Alitalia's board of directors has approved a revision of the carrier's strategic plan aimed at increasing efficiency and cutting costs, while pushing back completion of its €300 million ($405 million) capital increase to 27 November.
In a statement following today's board meeting, the struggling Italian carrier says the board has approved the revision of the strategic plan based on the search for increased efficiencies and greater competitivity through a sharp reduction in its costs. It says the plan includes the reduction of the number of medium-haul aircraft.
Alitalia chief executive Gabriele Del Torchio originally outlined a wide-ranging plan in July, revamping the loss-making carrier's network in a bid to post a profit by the end of the plan in 2016.
The board has also pushed back the deadline for its recently launched €300 million capital increase to allow shareholders not represented on the board of directors time to understand the revisions of its business plan.
The delay gives further opportunity for Alitalia to convince minority partner Air France-KLM to take part in the capital increase. While Air France-KLM has not been commenting on whether it will take part in the capital increase, local French media reports yesterday suggested it does not intend to participate. It has previously said it is open to further investment in Alitalia, but with strict conditions. Its chief executive Alexandre de Juniac at the end of last month said Alitalia is in need of "strong restructuring" that would involve "shrinking of medium-haul and stabilisation of long-haul".