You want a stake in Alitalia - are you mad?

In every interview they conduct at the moment, airline chiefs are being asked with monotonous regularity who they would like to buy, team up with, or be acquired by. But the ever thoughtful Wolfgang Mayrhuber, head of Germany's Lufthansa, has sounded a cautious word: "The damage a wrong decision can cause is greater than the damage of a missed opportunity," he told the Financial Times.
Such thinking is not uncommon among senior industry figures. And such wise words will be being heeded by those peering into the murky books of Italy's flag carrier Alitalia.
The country's government is searching for a white-knight for its beleagured airline. Now that is a tough job. Saddled with debt, terrible labour relations and antiquated working practices, as well as a fiercely competitive domestic market, Alitalia has all the makings of Europe's next network carrier failure. It expects to make a huge loss of €380 million ($490 million) in 2006.
Rome is determined not to let Alitalia collapse, and has backed it up with state cash in the past. It is asked for bidders interested in a taking a 30% stake in Alitalia. They have until today (Monday 29th January) to make an offer
But recent calls by potential suitors to have a free hand in restructuring the airline will fall on deaf ears. Government will to allow any management team over the past decade to take the drastic action needed to reshape Alitalia for the 21st Century has been sorely lacking. What is different now I wonder?