This is what I got from my TA
Alitalia said Friday it has filed for bankruptcy protection, taking the first step in a plan to restructure and downsize Italy's failing national carrier.
The company said its board had asked the government to appoint an administrator and had declared insolvency to a Rome court.
Augusto Fantozzi, a tax law expert and former finance minister, is expected to be tapped as the government-appointed administrator.
The government and others involved have been secretive about the negotiations to save the state-run carrier, but the plan reportedly envisages the breakup of Alitalia into two parts.
The profitable assets will be taken over by a group of Italian investors ready to inject $1.5 billion into the airline. The bad assets will be spun off into a separate company for liquidation.
The plan is the latest attempt by the government to sell its 49.9% stake in the loss-making airline following a failed bid by Air France-KLM earlier this year.