EU: “The loan is illegal, Alitalia must return 400 million in aid to the State”
[ad_1]
The European Commission has concluded that the €400 million state loan granted by Italy in 2019 to Alitalia Società Aerea Italiana SpA and its subsidiary Alitalia CityLiner SpA is illegal under EU state aid rules.
Italy must therefore recover the unlawful state aid, plus interest. The Commission found in September 2021 that ITA Airways, which had acquired part of Alitalia’s assets in 2021, is not the economic successor of Alitalia and therefore is not required to repay the illegal state aid received from Alitalia.
«In May 2017 – writes the Commission – the Italian airline Alitalia was placed in special insolvency proceedings under Italian bankruptcy law, while continuing to operate as an airline. In order to keep Alitalia operational, in 2017 and 2019, Italy granted the company loans in the amount of 900 million euros and 400 million euros respectively.
[ad_2]
Source link
