No Result
View All Result
  • Private Data
  • Membership options
  • Login
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Subscribe
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Home DISTRESSED ASSETS

Cerberus moves on Alitalia making an informal bid out of the auction structure

Bebeezby Bebeez
October 26, 2017
Reading Time: 3 mins read
in DISTRESSED ASSETS, ITALY, PRIVATE EQUITY
Share on FacebookShare on Twitter

alitaliaCerberus Capital Management  approached troubled Italian airline company Alitalia with an informal bid about taking control of all Alitalia’s assets but it did the move out of the official competitive auction set up by the Italian Government as the aution conditions were too severe, the fund thinks. The news was published by the Financial Times yesterday. Cerberus is ready to pay 100-400 million euros for taking control of Alitalia and the fund might ask the Italian Government to mantain a stake in the deal and to Italian trade unions to be involved in a profit sharing program, the FT added.

German airline company Lufthansa and low cost airline company easyJet are said to be among the seven bidders that had delivered their binding offers by last October 16th deadline. Both Lufthansa and easyJetsaid that they are interested in buying just some specific assets of Alitalia. When last September nine bidders were admitted to the dataroom (see here a previous post by BeBeez), six of them were said to be interested just in the aviation business while the other three were bidding for the handling business.

The nine names were then Ryanair (before the company started to cancel tons of flights), EasyJet, Lufthansa, US hedge fund Elliott and private equity firms Cerberus Capital and Greybull Capital, Airport handling,  Airport service and Alisud.

It is not clear however how Cerberus can bypass EU regulations that compell extra-EU subjects to buy more than 49% of an airline shareholders capital, MF Milano Finanza writes today. As this is not possible, it seems to be necessary that the Italian Government and Alitalia workers will own a 51% stake. Moreover, Alitalia commissioners had published an addendum to the auction rules (see here the auction rules and the addendum to the auction rules) explaining that the only way to enter the auction for a bidder who did not delivered its formal bid in the auction framework is to enter in a consortium with a subject who had instead made a formal bid. This means that Cerberus should team up with easyJet or Lufthansa, but these two subjects have said they want just some specific assets and not Alitalia as a whole.

So the only option might be that the auction ends up with no deal so that Cerbersu might come up with its offer afterwords. However this mean to wait for next April 30th which is the deadline for presenting better offers.

At the end of February 2017 Alitalia was burdened by 1.2 billion euros of net financial debt or 200 million euros more than on December 31st 2016 (see here the Financial Statement prepared for the auction).

Since cllapsing into extraordinary administration last May, Alitalia is managed by three Government-appointed commissioners Luigi Gubitosi, Enrico Laghi e Stefano Paleari. The Italian Government has agreed to extend to 900 million euros a bridge loan in order to guarantee flights till next September 2018.

Alitalia PFN

Gateways to Italy

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

by Partner
June 6, 2023

Sign up to our newsletter

SIGN UP

Related Posts

Italy’s distressed assets and NPEs weekly round-up. News from FC Inter, Oaktree, LionRock, Intrum, and more
DISTRESSED ASSETS

Italy’s distressed assets and NPEs weekly round-up. News from FC Inter, Oaktree Capital Management, Alfa Gomma, Gruppo Bardelli, Solution Bank, My Credit, Borgosesia, and more

June 18, 2025
Commonwealth Fusion Systems (CFS) launches a 1-1.5 billion US Dollars round
ITALY

Commonwealth Fusion Systems (CFS) launches a 1-1.5 billion US Dollars round

June 18, 2025
FRANCE

White & Case advises on Covivio’s acquisition of minority stake in Paris’ CB21 tower

June 18, 2025

ItaHub

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

November 4, 2024
Italy’s SMEs export toward 260 bn euros in 2025

Italy’s SMEs export toward 260 bn euros in 2025

September 9, 2024
With two months to go before the NPL Directive, in Italy the securitization rebus is still to be unraveled

With two months to go before the NPL Directive, in Italy the securitization rebus is still to be unraveled

April 23, 2024
EU’s AI Act, like previous rules on technology,  looks more defensive than investment-oriented

EU’s AI Act, like previous rules on technology, looks more defensive than investment-oriented

January 9, 2024

Co-sponsor

Premium

Funds vying for management consulting firm BIP, a CVC portfolio company. All deals in the sector

Funds vying for management consulting firm BIP, a CVC portfolio company. All deals in the sector

March 6, 2025
Private equity, Italy 2024 closes with 588 deals as for investments and divestments from 549 in 2023. Here is the new BeBeez’s report

Private equity, Italy 2024 closes with 588 deals as for investments and divestments from 549 in 2023. Here is the new BeBeez’s report

February 10, 2025
Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

November 4, 2024
Venture capital investments top €1.3bn in 208 rounds as of Sep30  in Italy. They were €1.5 in all 2023. The new BeBeez Report

Venture capital investments top €1.3bn in 208 rounds as of Sep30 in Italy. They were €1.5 in all 2023. The new BeBeez Report

October 28, 2024
Next Post

Glennmont Partners and PGGM refinance 170 mln euros debt of their wind farms in Italy

Intesa Sanpaolo close to enter in exclusive talks for Npl portfolios Project Rep and Sherazade

EdiBeez srl

C.so Italia 22 - 20122 - Milano
C.F. | P.IVA 09375120962
Aut. Trib. Milano n. 102
del 3 aprile 2013

COUNTRY

Italy
Iberia
France
UK&Ireland
Benelux
DACH
Scandinavia&Baltics

CATEGORY

Private Equity
Venture Capital
Private Debt
Distressed Assets
Real Estate
Fintech
Green

PREMIUM

ItaHUB
Legal
Tax
Trend
Report
Insight view

WHO WE ARE

About Us
Media Partnerships
Contact

INFORMATION

Privacy Policy
Terms&Conditions
Cookie Police

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHub
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Subscribe
  • Login
  • Cart