From The BBC:
Troubled Italian airline Alitalia has applied for bankruptcy protection as it tries to agree a deal to ensure its long-term survival.
The carrier has sought court protection from its creditors, effectively declaring itself insolvent.
An administrator will be appointed to handle the process, with flights continuing while the firm plans a radical overhaul of its operations.
Losing 2m euros (£1.6m) a day, Alitalia has survived on a 300m-euro state loan.
Plans are being drawn up to split the carrier into two and to sell a stake in a new entity to a foreign airline.
Split in two
Guaranteeing the airline’s future will depend on securing fresh investment and persuading its unions to accept large job cuts.
Both Air France KLM and Lufthansa have expressed interest in investing in any new entity which emerges from the current business.
Earlier on Friday, Corrado Passera, head of the airline’s financial advisers Intesa Sanpaolo, confirmed that Alitalia’s board was drawing up a request…
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