Mubasher: Abu Dhabi's state-owned Etihad Airways expressed its unwillingness to continue to invest in Alitalia after the latter had entered extraordinary administration, according to a statement.
“Without the support of all stakeholders for that restructuring, we are not prepared to continue to invest. We, therefore, support the necessary decision of the Alitalia board to apply for extraordinary administration,” James Hogan, president and CEO of Etihad Aviation Group, said.
“We are disappointed that despite Etihad’s significant investments in Alitalia, alongside those of the other shareholders, the airline was unable to proceed in its current form,” he added.
However, Italy will continue to be an important market for Etihad, which will continue to work with Alitalia as a commercial partner, the statement highlighted
Both airlines signed a transaction implementation agreement in August 2014, which resulted in a 1.722 million euros investment by Etihad and other Italian shareholders to restructure Alitalia.
