March 15, 2017 / 8:40 PM / in a year

Alitalia says job cuts deal key for turnaround plan's financing

MILAN, March 15 (Reuters) - Troubled Italian airline Alitalia said a deal with unions over job cuts was necessary to unlock financing for its new five-year restructuring plan, which was approved on Wednesday.

In a statement, Alitalia said its management would present the plan to the government on Thursday, and would then meet unions to start discussing personnel.

Alitalia’s controlling shareholder Etihad Airways, which has a 49 percent stake, is pushing for deep job cuts at the loss-making airline.

Alitalia also said in a statement Luigi Gubitosi had joined its board of directors and that shareholders agreed he would become executive chairman after financing for the company’s business plan had been approved. (Reporting by Valentina Za, editing by Steve Scherer)

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