Alitalia – backer withdraws as deadline nears

Atlantia, one of the group of backers putting together a rescue package for bankrupt Alitalia has withdrawn.

They said the time wasn’t right and the airlines condition was not conducive to investment in its current format.

This is a huge blow and could well end up seeing the Italian Government either pulling the plug after two and half years of propping it up, or just letting it be broken up as many have said is it’s only real option.

The last deadline is today. Unless the government extends it for a sixth time or someone else puts more money in.