Alitalia hires Rothschild to manage potential sale

Alitalia has named Rothschild as financial advisor to manage its sale after falling into administration earlier this month, the company said Monday.<br/>Italy’s largest airline began administration proceedings on May 2 after its staff rejected the airline’s restructuring plan in mid-April that would have cut salaries, personnel and other costs. That vote forced Alitalia’s investors to withdraw their commitment to a new financing package. While the Italian government offered a €600m bridge loan it has said the beleaguered airline will not be nationalised, having already been rescued after filing for bankruptcy in 2008.<br/>