Alitalia workers vote on cuts to stave off bankruptcy

by Dramelin 9:30 AM 0 comments

Alitalia employees are voting on whether to accept a government-brokered deal to save Italy`s flagship airline from bankruptcy.
Some 12,500 Alitalia workers began voting Thursday on a package that eased steep cuts sought by parent Etihad Airways, and which will open 2 billion euros ($2.
1 billion) in investment to keep the airline afloat.
Voting runs through Tuesday.
Italy`s economic development minister, Carlo Calenda, has excluded nationalizing the airline, putting pressure on workers to accept the deal that foresees wage cuts of about 8 percent, down from as much as 30 percent, and reduces the number of layoffs by about one-third to 1,700.
Calenda was quoted by the Turin daily La Stampa as saying a no vote would lead to a six-month period of extraordinary administration followed by bankruptcy.