Talks between Air Malta and Alitalia have led to an agreement in principle to set up a new company in a bid to free the Maltese national carrier from all current debts, the Times of Malta is informed. During a hearing on its ongoing dispute with the pilots, Air Malta admitted in court last week that, despite the five-year restructuring programme, it still had about €66 million in outstanding debts. Civil aviation industry sources said the Maltese government had already made it clear during the talks with the Italian airline, which is interested in buying a 49 per cent stake in Air Malta, it was willing to absorb all outstanding debts so the new partnership could start with a clean balance sheet. "Alitalia and the Maltese government have already agreed that a new airline company will be created which will be freed of debt. The excess loans would be absorbed by the government," the sources said. Although such an arrangement was very much a done deal, the sources noted that, if the green light of the European Commission would be required before proceeding to formalise the agreement, problems might arise in view of strict EU State aid rules. "At this stage, the two sides are...
from timesofmalta.com http://ift.tt/2anOqI4
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