Employees at the country's flag carrier voted to reject a rescue plan that the company’s management had negotiated with trade unions. The deal had involved around 1,600 layoffs, an 8% pay cut, and an increase in working days, in return shareholders would invest €2 billion.
In 2009, Alitalia became a private company after it was rescued from bankruptcy by a group of Italian investors and Air France KLM, which became Alitalia’s largest shareholder with a 25% stake. In 2014, the company yet again on the verge of failing but was bolstered by UAE airline Etihad Airways, which took a 49% stake in the airline. Etihad agreed to a €1.75 billion investment plan to help the struggling Alitalia with the goal for ‘sustainable profitability from 2017’. Several existing shareholders also contributed to a further equity investment total of €300 million.
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