Alitalia runs out of cash

Alitalia is desperately seeking new capital to avoid filing for bankruptcy, which is certain if the airline fails to agree a deal for a capital increase in the next couple of weeks. Alitalia needs €500 million to remain operational and invest in a new turnaround strategy. Its shareholders are due to vote on a capital increase of €100 million by October 14. It has been reported that Alitalia has already missed payments for fuel and could be forced to ground its fleet in four of five days if new capital is not received.