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Friday, August 29, 2008
Alitalia Files for Bankruptcy Protection
Associated Press
Italy's national airline Alitalia says it has filed for bankruptcy protection, taking the first step in reshaping what has been a failing company.
Alitalia said in a statement Friday that its board had asked the government to appoint an administrator and had declared insolvency to a Rome court.
The airline has been losing almost $3 million a day -- hurt by labor unrest, competition from budget airlines and high fuel prices. Its shares have been suspended from trading since June.
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