Near-bankrupt Italian airline Alitalia faces its last chance to avoid collapse with an upcoming rescue effort, Chairman Aristide Police told shareholders on Saturday. Shareholders gathered to approve 2007 losses of 495 million euros ($779.1 million) at the state-controlled carrier, which is being kept alive by 300 million euro emergency loan from the Italian government.
"We're facing a last chance which we cannot risk losing," Police said. "Within days we'll know if the advisor will be able to propose a suitable strategy for recovery and development." After two failed attempts to sell its stake in Alitalia, Italy's government last month embarked on new effort to salvage the carrier. It enlisted bank Intesa SanPaolo as sale advisor. On Wednesday, Police said he expected a "very full vision" for the airline's future backed by labour unions to be ready by end-July.