Alitalia successor giving itself one year to find investment from other major airlines  

The new Italian airline started operations today

Alitalia has flown its last flight. Its successor, ITA Airways will need investment from rival groups to survive in the long-term, its chairman said.

Italia Trasporto Aereo (ITA), the state-owned successor to Alitalia, is positioning itself for an investment from a major airline that could come as soon as the end of next year, according to chairman Alfredo Altavilla.

The new Italian airline, which started operations today after its predecessor shut down, is too small to survive as a standalone company, Mr Altavilla said. It is being managed in a way that will make it attractive for one of the large airline groups, whether in Europe or another region like the US, he said.

“I’m looking for a deal to be completed by the end of 2022,” Mr Altavilla said.  “I certainly don’t want to go beyond that.” 

A deal with another carrier has been part of the plan since Mario Draghi’s government tapped Mr Altavilla to lead the airline, to be dubbed ITA Airways. The new branding is intended to signal a break with the past of Alitalia.

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Mr Altavilla said he’s been approached by all the major carriers in Europe and the US Delta Air Lines CEO Ed Bastian said this month that discussions are underway over a possible alliance.

The airline reached an outline agreement to buy new Airbus SE aircraft last month and agreed late Thursday to purchase the Alitalia name, ensuring it will have global brand recognition.

— Bloomberg