Alitalia runs bank ‘beauty contest’ in pursuit of sale

Alitalia is set to hire investment bankers to manage a possible sale out of administration, as the govt-appointed commissioners of the carrier set a quick timeline of roughly 2 months for potential offers. Luigi Gubitosi, one of the 3 commissioners, said Alitalia was conducting a “beauty contest” for investment banks this week and would make a choice shortly after. Next week, Alitalia will formally launch the sale process, with plans to open its data room in June and receive non-binding bids in July. The carrier is racing against the clock: if it does not secure a buyer by the end of October it could face liquidation. Amid concern that Alitalia may be of limited interest to potential buyers, the commissioners said they would cast the net wide. “The ideal partner does not exist,” said Gubitosi. “We don’t have a profile for what we want". <br/>