court of Auditors) and Davide Rossetti (accountant and statutory auditor). But the alternative plan did not take off. Squitieri alone will lead the Supervisory Body, because this is what the six directors wanted to express the ministry.